The major objective of any business enterprise is to generate a profit. Thus said, any activities that does not give a return on the investment or any other commercial implications, then that isn’t a business. Business activities in the modern world exits in very dynamic and challenging environment thus better strategies plan a necessary for business that needs to excel. Business owners and managers needs to put fundamentals aspects, SWOT analysis and other vital factors into inconsideration in not making decisions but also when coming up with the products and services to be offer to the community. Well, business exits to offer a product. In other worlds, a there is no business until the entrepreneur or a company has identified a product and a services to offer. This product is the one that builds the basis of business practice and thus it one of the greatest essential in starting a business. Get me right, I am not talking about a business name or company formation but what the company intend to operate on.
Business environment may vary from location to location, depending on the products, consumers, competition, infrastructures, taxes and tariffs and availability of other resources like raw material and human resources. However, it should be clear that the rule of doing business global do not change irrespective of the regional. This is to say the concept developed by a successful company in the United States can work better if employed in Africa. Every investor, who need to excels need to package and consider carefully the fooling factors.
i) Products
Businesses are formed because they have the products and services to sell to the community. It is these products that form the basis of a business or a company. The products in this sense can be either tangible items or services. For instance, coco cola company sells soft drink like fanta, coke and other and thus it products are soft drinks. On other hand, DHL does parcels delivering and other cargo clearing services and thus their products entails offering services to the consumers. Before any person should embark into business and decide which product to offer, it is advised to do a visibility study to certain of the market, demand and the community needs.
ii) Customer
This entails group of the target consumers of the products and services. Customers are key aspect in very business, although many businessmen refer clients as king of the business, many urge that customer should be friends of the business rather being the king. The success of the company is determined by how it is bale to win more customers to more of the organizations products. Discounts, rebate, better service, air pricing is often a key in retain and attracting more business. It is the responsibility of sales and marketing managers to ensure the right audiences and target group has enough information regarding the company’s products and services to enable them purchase the goods. Figuring more frequency on how to delight customer and retain them should be always in the mind of the businessmen and women who need to succeed.
iii) Branding and Marketing
Having products to sell is one thing, and creating awareness and letting the potential buyer know what you have is another important task that need not to be ignored. Sales and marketing has become a very important aspect in the 21st century thus, every organization that need to succeed
iv) Human resource - This is a vital aspect in every business enterprise since it the staff that contribute directly toward the objectives of the business enterprise. It is believed, the most success business has a well human resources behind it. This may true since the corporation like Microsoft, facebook and other multinational companies are leading example of such organization. One of the fathers of management, Philip Kotler has thoroughly explained the aspect of staffing and indeed, the need of a business enterprise to motivate its staff in order to work together has a team toward business goals and objectives.
v) Resources and funding – despite how well the business may be funded a vigorous business in one way or another do require addition funds. This why we see a lot of big corporation in stock exchange and indeed, debt as a result of loan accrued. Every business that need to success need to establish a reliable source of fund and resources. Creating good ties with family, friends, business partnes,banks among others may be fundamental for the success of the business enterprise.
