The fundamentals of business might be slightly different for large multi-nationals and small operations but some things apply throughout. The most important thing to remember is that without people business cannot function. From the people that you hire to the priority that you give to the customer, prioritizing human relationships can be the biggest asset in overcoming hardship.
Obviously your customers would be your most important concern but in order to keep them happy you need happy staff. If your staff are unhappy then they will pick it up though. It is perhaps most important that your staff are happy and that any obstacles to them doing their jobs properly are removed because there is no one else who can give your customers what they need.
One of the fundamentals of business that is most important is delivery. More than anything else the customer's expectations should be met. You could have the best customer service department but no amount of groveling makes up for a product or service that does not live up to expectations. High quality systems and procedures should not be ignored and this is also relies on the quality and management of staff.
Since dealing with people is so important the best way to enhance their effectiveness by improving communication. Clear lines of communication are essential for a company to be functioning at its best. The customer's experience when communicating with the company should also be a good experience and one which is encouraged.
Another of the fundamentals of business is that the numbers need to make sense. No matter what benefits a company might bring and how much it might be needed, if it cannot sustain itself then there is no reason to even consider it. Profit isn't the only issue though. The overall impact of a company is becoming more important and the more aware people become of this the more they will tend to judge a company on what it invests in.
Environmental issues are becoming more important and not just because resources are becoming more scarce. People are also becoming more conscious about what they support and so it will always pay to have a social conscience. In many ways good values will offer benefits when times are hard, whether it is being shown preference based on reputation or getting a greater deal of support from staff who believe in a company.
A business has to have value in purely economic sense too. There has to be a need for what you offer and it has to generate a profit in order to survive. If these criteria are not met then there is no reason to even start. Once those requirements are met then another of the the fundamentals of business that you need to focus on is planning. Always be prepared for what could go wrong if you want a company to have the best chance of surviving.
Obviously your customers would be your most important concern but in order to keep them happy you need happy staff. If your staff are unhappy then they will pick it up though. It is perhaps most important that your staff are happy and that any obstacles to them doing their jobs properly are removed because there is no one else who can give your customers what they need.
One of the fundamentals of business that is most important is delivery. More than anything else the customer's expectations should be met. You could have the best customer service department but no amount of groveling makes up for a product or service that does not live up to expectations. High quality systems and procedures should not be ignored and this is also relies on the quality and management of staff.
Since dealing with people is so important the best way to enhance their effectiveness by improving communication. Clear lines of communication are essential for a company to be functioning at its best. The customer's experience when communicating with the company should also be a good experience and one which is encouraged.
Another of the fundamentals of business is that the numbers need to make sense. No matter what benefits a company might bring and how much it might be needed, if it cannot sustain itself then there is no reason to even consider it. Profit isn't the only issue though. The overall impact of a company is becoming more important and the more aware people become of this the more they will tend to judge a company on what it invests in.
Environmental issues are becoming more important and not just because resources are becoming more scarce. People are also becoming more conscious about what they support and so it will always pay to have a social conscience. In many ways good values will offer benefits when times are hard, whether it is being shown preference based on reputation or getting a greater deal of support from staff who believe in a company.
A business has to have value in purely economic sense too. There has to be a need for what you offer and it has to generate a profit in order to survive. If these criteria are not met then there is no reason to even start. Once those requirements are met then another of the the fundamentals of business that you need to focus on is planning. Always be prepared for what could go wrong if you want a company to have the best chance of surviving.
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