One of the cardinal rules or prerequisites of business success is thinking out of the box. And unfortunately, thinking out of the box has been erroneously taken to mean doing something off the books or perhaps something against the rules.
But I want to tell you today that it can be out of the box but still by the rules. The idea is to think up something creative and unique within the bounds of what you are allowed to do or what is acceptable in your industry.
It is highly advisable that you remain within the bounds of what is legally acceptable in your quest for success as a business. This is so that the success will not be short live, or at least, you won't spend the entire time you should be celebrating dealing with a legal mess. It is not a success if you have to spend the rest of your life watching your back.
Winning by the rules is also about a brand image of integrity and diligence. People can trust you to deal fairly with them and give quality in exchange for the value they give.
Being in the financial industry, a very delicate industry, we understand this principle very much. And we employ it in our operations daily. It guides our approach to work and our relationship with you, our dear customers. Here are five things that we have found helpful in our approach to winning by the rules. I am sure you will find it helpful as well.
Know the rules: be up to date with the policies, regulations, and industry standards. Get approved by the relevant bodies and obey the law.
Categorise the rules: this will help get creative within the bounds of the rules. Understand how the policies and regulations apply to your business, the extent to which you are allowed to operate, and what it means for profitability.
Know the penalty: this will help keep you in check even as you navigate the rules and explore the boundaries. You also need to understand what it will cost if you cross the line.
Build your strategy around the rules: the biggest temptation to compromise on the rules will come from your strategy -the things and steps you have outlined as necessary for growth. The way to avoid this is to build your strategy into the rules, build it around the rules, and creatively come up with something that offers the same result but doesn’t go against the rules.
Learn, unlearn, relearn: there will always be something new to catch up with, so you should always be willing to learn new things. Business policies are not once and for all; penalties can be adjusted from time to time, and market implications can shift based on emerging economic realities. When it is obsolete unlearn it; when it is new, learn it; and when it is still relevant, relearn it.
The subject of today touches so much on business ethics or running your business ethically. I hope that it will challenge you in the right direction. Of course, you know where we stand, so I daresay you can trust us as your provider, knowing that we will never indulge in or support anything that will jeopardise your business.
