Why some companies perform better than others

I’ve continually asked the question of why some companies perform better than others; why a small company can outperform giants in the same market space and why some companies thrive in the same situation where others are failing.VoguePay

If VoguePay.com is where it is in Nigeria now because of its extensive features, it would be easy to compete with. It is also not due to the fast pace of innovation alone, neither is it simply about its ease of use and user friendliness.

Being an enterpreneur and the founder of VoguePay, more than any company I have started in the last 14 years, I have come to learn a very critical business lesson here:

You can predict a company’s future by evaluating its team!

The way a team plays as a whole determines its success. You may have the greatest bunch of individual stars in the world, but if they don’t play together, the club won’t be worth a dime.
–Babe Ruth

 

VoguePay has raised the barrier of payment processing in Nigeria to new heights and even crossed borders with this new standard. Aside from the basic features of payment processing, VoguePay has claimed and retained dominance in the online payment processing market in Nigeria. I have narrowed dowm VoguePay’s success to one major factor; Its team!

A key to achieving success is to assemble a strong and stable management team.
–Vivek Wadhwa

I have been in several companies and I know that most companies do not operate as a real team, they operate as individual starswith each unit or department taking the glory for its successes and taking the blame for its mistakes. They operate like individual entities that belong to the same association. This can cause competition rather than collaboration among team members or departments.

With VoguePay, I have learnt that a great team can continually adapt and be willing to take risks.

VoguePay has A-list players in the team, however, beyond individual skills, the players work together like a real team. They don’t just specialize, they collaborate, mentor each other and overlap everywhere possible.

When a team outgrows individual performance and learns team confidence, excellence becomes a reality.
–Joe Paterno

As service-based company, VoguePay does not have any shiny product to display, our “shiny product” is our knowledge, skills, confidence and capabilities that flows freely from rank to file and vice versa.
We are competing in the same market space with payment processors owned by banks, consortium of banks and bigger private companies. Despite the unthinkable size and enormous financial power of its competitors, most of which has existed for several years before 2012, VoguePay has received several awards including the Best Online Payment Processor Award for 2014. VoguePay is also currently Nigeria’s largest payment processor by merchant size with merchants spread within and outside of Africa.
For VoguePay to consistently be on point, our team always has to be on point.
Having learnt that the right team may mean the difference between survival and success, I have put together a few points on how to get the best from your team:

  • Work with people who see beyond their pay. Company vision is important.
  • Align your team.
  • Maintain team agility
  • Encourage candid but constructive feedback.
  • Set S.M.A.R.T goals and targets.
  • Centralize communication

I will explain each of the 6 points in my next post. thanks for reading.