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5 Critical Factors That Surely Every Successful Business Has in Common

5 Critical Factors That Surely Every Successful Business Has in Common

1. Sound business decision

– Making critical business decision stems from effective and efficient flow of information towards key decision makers. 21st century business trends emphasis on getting information at the right time and at the right place in order for top management to strategize next move, alienating away from existing competitors and building a high barriers of entry for the new kids on the block.

2. Sound business system (blueprint)

– Effective roll out of product-based or service-based of an organization will depend on the successfulness of its business system. This ‘system’ encompasses value chains (i.e. production, finance, marketing, R&D, etc) that link-up together towards one common goal of achieving specific target.

3. Sound business culture

– Hiring the right people in matching for the right job is considered a blessing in disguise, reducing unnecessary bureaucracy that causing bottleneck problem for some organizations. With lean structure of responsibilities and accountabilities, tasks can be performed on the best practiced methodology, thus increasing productivity to a new level, a multiplier effect.

4. Sound business growth

– Innovation is the theme of 21st century business survival. Being creative in spotting business opportunities will ensure continues business growth and viability, especially competing with globalized competitors in a world that already knows no boundary.

5. Sound business evaluation

– Once in a while an assessment of future direction and where the company is right now will enlighten any improvements that can be implemented to pluck any holes (i.e deficiencies). This fine-tune strategy is an ongoing approach that need to intervene the business system in order to beef up and put the business back on track.



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