Have you ever wondered how kings and queens run their kingdoms? There are kingdoms that have been around for a very long time. This really got me thinking as I understand that the difficulty involved in managing people and resources is not the easiest thing to do yet, royalties are doing it perfectly well.
It is hard for kingdoms to fail except when swallowed by another kingdom and one of the reasons is that the finances that are used to run the kingdoms are always there.
They know how to source finances without paying ridiculous interest
We all know how difficult it is to raise adequate finance for a business and when done right, can make or break a business. I can’t imagine any organization that knows how to source for finance more that the royal families. The number golden rule of making it in business is to master the act of raising money without breaking the bank in the form of interest.
They know how to spy on competition
Kingdoms spy against kingdoms for information and to keep checks. They do this without raising any dust, even if it means becoming self-acclaimed big brother, but under cover. As an entrepreneur, you need to focus your touch light on your competition. The good thing about this is that most of the information needed to effectively analyse your competition can be obtained through strategic analysis.
They know how to keep employees loyal
It is only in the kingdoms and some government agencies that you can find employees that are loyal to the extent that they can work for a single entity for as long as 30 years. Keeping employees loyal nowadays is extremely difficult and if you can crack this, then you are in business. Royalties seem to have the magic wand that helps retain their best staff. At the very least, businesses should have a well-designed reward system as this will discourage any form of dysfunctional behaviour.
They understand concept of system more
The royal families understand the concept of system more than anyone else. They understand what system is best suited for any situation. They build Chinese wall within their system to make some segment open while the sensitive parts of the overall system remain closed.
As entrepreneurs of the information age, we must be masters when it comes to managing our systems in such a way that our sensitive information stays safe while we still interact with the outside world.
They know how to attract the best employees
There seem to be something more than salary and perks that royal families offer to prospective employees that seem to attract brilliant minds. Someone once said that it is the self-fulfilment that people get by working for the royal families that make them long for any opportunity.
No one knows what is really responsible for this but whatever that is, any business that can unravel it will become instant magnet for people that are looking for job.
They are good at strategic planning
The long-term success of a company depends on its ability to make strategic business decisions. Royal families are very good in looking into the future and prepare for what could happen in say 10 years from now. To succeed in business, you should plan strategically and yet not make your plans so rigid that it becomes a problem rather than solutions.
They know how to keep their allies close but their foes closer
In politics, you have to keep an eye on what your foes do so as to be ready for any eventuality. Royal families understand this and that is why they have intel that furnishes their strategies.
In business, the equivalent of foes is your competition. You cannot afford not to be aware of what your competition is doing. Most organizations plant people in their main competition’s company just to be informed.
They understand the importance of preserving culture
They understand the importance of succession plan
Business succession plans are very important in all stage and forms of management. Kings and Queens are specialists in catching people young and retaining them. From experience, I know for sure that people understand the rudiments of any kind of business.
The mere fact that people grow on business give them the advantage in business. If you can get people that will succeed your management, then you will be rest assured that the tradition and vision of the business is preserved.
In addition to all the points discussed above, royal families understand the importance of accounting and record keeping. Though this is what every businesses must do, but the sad fact that many small businesses still go without keeping proper record of their activities.
I hope you you have grabbed some tips from this blog post which dwelt on tested organizational management strategy that all successful royal families have used. Could you please comment below to let us know what you think?