Customers
People
Physical Resources
Purpose
There are many factors that can make a business flourish: people, purpose, processes, physical resources, and customers. Without one of these factors, a business will just see their efforts go down the drain. Among the five aspects of a successful company, manpower weighs the most.
Process
Navigating Through the Industry A business is like a ship. The captain represents the owner or the manager, who is essential in steering the company towards their destination, but the workers or the employees in the engine room provide the steam, power, and movement. An executive is as important as the team. Studies show that a well-managed group of employees not only keeps the company running, but also thriving from challenges. Getting potentially good workers start with recruitment. It is the most crucial part, as failing to hire the right employee will result in minimal development for the business.
Rooting the Success in Recruitment Hiring an applicant should be done in a very keen and careful manner. What good are the employees if they cannot be utilized to their projected functions? Employing the wrong person for the job loses the business owner all five factors simultaneously in an instant. An unfit worker slashes out the people factor. By having insufficient people factor, the business cannot proceed with its processes, which hinders it from serving its purpose. Paying an incompetent employee indicates loss and improper utilization of physical resources. And with a malfunctioning business, the company cannot attract customers. Treating Employees with Value There is more to employing a skillful worker. Business owners have to juggle well its options. They should maintain the workplace environment healthy by keeping the employees happy. Psychological tests proved that a person who works in an ideal company tends to be more productive than those who do not. Providing employee satisfaction, though, should not be done too much. One of the ways to make workers happy is through engagement, allowing them to become a part of implementing the company’s sustainability commitment. Studies show that employees of the present generation do not see work as just a source of income, but a fundamental part of their lifestyle. An employee’s happiness and commitment to the company manifests its positivity to the customers, enabling the target audience to engage also in the business. Owners or managers who treat their workers with respect succeed in the industry. After all, most leaders were once followers. Sources: http://smallbusiness.chron.com/key-business-success-factors-2787.html http://www.prtroutsource.com/ http://www.smallbusinessadvocate.com/small-business-articles/small-business-success-factors-152 http://www.businessweek.com/stories/2006-03-30/great-employees-make-a-great-business