Business
NIM Tasks Entrepreneurs On Professionalism
President, Nigerian Institute of Management (NIM) Prof. Olukunle Iyanda, yesterday advised entrepreneurs to engage professionals in managing their businesses, to ensure sustainability.
Iyanda told newsmen in Lagos that if professionals were appointed to manage a business, it would outlive the capacity of the founders and become a legacy.
The professor noted that many organisations failed to professionalise their management by appointing people that are not qualified into key positions.
“Many think that key managerial positions in business must be under the control of family members, without considering the interest and qualifications of persons handling such positions.
“Should anything happen to the family, or should key members of the family not be interested in such business venture, a collapse is imminent; and that should not be so.
“There are several collapsed businesses in Nigeria today, which ought to still be running but because they ran purely under the control of family members, were unable to stand the test of time.
“If a family member is good, a business owner must ensure that he goes through the basics, to learn the rudiments of the business to show that he is properly schooled and ready to manage the business organisation,” he said.
Iyanda urged business proprietors to begin to view businesses as organisations larger than those created to cater for the needs of the immediate family.
“By so doing, capable personnel are employed to run the business, which in turn results in the growth, expansion and duplication of the business,” he said.
The NIM chief encouraged entrepreneurs to incorporate their businesses to ensure longevity when the businesses exceed the capacity of the owners.
“The mindset of every business proprietor should be one of growth and expansion beyond his own scope, but within the objectives and vision of the business.
“Business incorporation provides certain guidelines, limitations, and structure, which direct you in the running of the business as you become responsible, not just to yourself but to the dictates of your shareholders,” he said.
To maintain relevance, Iyanda advised business owners to be abreast of the ever-evolving business environment and the dynamic needs of the consumers, by interacting with them.
“It is important to constantly be abreast of the customers’ life cycle change, by creating new ways of satisfying their wants, and keeping up with technological trends in the rendering services,” he said.
The NIM president encouraged business owners to run their organisations on ethical values and integrity.
“Being ethical may in the short run appear disadvantageous; but in the long run, is likely to sustain a business, due to the acquired reputation which people with similar values of integrity find attractive,” he said.