Successful Business Success - 1474 Words

There are many businesses that have failed and many business owners who can attest to the pain of failure. Fortunately, business owners don’t give up easily. They learn from mistakes to forge onto success. It’s because of their failures they can impart their wisdom in preventing the same mistakes. The initial and biggest dilemma is how to prioritize focus. Business owners get pulled into so many directions, they multitask and can easily get off track. This can start well before a business is even off the ground. After scouring many books, articles and resources, steps to establish a successful business can be categorized into 4 areas: Team, Operations, Planning and Profit or â€Å"TOPP†. It starts with the right people (Team), there†¦show more content†¦Legal and financial professional will provide the most candid feedback when it comes to the vitality of the business. BusinessAdvising.org identified the top 5 Professionals needed for a business and include an attorney, accountant, HR consultant, financial expert and staff writer. Most of these can be hired contractually of course while providing much needed services for business growth. According to Merriam-Webster dictionary the definition of Operation is: performance of a practical work or of something involving the practical application of principles or process. The two key words here are â€Å"principles† and â€Å"process†. A business is either making something, selling something or providing a service. All require principles and process. A business owner will need to understand each step involved since this is the heart of the business. As processes are developed, there will need to be a way to measure efficiency. Metrics are a business owners â€Å"best friend† when it comes to decision making. It allows businesses to make decisions on whether something is working or not. It can provide information on performance of investments, people, machines, and so much more. It gives them a snap shot as to how customers are reacting to the product or service and it will help keep business owners informed. It’s easy to consider the mechanics of operations, but what about accounting and the finances of a business? Accounting is data drivenShow MoreRelatedConsequences of Successful Business vs Unsuccessful Business: Linking Business Success to Management1011 Words   |  5 PagesConsequences of successful business vs unsuccessful business: Linking business success to management The success of a business is based on the quality, the education and the experience of management. Experience is necessary in order to make the right decisions and education leads to higher quality of performance. Quality decisions and performances contribute to the achievement of the business objectives and goals. 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