How to Build a Successful Business
Building a successful business requires to fulfill its obligations to itself, stakeholders and society. A business is required to render worthwhile service to the consuming public. Thus the business can do by making a quality product at a lowest possible cost ensuring reasonable profit and by ensuring reasonable profit and by ensuring consistent and continuous supply. Following are the 9 keys to build a successful business
- Defining business objectives
- A sound organization
- Planned working
- Pure research
- Applied research
- Industrial research
- Proper location and size
- Effective business management
- Sufficient funds availability
1. Defining Business Objectives
The very first key of successful business is the definition of business objectives. Objectives must be clear and clearly defined which help the businessman to run smoothly and effectively. In order the ensure success it is utmost important that both the short run and long run business objective are clearly demarcated and defined.
2. Sound Organization
A well-defined, a well-knit and thoroughly sound organization goes a long way in assuring success to the business. An organization manned by competent people naturally ensures to success. An organization which is able to clearly define the duties, rights and responsibilities of all those who are manning it does a great service to the business which is striving hard to succeed in this complex world of industry and commerce.
3. Planned Working
Planning pave the way the lead to success, planning refers to the analysis of a problem, evolving and evaluating alternatives, making a good choice, finding solutions, evolving strategies. Fixing targets and outlining the steps necessary to be taken in order to the objectives defined and being tried to achieve. Planning also refers to looking forward. It enables business to meet any contingency. There is a need, therefore, to have planned operations of the business. This avoids failures and assures success to a large extent.
4. Pure Research
Pure research is conducted with a sole purpose to probe the unknown. It is an investigation in the quest of knowledge in the field of basic science pure research is possible.
5. Applied Business Research
Applied business research is conducted for immediate practical and commercial purposes. Though it has often been said that applied research is the result of pure research, which is usually followed by such as applied research in order to make it fruitful and applicable to the benefits of mankind. Though no clear demarcation line can be drawn between the two it may be said that the economics and commerce is concerned with the applied research. It is because applied research is concerned with a particular problem, studies the said problem, and offers solution for the benefit of the organization which has carried out the research.
6. Industrial Research
Applied research conducted in industries is designated as industrial research. It is generally related to marketing sales and purchase, materials, product and equipment etc. besides these research related to industrial relations, industrial psychology are few other types of research which is conducted and goes a long way in assuring the success in industrial sector of the economy.
7. Proper Location and Size
A good location and size contributes a lot to the success of trade, commerce and industry. This naturally can be decided with the help of defining business objectives
8. Effective Business Management
Above all it is the management which makes fruitful use of all the resources which the business has at its command. Men, materials and machines are to be organized and managed efficiently and effectively. Effective business management therefore, plays a very vital role in successful business.
9. Sufficient Funds Availability
Fund availability is a life blood for building a successful business. Adequate flow of fund at a time when they are needed is most important factor. There are different activities which requires to have sufficient funds, such activities may be commencement of new projects, installation of new plants.