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What are the essentials of a successful business?

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.

Mrs. Miceli's Business Courses 14-15

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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.

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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.

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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.

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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.

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