3 Simple Strategies for Managing a Sustainable Enterprise

As an entrepreneur, if you live especially in a developing economy, the chances are the business you manage today might not see the next two years. Hence, the need to manage Small and Medium Enterprises (SMEs) in the light of sustainability. 

One of the major shortfalls in managing SMEs is that few entrepreneurs manage with sustainability in mind. This requires you manage the business while making sure every decision you make takes the future into consideration; what will happen tomorrow because of this singular decision I make today? Your long-term survival becomes paramount. Aside the capital requirement as a major challenge to SMEs, the capacity to manage these enterprises for sustainability is paramount. This will enable the SMEs exist by fulfilling their purpose. 

Fundamentally, a lot of views abound on how small businesses can thrive and survive, but the three factors discussed herein stand out in managing SMEs in the light of sustainability.  

KNOWLEDGE: Acquire the knowledge and skills to function maximally in the business; know the business and the environment the business is operating in. With the constant change and the rapid expansion in knowledge, you have to develop the capacity to stay up-to-date with learning especially in your area of business. This quality alone will help you remain relevant in business continually. Most entrepreneurs fail because of ignorance, as what you think you know before starting out might not be relevant for too long, keep learning and keep growing. 

PEOPLE: Do not just hire people for the skills they have, hire them for both their skills and the values they possess especially when the values are healthy and they match the values of your enterprise. When you are fortunate to have this, there are high chances that your enterprise will be properly managed. The value you place on your people will go a long way to improve on their commitment, employees that are valued and well taken care of, put in their best for their employer. When you have the people with the right skills and the mindset to keep learning succession will not be a problem. They understand the values of the enterprise over the years and have stayed up to date with learning thereby improving their skills and competencies. They are in better a position to manage the enterprise successfully.

PROFIT: Viewing profit as the only reason you are in business as an entrepreneur is detrimental to the sustainability of your enterprise. But when you view profit as a sign that your business practices are healthy, then you can save your energy for proper running of your business.  When your business is properly managed, profit is certain. When profit is down, it simply implies there is something wrong with the process, find out and make necessary adjustments, then get back to winning ways.

So, as an entrepreneur, do not forget; knowledge, people and profit.