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The 4 pillars of a thriving business

Article provided by TechZoo Corporation

Is your business thriving or do you need to resuscitate it? Let us take a look at four pillars with Elan Lea from Techzoo corporation that can help you build a thriving business

Elan Lea started in the music business as a singer/songwriter and then moved into the business arena with Big World Mobile. This company sold to mobile phone customers through a call centre. It was an end-to-end offering that worked with large corporates. Then he started the company, TechZoo Corporation, with some intelligent investors. This company creates and sells great fintech products. Through his experience, he has found people, marketing, scale, and execution are the four pillars of a thriving business

Pillar one: people

Elan Lea says “Business is done by people, not businesses”. He relates a story where he and his wife went to a restaurant with friends of his. His friends had been raving about how great the food was there and it would be the best food you ever ate. Though the food was good, it wasn’t exceptional. The reason his friends enjoyed the restaurant so much was because of the relationship they had built up with the owner. The owner of the restaurant knew what value he brought to the business by building a community with the people who lived in the area of the restaurant.

Through this analogy, we can see why Elan highlights that business is done through people, not businesses because relationships are crucial to the success of your business. The way one makes people feel has an enormous effect on how someone responds to you and your business. If you are rude, then they will probably not want to do business with you or at least not in the long run. Relationships are also not limited to the client-business relationship but also the relationship between employees, employers, and business owners.

Your word is your bond. What you say to people, you must deliver on. Even though you have paperwork in place so that you have recourse in the future should you need it, this should be secondary. You must be able to trust the person who you are in business with based on their word. If you make a mistake, be honest about it and do your best to fix it. The chances of that person doing business with you again are very good.

What is the value of a customer? Some people may think it is just about the single transaction but it is more than that. Before you react harshly toward a customer for missing payments with you, review their account. How they have been? Have they paid you regularly in the past and this is just an oversight? Then you may want to look at the bigger picture. Remember the effort you put into getting the client and approach your customer from that point of view.

Elan has said he finds motivation in other people finding their paths and many interesting chapters before finding his. What does he mean by this? When people find resistance in the path they are on, then it may be time to look in another direction. When you find the right direction there will still be challenges but it doesn’t feel like you have run into a brick wall each time. Instead, you have the skills to face the challenge and overcome them.

Pillar two: Marketing

You have to be where your customer is but your customer is everywhere. So how do you get your message through all the different possible platforms where people can find you? Be consistent. Rather than throwing one big rock in the pond and making a splash and then sinking to the bottom. It is better to throw stones consistently into the pond and see the ripples grow from there. Look for the best platform to connect with your target audience and then send consistent messaging on that platform.

Besides being consistent, there are two other parts. Firstly you need to learn to convey your message as simply as possible. With the feedback from your audience, you should refine, reiterate and adjust your message so that you can deliver your message correctly. Secondly, If you have crafted your message to the best it can be and you are still not getting a response from your audience then you need to review your audience. Make sure you are targeting the right people with your message.

Pillar three: Scale

Scale can mean different things for different businesses. Many people don’t want to scale because they don’t want to work all day for the rest of their lives because they have to keep being hands-on in the enterprise. But we need to see scale differently. Scale is building yourself a business, not a job. It is the ability to create efficiency and growth without having to be in the business hands-on. When you scale a business, you create a business where you can work on providing ideas, insight, direction and strategies. Scaling a business requires it to become self-sufficient so that in the future you can sell the business or live a life where you don’t have to grind every day.

Pillar four: Execution

The power of an idea but the marvel of execution – Elan Lea

Many people have many ideas, but very few people execute their ideas. This is because the actual task of executing something is difficult and requires so much that it is very hard to do and that is what makes execution a marvel.

The execution of an idea is not limited to the entrepreneur only but the team which surrounds them. They need investors to believe in their idea. They need the ability to do, market and sell the idea.

This leads to two more elements you need for execution. Firstly you need a thick skin. You will not be everyone’s cup of tea and that is OK. You only need enough of a market to create a runaway and opportunity for your idea. Secondly, competition is healthy. By focusing on your unique selling factor you can enter a market which already has some competition. The competition will also push everybody in the environment to be better and push further. It will also help to create an offering with the greatest value at a competitive price for the user.

With these four pillars firmly in place, you will have the foundation to build a thriving business you can be proud of.

Check out this video to learn more about the four pillars.

You can learn more about Nagging Panda below:

Nagging Panda is out there to solve three problems that businesses deal with and that lead to cash flow problems.

Firstly, businesses are paid late or not paid at all. This is the most obvious problem. Nagging Panda offers a way to deal with it automatically without it taking up too much of your time.

The second issue is that businesses work hard to get a customer and send a quote but then they struggle to do any follow-up. Nagging Panda not only follows up on invoices but can follow up on quotes too.

Thirdly, many businesses write off too much money too quickly. As a part of the Nagging Panda offering, you have access to top-class debt collectors who will help you to get your money back.

TechZoo Corporation is a proud Partner of the NSBC