What does it take to make a Business successful?

Discussion in 'Growing and Managing a Business' started by TimeRider, May 23, 2008.

  1. TimeRider

    TimeRider
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    There are many factors that influence success in the business, but there are an undeniable number of factors that a business will be unsuccessful.
    According to Jan B. King The experience and skills of the top managers. Over half of business failures are directly related to managerial incompetence.
    It takes appropriate management of business. Carelessness will result in loss.

    Being friendly to the customers is a key to be successful. You must be economical. You should know what to purchase, in what quantity and whom to sell. Gaining Profit is another way to build your business. You should always seek chance to gain profit. But selling the goods at high price is not the way.

    What do you think?
     
    #1 TimeRider, May 23, 2008
    Last edited: May 23, 2008
  2. Nazreen

    Nazreen
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    I've heard of Aviva Insurance in Singapore who laid off all of it's sales staff just because the company is not doing well in sales. It only retained it's sales managers. In this case, Aviva was terribly wrong in assuming that the poor showing in sales is only the direct result from poor performance of it's financial advisers and not of the managers. In the most part, they should have looked into their sales managers first because they're the ones who are responsible for directing and managing their advisers.

    Also, research has shown that the number 1 reason why people quit their jobs is not because of low salary and poor benefits but because they can't get along with their managers. People need to work in a healthy and good atmosphere in order for them to be happy employees.

    These are just two examples of managerial incompetence. There are a lot more!
     
  3. Hurbel2k

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    I don't want to sound rude, but we chewed on this topic several times. I really don't want to re-read 100s of threads to give You the best previous threads of the topics You mentioned, however this should get You started:

    Management:
    http://www.businessadviceforum.com/showthread.php?t=529 (more business plan, but related, as business plan is the groundwork of management)

    Customer friendliness:
    http://www.businessadviceforum.com/showthread.php?t=785

    Profit:
    http://www.businessadviceforum.com/showthread.php?t=817

    Recently I have seen a lot of re-writing of old topics. I have some ideas, will write something in the suggestions area soon.
     
  4. TimeRider

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    I have checked the links Hurbel2k. I did knew that this topic had been discussed but not fully but particially.

    The links show the following topics,
    The importance of a business plan
    Levels of Selling
    question about an online business -need some input


    This is all in one. Like, If you are defining the game cricket, defining a cricket ball or cricket bat doesn't mean that you are defining the game cricket. However these are the requirements of game cricket, it doesn't mean you explain about the game cricket.

    As the same, you are telling about Management, Customer friendliness, Profit. They are like organs of a Successful Business. But Where are the term like Advertisements, Planning and others. There are a lot more.

    No offense though but it doesn't mean that defining hands and legs of humans doesn't exactly define a Human Being. It's like in Science, Alkali is a base but all bases aren't Alkali. I want you to define base not Alkali. However Alkali is a part of base. And I want you to describe things in whole not in pieces.
     
    #4 TimeRider, May 24, 2008
    Last edited: May 24, 2008
  5. Nazreen

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    Sometimes, this happens a lot in the forums. I also did the same thing when I opened a thread on Multiple Sources of Income. After that, I made sure that I search for the topic I'm starting first before creating a new thread. Sometimes the topic is also related to other topics and it might lead in that direction too.

    For the topic Customer Service or Friendliness, I do agree that it was discussed a lot in the other threads. The same is true for the topic on "Successful Business". The topic on "Managerial Incompetence" is a new one though. :)
     
  6. Hurbel2k

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    Ok, let's go back.

    I agree Management failure/incompetence was a little weak so far. But then I prefer to discuss how to Manage in a successful way, because the ways to succeed is far lower, than the number of ways on how to mess up. Individual analysis of management failure by example makes sense, however general advice on how to not mess up can fill hundred of pages. Convince me otherwise.
     
  7. Nazreen

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    In my two examples above, it can be seen that managerial incompetence is one of the main reasons why business fails. Let's take the case of Aviva Insurance in Singapore. Before they fired all the sales staff, the turnover rate of it's financial advisers was very high. This is not the fault of the financial advisers but the sales managers. Aviva's top management should have already seen this as a sign that people are not happy working for them.

    If you're Manulife or any other Insurance company, you can look into your competitions mistakes and learn from them too. You must not just look into your mistakes but your competitions too. In this case, that mistake is their managerial (sales) incompetence.
     
  8. TimeRider

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    In Business, usually the success or failure of a business operation is dependent on the role of management. Management takes planning, organising, leading and controlling all phases of business operation in order to achieve the objectives or goals of that business organisation.

    Management is entrusted with these responsibilities,
    - practical planing for future growth
    - determining the business objectives
    - foresee and plan for business environment
    - Maximum utilization of the human, physical and informational resources available
    - Manage and control business activities
    - Responsibility for the business operation and results

    Effective management will definately result in business success, while ineffective management often results in business failure.
     
  9. DEADMAN

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  10. Swastik

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    Experience, leadership qualities, Teamwork, Management skills, Preparation are some of the basic tools of the trade when making a business successful. You need to have a passion for what you are doing. And also, you need to know your field technically well.

    A team of intellectuals with a person with good leadership qualities can be very effective and produce good results.
     
  11. Nazreen

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    I think we're missing something here. Aside from all of these important factors and aspects to making a business successful, let us not forget about Hard Work or according to Thomas Alva Edison, Perspiration. He said that, "Genius is one percent inspiration and ninety-nine percent perspiration.". This is also applicable to making a business successful.
     
  12. TimeRider

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    Yeah, Hard work is the main thing. You can sit lazy if you are in business. Laziness will result in loss and failure of business.
     
  13. Seidel25

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    Its nicee... :p
     
  14. DEADMAN

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    Hard work determines Dedication and Focus. If you're dedicated towards your Business success and updates, you'll of course have to be alot dedicated and focused which means to Hard Work. Dedication and Focus covers this Hard work which are essential aspects for Successful Business.
     
  15. ritajones56

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    Very true, the only exception is if you can build a business such as a franchise or a network marketing business where a passive income develops and your effort is no longer required, but even they require an intense amount of hard work in the beginning stages of the business.
     
  16. deepak_sharma

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    In my opinion in order for any business to be successful today, it needs to have a good set of business strategies in place which have been developed and executed in the proper manner.If you are like many other people today who are either thinking of setting up a new business, or are looking to expand the business they already have, then you need to have a good strategy in place to ensure that everything runs as smoothly as possible - right from the start.
     
  17. Fergal

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    It is important to have a good strategy and plan in place. It is also worth remembering that a bad plan well implemented can sometimes be better than a good plan poorly implemented.

    Plans and strategies also need to be flexible, to allow for changes in the market and business environment.
     
  18. deepak_sharma

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    I agree to Fergal on that note.I personally had seen many examples of bad idea which were implemented in better way are a sucess now...
     
  19. Bharat Book

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    This post focus on proper business planning which contribute to success of business..management plays important role for growth of any business.Knowing new business strategy,new business trend,leading brands helps for making successful business.
     

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