What is the meaning of BSGM framework and how does it work?
BSGM framework means Business Survival Growth Framework. It is designed to function in two phases of a business: the survival stage and the growth stage. A business must first learn to survive before it can grow.
According to the BSGM survival framework theory, each new or existing business must first learn to survive the hard business landscape and stay alive before it is able to grow. As the only firm who either crosses the survival phase or knows how to. Possess the potential for growth. A firm must emphasise momentum growth over survival via income diversification.
The BSGM Growth Framework theory on the other hand explains that in order for any organisation to grow in today’s fast-changing business environment, it must be able to practically develop, implement, and evaluate the “Who”, “What”, “Why”, “When”, “Where”, and “How” aspects of the business, while maximising the internal and external business forces acting within and outside the organisation with the aim to capture the larger market share in that industry.
The growth theory and the survival theory use three core principles as its drivers. “Principle of network effect”, “Principle of Cause and Effect” and “Principle of Resource Control”. These principles serve as a propellant for increased business growth or survivability.
What does it do and what will it help businesses to achieve?
The Business Survival Growth Model (BSGM) framework is a management business model that is designed to help businesses survive through harsh business environment situations. But it can also serve as a growth catalyst to help those who are seeking new ways to grow their business or take their businesses to a new height.
The BSGM framework is designed as a troubleshooting tool to help businesses craft a path for themselves to navigate tough business situations. It is designed to help business or people achieve increased survivability while also in the process, increase their chances and propensity to first survive and grow.
How can the Business Survival Growth Model (BSGM) framework help businesses navigate economic challenges and ensure they survive?
The BSGM provides a structured framework for businesses to assess their current state, identify areas of improvement, and implement strategies to overcome challenges.
The BSGM helps to focus on aspects such as improving organisational processes that promote business cost savings, strategic management to grow the business, revenue diversification to increase the bottom-line of the business by reinventing company product, or entering into new markets with new or existing products, and employee motivation to keep the business running at an optimal level. Businesses can enhance their survivability and adaptability through this.
In what ways can businesses in Nigeria leverage the BSGM to capitalise on opportunities for growth?
The BSGM encourages businesses to proactively identify and capitalise on both internal and external business opportunities amid adversity. By diversifying revenue streams, optimising operations using technology, taking advantage of favourable government policies, and fostering a culture of innovation, businesses can position themselves through public relations and media management to seize growth opportunities in emerging sectors and untapped markets.
How can small and medium-sized enterprises (SMEs) in Nigeria implement the BSGM framework effectively, considering their resource constraints?
The SMEs can adapt the BSGM framework to their specific needs and resources by prioritising key areas such as cost reductions in running business operations, increasing revenue diversification portfolios through investment, product re-introduction from re-branding or product re-engineering for better odds of survival, and talent development within the organisation.
The SMEs need to collaborate with industry associations for improved visibilities, leveraging government support programs for increased survivability, and embracing technology for increased business scalability, which can also enhance any business capacity by implementing explained factors above.
What role do government policies and regulatory frameworks play in supporting businesses adopting the BSGM framework in Nigeria?
Government policies and regulatory frameworks can either facilitate or hinder the growth of businesses in Nigeria. Government should consider enacting policies that promote ease of doing business, provide incentives for innovation, and support entrepreneurship. These are instrumental in creating an enabling environment for businesses to thrive amid challenges.
How can businesses stay afloat and respond to market dynamics while implementing the BSGM in Nigeria?
The agility and responsiveness are core principles of the BSGM. Businesses can achieve this through SWOT analysis and embracing digitalisation, monitoring market trends closely, seeking feedback from customers and stakeholders, and fostering a culture of continuous improvement and innovation.
How do you envision the future of Nigerian businesses that successfully implement the BSGM framework?
Nigerian businesses that successfully implement the BSGM framework are poised for sustainable growth and resilience in the face of adversity. By embracing a culture of innovation, strategic management, and continuous improvement, these businesses can not only survive but thrive in Nigeria’s dynamic and competitive business landscape.
Why is revenue diversification important, and how does the BSGM framework facilitate it?
Revenue diversification reduces dependency on a single source of income and mitigates risks associated with market fluctuations. The BSGM framework encourages businesses to explore new revenue streams, enter new markets, and innovate products/services to diversify income sources.
How does the BSGM framework help businesses adapt to changing market conditions and seize growth opportunities?
The BSGM framework encourages businesses to remain agile and responsive to market dynamics. By continuously monitoring market trends, identifying emerging opportunities, and adjusting strategies accordingly, businesses can capitalize on growth opportunities and stay ahead of the competition.
Can you provide examples of businesses that have successfully applied the BSGM framework to achieve growth?
Several businesses across industry verticals have successfully applied the BSGM framework to achieve growth. For example, companies that have diversified their product/service offerings, expanded into new markets, and fostered a culture of innovation and continuous improvement have thrived using the BSGM framework approach.
What advice would you give to businesses looking to implement the BSGM framework for sustainable growth?
My advice to businesses is to start by conducting a thorough assessment of their current state, identifying areas for improvement, and developing a clear roadmap for implementation. It’s essential to involve key stakeholders, prioritise initiatives based on their impact and feasibility, and continuously monitor progress to ensure alignment with strategic objectives.
