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Essential Elements of Good business system 2017-18

Hi, today we are talking about the Essential Elements of Good business system 2017-18 that helps to gain competitive advantages and gain the customers loyalty.

Essential Elements of Good business system 2017-18

Essential Elements of Good business system 2017-18

Essential Elements of Good business system 2017-18

  1. Experts management

Human factor plays important role in improving the performance of a business. Effective and good management solves many problems of the business. Therefore, good management is necessary to run the business efficiently and effectively.

  1. Large capital

Large capital or finance is required for successful operation of the business. It has the same importance in business as blood in human body. It plays in the establishment and expansion of the business.

  1. Planning

Good planning plays an important role in the success of the business. Planning means to decide what, how when the work has to be performed. It is also helpful in fixing the responsibility of each worker and to delegate the authorities. Profit of business depends upon successful and effective planning.

  1. Innovation

Innovation means to discover new means for improving the goods and services. In the modern era, there are tough competitions in the market. Therefore, a businessman has to introduce new goods according to the latest fashion and design for the success of the business

5. Use of technology

A businessman uses technology and modern methods of production according to the nature of the business. This strategy helps to increase the production and profit margin

  1. Quality product

The owner of successful business always tries to improve the quality product not only strengthen the goodwill of business but also increase the profit.

  1. Increase in sale

Sales of goods or services in an important function of business and it cannot be flourished without the sale. So, the marketing department should be very effective and efficient in successful business. In this regard, the advertisement and agents can play a vital role.

  1. Sound organizational structure

The sound organizational structure is the basic element of a successful business because it brings benefits to the business and makes it prosper. Division of work and goods relationship between owner and workers are a guarantor of success for the business.

  1. Reasonable profit

The first and foremost objective of a business is to earn a profit. A successful businessman earns a reasonable profit after rendering useful services or providing the quality product to the people.

Essential Elements of Good business system 2017-18

Essential Elements of Good business system 2017-18

  1. Ideal location

The success of a business is very much dependent on the site or place of business. So, the trader should try to establish his business in that area where factors of production are easy, abundantly and cheaply available.

  1. Trained staff

Trained staff plays an important role in the successful business. The trained Staff saves the business from loss, even in unfavorable condition, due to his experience and broad vision.

  1. Modern machinery

The use or role of modern machinery in the success of the business is quite prominent. The use of machinery cause to increase in production, improve quality of product and less wastage of raw material.

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