How Do You Build A Successful Business?

John Buchan said, "The task of leadership is not to put greatness into humanity, but to elicit it, for the greatness is already there." In the following points, I focus on answering a question recently put to me by a staff member of MiWay - "How do you build a successful business?"

  • The right people
    You need capable, passionate people in key positions, people who understand business, people who understand insurance, and people who understand the fact that we are essentially here to provide world-class service. It goes without saying that the right people need to be focused, dedicated and hard working.

    It is also important to understand that the most important people in a business are the ones who are client-facing – the Sales agents, the Client Services agents and the Claims agents.
  • Vision
    You need a clear vision (picture in your mind) of what you want to achieve. It defines “where you are going”. An aspirational vision serves as a strong motivation for the team to work towards. At MiWay, our vision is to build a World-Class Business – something that is very aspirational and enduring.
  • Culture
    You need a strong, values-based culture where the people can fulfil their true potential; a culture that drives the right behaviour. The management guru, Peter Drucker, (apparently) once said: Culture eats strategy for breakfast. He knew that the success of a business depends more on excellent execution than on excellent strategies – and a strong culture creates the environment for excellent execution.
  • Strategy
    It is, of course, important to have a realistic, workable strategy. Your strategy defines your goals and direction, and “how” you intend reaching your vision, as well as the markets you intend playing in. Without a clear strategy, you are likely to waste energy and resources instead of directing them to your goals.
  • Shareholders
    Without supporting shareholders with sufficient capital strength, it would be impossible to establish a company such as MiWay. Insurance companies typically require huge capital investments. MiWay is lucky to have strong, supportive shareholders.
  • Leadership
    Closely aligned to the first point above, is the need to have strong leadership that have the ability to guide and move the people in the direction of the company’s vision and goals.

Regards, René

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