Essentails of a Successful Business

Discussion in 'Articles & Tutorials' started by printingray, Jun 8, 2012.

  1. printingray

    printingray
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    Business has a wide field and has to face the complicated needs of the society. It starts with production of goods at one ends with providing goods to the ultimate consumer. Success in business can be attained on the fulfillment of the following conditions which are termed as requisites of sound business.

    The chief characteristics of a successful business are:

    Establishment of objective:
    Establishing objectives is the primary task of the business objectives determine the aims and goals of the business operation which ultimately helps i designing the shape of future events. The objective should disclose the main, and subsidiary objectives of the organisation.

    Proper planning:
    Planning involves complete set of policies, programme and procedure for the accomplishment of the objectives. Proper planning focuses attention of the objectives of the enterprise, reduce uncertainties, ensure economy and defines the boundaries within which the business has to operate.

    Location and layout:
    The objectives of the business can be attained fully when it has a proper location and layout. If the business is not located in a good place, it cannot attract more customers and thereby the success in business cannot be visualized.

    Sound distribution and management:
    A successful business necessitate a sound organisation and efficient management.

    Smooth distribution system:
    A successful business necessitate smooth distribution of the goods produced otherwise it will involve blockage of capital.

    Good relationship with employee:
    A successful business require the presence of good employer and employee relationship. In the absence of this business should try to render the following services to the society.

    I. Supply of qualitative goods:
    The business should ensure supply of qualitative products continuously and without any obstructions. The product so supplied must suit the needs, taste and financial condition of the people in the society.

    II. Charging fair price:
    To attract customers and to maintain permanent relationship with the customers, the business should charge reasonable and fair price for the product. Charging of fair price is socially desirable.

    III. Creation of more employment:
    The business can help the society by creating employment opportunities. The expansion in the business activities help the society in a number of ways.

    IV. Providing better standard of living:
    The presence of business creates new markets, new products and new uses of the product. This also helps in the reduction of cost of production. People in the society are in a better position to get the quality products at a better price and thereby it helps in increasing the standard of living of the people.​
     
  2. newbodylife

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    Thanks for sharing!
     
  3. waldo

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    Nice idea. I just want to add that in starting up a business, it's important also that you find your passion. It must be your first step to get the best direction. Believe in your idea and believe in yourself. Be resourceful and share the risk. Most importantly, listen to your customers.
     
  4. sayitproud

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    At the root of it, there are only two things necessary for a successful business. Your ability to provide a good or service and existing demand for it (of course given the conditions that those who demand it have access to it). All the rest just supports those two.
     
  5. sfletch

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    This is an interesting article, I feel like this article cannot stress enough how important it is to do prior preparation and research. Thanks for sharing these tips!
     
  6. Mark T

    Mark T
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    One of the most important essentials of any business is FLEXIBILITY and CREDIBILITY to its products and customers.
     
  7. kwross2012

    kwross2012
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    I think that in defining a business objective(s); the first reason why anyone go into business is to make revenue or profit. I don't think that most people who go into business start looking at "just" being a good service provider (or a good Samaritan) to a specific group of people or society as a whole. Goals must be set in order to achieve a satisfactory result; therefore, our objective(s) help us to set a desired result we envision.

    Our objectives define our purpose (for being in business) or our aim. And I like the article because it does set a good foundation of characters for the elements necessary for a business enterprise to exist and thrive. However, I'm in Internet marketing and I've learned that one should look at what their passion is, and from there start building a strategic course of action that will enable them to achieve those objectives set.

    A well written article... and thank you for your insight;)
     
    • Like Like x 1
    #7 kwross2012, Jun 19, 2012
    Last edited: Jun 19, 2012

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