5 Areas of Focus to Build a Resilient Business by Tayo Oviosu
1. Seek to make change happen
“You seek to make a change happen. If not stop and do something else!” — Seth Godin
- As an entrepreneur, you see a problem and you want to change it.
- Any business — before you even think of being resilient — has to be in the business of change because change is inevitable within the business.
- You have to be comfortable with change and the ambiguity that comes with it.
2. Team, Team, Team
“It’s one thing to have a team and another to ensure that you are all working towards the same purpose.”
- Put people in the right roles. People should be in roles they are great at and enjoy.
- Be intentional about Culture. Culture is “How we do things around here?”
- Define your company’s values but expect that they will change over time.
- Measure Climate. Climate is “How does it feel to work here?”
3. Investors are partners on the journey
“Investors are there to help you achieve the change you seek.”
- Do due diligence on your potential investors. It’s a long-term relationship — what are they like in good times and bad times?
- Investors are also investing in the team, not just you as an entrepreneur.
- Lean on your investors, especially during times of uncertainty. Bring them in on your brainstorming so they actively are thinking of the business.
4. Product-market fit
“The market is critical to your success. It’s as important as your team.”
- Being in a good market that can scale (people demanding the product) and having a product that satisfies the market fit is vital.
- It’s better to solve problems that exist!
- Don’t try to do too many things at the beginning of your business. Be patient, you will get the privilege to move on to other things.
5. Align your team to your objectives
“Your strategy and execution tactics will change over time.”
- Startups don’t need the same tools as other businesses. Figure out what your team needs to create alignment.
- Communication is vital. As your business grows you need to bring in greater structure as everyone cannot be in the same room.
- Ensure that everyone knows where the company is headed, why, why their job matters, and how their job fits into the company goals.
BONUS: TAYO’S ADVICE FOR RESPONDING IN A TIME OF CRISIS
“Unprecedented times call for transparency, decisiveness and leadership. Put aside your personal views and ensure that whatever leadership decisions you make are team decisions.”
- Think further ahead and ask “where is the world going and how does my business need to change to fit into that world.”
- Be transparent about the issues you face and your prognosis. As you communicate with your team, also communicate with your investors.
- Culture is non-negotiable. If two cultures clash, things won’t work out; culture fit is important.