You may have heard or attended a webinar or read an article about life or business in the post Covid era.
In the last couple of weeks, I have attended so many webinars from my Business school webinar series, to the Investment community webinars, the impact/development community and my church webinar series.
I have received so much information to last me a very loooooong time. From doom information about our VUCA economy, to words of hope from our spiritual leaders and even some warning about the new world order from various controversial figures.
As a business owner trying to make sense of all the uncertainty and survive, there is so much to unravel and think about. I have gone through the maze of all the information and I have realized that times might change and methods of doing things might evolve, but the core of who we are as human’s and what really matters still remains the same.
From this perspective, I have come up with five rules of doing businesses in this new world. Some are things you already know and the others are a new perspective to looking at things that might or might not be obvious.
Solve real world problems
After weeks of global lockdown, a lot of people have emerged with a renewed sense of priority. Businesses that were “nice to have” have either collapsed or found ways to quickly pivot because it has become glaring that when it comes down to the basics, people’s needs are simple.
As you build or re-build your business in this new world, make sure you are solving a real world problem. The beauty about finding real world problems is that they are glaring around us. You just need to look around your environment or even look inwards at yourself to see what really matters to you.
From obvious things like food, clothing and shelter. To intangible but important things like security, self-actualization and building wealth. Real world problems are all around us.
Build things that people love
As a follow on to my last point, it is one thing to solve a real world problem, but it’s more tangible to solve it by building things people love. Innovation is extremely important in the new world because people are now open to doing things in new ways and would continue to prioritize their health, safety and convenience in making buying decisions.
In creating Rouzo, our new lending market place platform at Owoafara, it was fundamental for us to build a product that was simple to use, straight forward to understand and beautiful to experience. We continue to work to improve user experience. At the core, we aim to solve a real world problem of helping people to build wealth and get returns while still making impact. As well as create a product they will enjoy using.
This should be your approach as a business in creating your products or services.
Leverage the power of networks
I love watching the ants work together to get food. They are some of the most organized creatures I have seen. They do not let their small size stop them from aiming at a big piece of food. Instead they organize an Army that deliberately gathers food in a methodical manner.
In these times, your network is extremely important in your survival as a business owner. It is not the time to focus on competing with your industry colleagues, it is actually the time to form bands and work together to leverage the power of your numbers to survive. I joined a meeting a few weeks ago with the association of natural hair stylists Organized by my past client.
In that meeting, I encouraged them to come together as a group and formally organize. I told them that we would be more open to financing their businesses with the backing of a group than as individuals. For multiple reasons, from building wealth, to negotiating with stakeholders, leveraging the power of networks will give you more upsides in these times.
Become impact focused
Why do you do what you do? This is a fundamental question that will become more important now than ever before. The pandemic has taught us that money and power cannot save you. I believe it has made us examine what the real meaning of our life and existence is.
As a business owner or a professional existing in today’s world, capitalism has to be balanced with impact. You should create wealth not for wealth sake or just for personal comfort. Your goal in building a successful business or growing your wealth should have an impact focus, because the real meaning of life, is to live a life of meaning.
When you lead a life focused on impact, you will truly live and build a legacy in the world that would most likely outlive you. That’s why when we were creating Rouzo, we decided that our tagline would be Returns + Impact. Because making money, making a difference should be the ultimate goal.
Lead with empathy
I am quite a driven and self-motivated person. My friend was teasing me the other day that I was very competitive. I laughed and told her that I actually don’t compete with anyone, I am just always aiming to better my best. Which is true. However in leading people, I have learned that no matter your goals and ambitions, you can’t be a good leader if you don’t have empathy.
The age long quote “People don’t care how much you know, until they know how much you care” rings true. When you build your business and life from a place of empathy, you truly win the hearts of people. When your customers know you care about them and your team knows you care about them, no matter the challenges you face, they will be more willing to stand by you.
If you have noticed, my 5 rules turn the focus from you to others and I believe this is how sustainable Organizations would be built in these times.
I am also building such an Organization so I share from my own journey. I also want to help people build wealth intentionally while making an impact and I will be hosting a webinar series to share my system. If this resonates with you, kindly register for free HERE.