During the early days of mobile telecommunication service in Nigeria, one of the pioneers in the market claimed that subscribers could only be billed on a per-minute basis for every telephone call made.
This implied that if a caller made a 1-minute-2-second call, they were made to pay for a rounded-off 2 minutes. This was a rip-off that continued until another player changed the market dynamics when they introduced the per-second billing system.
This implies that you are to pay for the number of seconds you speak for. The former system was similar to what is still existing in the power sector in the country at the moment called estimated billing.
With that industry-shaking change, the story of telephony in Nigeria changed for good. Change came to be!
Change, they say, is constant, and if there are any business changes that are yet to be executed in your business environment, it is because a manager has not mentioned in the board room or that it is already being planned of.
Wait for it – it will soon happen.
But don’t just wait; prepare for it, or lead it.
To grow your business, you must be constantly evolving.
Change is what evolution encapsulates and it is exactly what determines which business will be around for a long time and which ones will leave the stage early.
The 3 Ps of Business Change
There are 3 Ps you may want to direct your change to if you must be a market player and leader.
The opening story in the introduction is an example of how policies can drive business growth.
The policies you implement will either make your business known or go into oblivion.
Be ready to make and change policies if it appears your current ones are outdated or already overrun by market forces.
Imagine the first company in the story shared not admitting the need to change. They would have gone under! Handle policies well to grow your business.
Your products and services are the main reasons your customers keep coming. Offer the best and be sensitive to the market temperature.
If it appears that your product offerings already saturate the market, you may think of product change.
This could be through improving your current products or developing new ones to retarget old customers or new ones.
This innovation is important to keep the business alive and competitive.
If you watch football or follow its news, you will be familiar with how coaches substitute on-field players to inject fresh legs into the squad. More often than not, it pays off as they get the super-sub effect.
At other times, coaches themselves are fired and replaced with new ones only for an under-performing team to be highflying again.
People drive business growth anywhere in the world!
People are at the foundation of all businesses so it is important to get the best of hands and minds in place if the business must grow.
Do not be afraid to change your human tools when the change is obviously.
Also know how to use your human capital to get the maximum result from them.
If not, both the business and the people will go under.
Which of these 3 Ps do you think is most powerful?
Share your thought with us.