Successful Business Assignment Example | Topics and Well Written Essays - 2500 words

Successful Business - Assignment Example Up gradation of systems and software is always an issue and to keep up with the fast pace of the IT industry, upgrading regularly is essential to keep abreast with competition Training Continuous training for the managers is a must to provide motivation, leadership skills and 'on job' skills b) Factors critical for successful business / organizations - These factors can be grouped under five main critical factors Employee management Training of staff regularly so that they may update their skills based on the latest technologies available Hiring the right people for the right job profile. This is essential because at times the qualified people have skills to achieve a job but may not have the right attitude and the mindset. Also transferable skills and number skills are extremely pertinent for managers There needs to be clarity in the chain of command and issues between management and staff need to be sorted out as amicably as possible. Infrastructure and investments Having the latest technology and the systems is extremely critical in the age of today. Efficiency of the workers is dependent upon the efficacy of the tools that they have been provided and better efficacy at work leads to loyal customers and therefore, profits Re investments of profits is required to keep up with the changing times and to be able to react quickly to the market changes and trends. Leadership A visionary leader which has foresight and can aid his managers in forward thinking is a must for a business which has a desire to grow rapidly Regular training for the managers is essential for them to learn and imbibe skills like leadership Marketing of services It is important to market the services to the customer not only through the right medium but also with the right...Their use of '=' for continuation of speech and the timing was mentioned in brackets. The transcription also used all the specific protocols to be followed like ':' for elongated pronunciation of words etc. Hiring the right people for the right job profile. This is essential because at times the qualified people have skills to achieve a job but may not have the right attitude and the mindset. Also transferable skills and number skills are extremely pertinent for managers Having the latest technology and the systems is extremely critical in the age of today. Efficiency of the workers is dependent upon the efficacy of the tools that they have been provided and better efficacy at work leads to loyal customers and therefore, profits Some companies rely on loyalty for customer retention while the new entrants need to build that confidence before they can gain loyal customers. For this one needs to deliver service within budget and time constraints. Lastly, it is essential to understand that it is not enough to provide the best cost to the customer. The need of the hour is to provide the customer with a 'balanced value' - the best service at the best price. d) Certain guidelines to reduce staff turnover - high staff turnover can at times become an issue and may become an obstacle for an organizatio