Premium Essay

Critical Components of a Successful Business

In:

Submitted By johnnybronco
Words 1541
Pages 7
Critical Components of a Successful Business
University Maryland University College

Professor Jerry Griffin
BMGT 110

What Are Some Key and Critical Components of Running a Successful Business?

Learning how to run and operate a business can be a big and daunting task. Many small businesses don’t even turn a profit for months or even years, and even if they do there is no guarantee that they will be around in a few years. Most of these small businesses, about 70 percent survive the first two years but after that the numbers decrease to “50 percent by the fifth year mark, and by the tenth year 82 percent have closed” (Boone & Kurtz p.152). If you want your company or business to succeed and grow you need to know a few important factors that will help it and they are: dynamic business environments, critical business functions, integration of individuals and systems, and ethical and social responsibilities that confront a business.

To start a company you need a plan, capital, and a location to start the company, but once you get those you need to be able to have a dynamic business environment. A dynamic business environment is characterized by the ability to respond to changing trends. One of these changes could be the aging of the population and its shrinking labor pool. As stated by Boone and Kurtz, “that by the year 2030, the number of U.S. workers 65 or older will reach 72 million, taking their experience and expertise with them” (pg. 20). Which means employers must find new and more sophisticated technology and people with more advance skills to help and replace the ones they are missing. Another area is that a business must respond to is the information systems changes. Computers systems are always in a state of change. Once they came up with one type of software, somebody else has already started trying to develop a new software system

Similar Documents

Premium Essay

An Examination of Developing International Advertising Strategies for Western Companies in Islamic Countries

...journal is available at www.emeraldinsight.com/researchregister The current issue and full text archive of this journal is available at www.emeraldinsight.com/0954-478X.htm TQM 17,2 RESEARCH AND CONCEPTS Components of successful total quality management ´ ´ Juan Jose Tarı Department of Business Management, University of Alicante, Spain Abstract Purpose – According to the literature, quality management consists of a set of components: critical factors, tools, techniques and practices. The purpose of this paper is: to identify the components of total quality management (TQM), in order to make them known to managers and thus facilitate successful quality management implementation, and to show the situation of 106 ISO 9000 certified firms concerning these components. Design/methodology/approach – In order to achieve this objective, a literature review and a survey based on 106 ISO 9000 certified firms in Spain were developed. Findings – The results reflect that certified firms must develop their people orientation 1and use techniques and tools to a higher extent in order to progress towards total quality. Originality/value – The value of the paper is point out which TQM components are important to successfully implement TQM and identify the situation of these components in ISO 9000 certified firms in a particular area. Keywords Total quality management, ISO 9000 series, Spain Paper type Research paper 182 The TQM Magazine Vol. 17 No. 2, 2005 pp. 182-194 q Emerald Group Publishing...

Words: 5543 - Pages: 23

Premium Essay

Systems Analysis & Design

... | |Programme: |Computer Science/Computer Science with Business Informatics | |Level: |Level 5 | |Awarding Body: |Plymouth University | |Module Leader: |Nikita Mazurov | |Format: |Systems Analysis and Design Portfolio Document | |Presentation: |No | |Any special requirements: |No | |Word Limit: |Between 1500-2000 words. | |Deadline date for submission: |Week 10, specifically: Wednesday, 12th August 2015, 12:00 pm (noon). | |Learning outcomes to be examined |Demonstrate an understanding of how business needs determine system design. | |in this assessment: |Undertake document analysis to produce normalised...

Words: 2100 - Pages: 9

Premium Essay

Information System Analisys and Design

... | |Programme: |Computer Science/Computer Science with Business Informatics | |Level: |Level 5 | |Awarding Body: |Plymouth University | |Module Leader: |Nikita Mazurov | |Format: |Systems Analysis and Design Portfolio Document | |Presentation: |No | |Any special requirements: |No | |Word Limit: |Between 1500-2000 words. | |Deadline date for submission: |Week 10, specifically: Wednesday, 12th August 2015, 12:00 pm (noon). | |Learning outcomes to be examined |Demonstrate an understanding of how business needs determine system design. | |in this assessment: |Undertake document analysis to produce normalised...

Words: 2100 - Pages: 9

Premium Essay

Assignment 3 Talent Management Strategy

...Talent Management Strategy Assignment 3 HRM-532 Contemporary Business Submitted by: TJ McPhail Submitted to: Dr. Daniel C. Frost May 18, 2015 Formulate a talent management strategy to encompass the entire talent requirements of the organization. When discussing and planning your organization’s future, it’s important to consider not just the goals, objectives, and initiatives, but clearly how to accomplish them. The most important contributor is undoubtedly your employees. Aligning the organization’s business strategy with its employees is called talent management, and it encompasses aligning the right employee with the right position in the organization. Talent management is a business strategy and must be fully incorporated within all of the employee connected practices of the organization. Retaining and attracting talented employees, in a talent management system, is the responsibility of every tier of management in the organization, but especially the Human Resource managers who are in charge of hiring, training, and development. A successful talent management strategy also engages in the practice of sharing data regarding high profiled employees and their employment histories and accomplishments with all divisions of the organization. This process of sharing and transparency makes it possible for a range of departments to recognize available talent when opportunities become available. The charting of the staffs skills and strengths enable the organization...

Words: 1737 - Pages: 7

Premium Essay

Issues in Ssupply Chain

...Issues in Supply Chain Management Douglas M. Lambert Martha C. Cooper Successful supply chain management requires cross-functional integration and marketing must play a critical role. The challenge is to determine how to successfully accomplish this integration. We present a framework for supply chain management as well as questions for how it might be implemented and questions for future research. Case studies conducted at several companies and involving multiple members of supply chains are used to illustrate the concepts described. © 2000 Elsevier Science Inc. All rights reserved. INTRODUCTION One of the most significant paradigm shifts of modern business management is that individual businesses no longer compete as solely autonomous entities, but rather as supply chains. Business management has entered the era of internetwork competition. Instead of brand versus brand or store versus store, it is now suppliers—brand— store versus suppliers—brand—store, or supply chain Address correspondence to Dr. D. Lambert, Department of Marketing Logistics, The Ohio State University, 506 Fisher Hall, 2100 Neil Avenue, Columbus, OH 43210-1399. E-mail: lambert.119@osu.edu versus supply chain. In this emerging competitive environment, the ultimate success of the single business will depend on management’s ability to integrate the company’s intricate network of business relationships [1–3]. Increasingly, the management of multiple relationships across the supply chain is being...

Words: 10167 - Pages: 41

Premium Essay

A Talent Management Strategy

...organization’s future, it’s important to consider not just the goals, objectives, and initiatives, but clearly how to accomplish them. The most important contributor is undoubtedly your employees. Aligning the organization’s business strategy with its employees is called talent management, and it encompasses aligning the right employee with the right position in the organization. Talent management is a business strategy and must be fully incorporated within all of the employee connected practices of the organization. Retaining and attracting talented employees, in a talent management system, is the responsibility of every tier of management in the organization, but especially the Human Resource managers who are in charge of hiring, training, and development. A successful talent management strategy also engages in the practice of sharing data about high profiled employees and their employment history and accomplishments to all divisions of the organization. This process of sharing openness makes it possible for a range of departments to recognize available talent when opportunities open and become available. The charting of people’s skills and strengths enable the organization to appraise the manpower that is not being utilized properly and to its highest potential. This is critical from the standpoint of the organization as well as the employee; the employee can be placed in the right position after a complete assessment of his abilities & interest and as a result the employee is more productive...

Words: 1712 - Pages: 7

Premium Essay

Chi Lsdfopdfmsp

...Resource Planning (ERP). Learn about ERP systems and their evolution, components and architecture. Understand the benefits and drawbacks of implementing ERP systems and how they can help an organization improve its efficiency and worker productivity. Have an overview of the implementation process (e.g., the ERP life cycle, business process reengineering, project management, and change management). Understand the role of staff, vendors, consultants, and the organization in making the ERP implementation process successful. Comprehend the ethical, global and security challenges while implementing an ERP system, as well as get an overview of ERP vendors and industry trends. CHAPTER  OUTLINE:     I. II. III. IV. V. Opening Case: Hershey’s Enterprise 21 Project Preview a) Enterprise Systems in Organizations b) Information Silos and Systems Integration c) Enterprise Resource Planning (ERP) Systems Enterprise Resource Planning Systems a) What is an ERP? b) Evolution of ERP c) Business Process and ERP d) ERP System Components e) ERP Architecture f) e-Business and ERP g) Benefits and Limitations of ERP ERP Implementation a) Business Process Management b) ERP Life Cycle c) ERP Implementation Strategies d) Software and Vendor Selection e) Operations and Post-Implementation People and Organization a) Project Management b) Role of Consultants c) Change Management d) Business Process Reengineering e) Global,...

Words: 4056 - Pages: 17

Premium Essay

Hrm Staffing

...The primary components of a strategic management process vary in terminology; however, to effectively implement any strategy, the core components must be sufficiently considered. In basic corporate terms, strategy is defined as the plan that the organization develops to accomplish its primary long-term goals and objectives. These goals and objectives are critical to ensure continual business success and meet expectations of all stakeholders. In terms of the shareholders this means assuring their investment returns positive dividends. So, a critical component to a strategic plan is to gain a competitive advantage over a continuously environment. As is normally the case with any plan in order for it to be executed successfully it needs to be planned and managed efficiently. There must be a strategic management process operated by the organization that consists of three primary elements—strategic position, choices and setting the strategy into motion. STRATEGIC POSITION In order for strategic management to function correctly the organization must be aware of its current or strategic position and what elements potentially could affect the position. External forces must be considered appropriately and integrated in to the strategic plan. The forces usually vary over many issues and understanding them and how they will affect the business is essential to enabling management to select the opportunities and threats to its strategic plan. Strategic Management Process Paper 3 An example...

Words: 665 - Pages: 3

Premium Essay

Aaaa

...International Journal of Software Engineering and Its Applications Vol. 7, No. 2, March, 2013 Integrating Knowledge Management with Business Intelligence Processes for Enhanced Organizational Learning Rizwan Shehzad and Muhammad Naeem Ahmed Khan Department of Computer Science Shaheed Zulfikar Ali Bhutto Institute of Science & Tech., Islamabad, Pakistan rizince@yahoo.com, mnak2010@gmail.com Abstract Knowledge Management (KM), either in a tacit or explicit form, plays an important role in decision making. Business Intelligence (BI) has acquired significant importance in the business world due to the recent technological advancements and availability of state-of-theart software tools. Presently, most of the organizations across the globe are adopting BI solutions to promote business, retain customers, earn maximum profits, reduce recurring expenditures, etc. KM, on the other hand, has not gained significant acknowledgement from an implementation perspective. Moreover, the effect of BI on KM and vice versa is rarely observed. In this paper, we propose a model where KM and BI can benefit from each other. Since both of the said fields have a wide range of features, the proposed model is based on specific features. For that purpose, we have identified a number of Critical Success Factors (CSFs) related to both BI and KM technologies reported in contemporary research. Afterwards, we have drawn a comparison pertinent to the effectiveness of these CSFs with the similar...

Words: 4382 - Pages: 18

Premium Essay

Strategic Management Process Paper

...Richard Jaussi Strategic Management Process Paper 2 The primary components of a strategic management process vary in terminology; however, to effectively implement any strategy, the core components must be sufficiently considered. In basic corporate terms, strategy is defined as the plan that the organization develops to accomplish its primary long-term goals and objectives. These goals and objectives are critical to ensure continual business success and meet expectations of all stakeholders. In terms of the shareholders this means assuring their investment returns positive dividends. So, a critical component to a strategic plan is to gain a competitive advantage over a continuously environment.  As is normally the case with any plan in order for it to be executed successfully it needs to be planned and managed efficiently. There must be a strategic management process operated by the organization that consists of three primary elements—strategic position, choices and setting the strategy into motion. STRATEGIC POSITION In order for strategic management to function correctly the organization must be aware of its current or strategic position and what elements potentially could affect the position. External forces must be considered appropriately and integrated in to the strategic plan. The forces usually vary over many issues and understanding them and how they will affect the business is essential to enabling management to select the opportunities and threats...

Words: 689 - Pages: 3

Premium Essay

Management

...The current issue and full text archive of this journal is available at www.emeraldinsight.com/1598-2688.htm AJQ 13,3 An analysis of critical success factors for Six Sigma implementation Sunil Sharma Faculty of Management Studies, University of Delhi, Delhi, India, and 294 Anuradha R. Chetiya Department of Mathematics and Statistics, Ramjas College, University of Delhi, Delhi, India Abstract Purpose – The success of Six Sigma implementation is known to depend on a number of critical factors. The purpose of this paper is to explore and analyse Six Sigma critical success factors (CSFs) in the context of Indian manufacturing organizations. Design/methodology/approach – Although Six Sigma success factors have been amply researched in the global context, in this paper, a maiden attempt is made to identify, through an extensive literature review, the CSFs for Six Sigma implementation followed by their validation and prioritization using primary data collection from Indian companies. A total of 22 CSFs have thus been compiled through an extensive literature review. These CSFs are then validated through an empirical research of select Indian manufacturing companies at various stages of implementation of the Six Sigma process improvement methodology. Findings – A factor analysis was used to finally reduce the 22 factors to seven groups of underlying CSFs, the top factors being use of right tools, measurement assurance, innovation and supplier collaboration. Based on the...

Words: 6737 - Pages: 27

Premium Essay

Ivp4 vs Ipv6

...between a risk analysis (RA) and a business impact analysis (BIA)? a. Risk assessment (RA) is a structure discipline that must discover the threats, vulnerabilities, and values of an organization’s assets. A key factor in risk assessment is the determination of the likelihood of an adverse event affecting an Organization, process, or system. Risk assessment is a valuable tool to help the organization recognize itself threat environment and ensure that the steps are undertaken to minimize the resulting risks to an acceptable level. b. Business Impact Analysis (BIA) is the key to a successful BCP implementation. Understanding and standardizing Enterprise business process names is critical to the success of the BIA. The intent of the BIA process is to help the organization’s management appreciate the magnitude of the operational and financial impacts associated with a disaster or serious disruption. When they understand, management can use this knowledge to calculate the recovery time objective (RTO) for time-critical support services and resources. For most Organizations, these support resources include: Facilities - IT infrastructure (including voice and data communications networks) - Hardware and software - Vital records Data - Business partners The connection is made when each of the time-critical business processes is mapped to the above supporting resources. 2. What is the difference between a disaster recovery plan (DRP) and a business continuity plan (BCP)? a. Disaster...

Words: 966 - Pages: 4

Premium Essay

Operations Management

...department of a company with the functions of designing, monitoring, and guiding the process of production Operations managers have the responsibility of ensuring that the business operations are efficient in the terms of utilizing as few resources as needed and effectively meeting customer requirements. Internally, operations management are tasked with the redesigning a business operations, as well as, handling/monitoring complaints from consumers and different problems with employees that need management to intervene. The decisions and actions taken within its operations have a direct impact on the basis on which an organization is able to survive and prosper within in its environment for a long- term period. Operations management includes substantial measurement and analysis of internal processes, which is carried out in a company depending on the nature of the products or services (Stevenson, 10th Edition, 2008). Maintaining a successful business is every companies overall goal. Building a strong relationship within the company as well as externally has been a key component in helping the company grow and continue to be successful (Establishing and Developing Strategic Relationships – The Role for Operations Managers. Staughton, Roy. 2009). Externally, how we manage productive resources is critical to making profits, growing and competing. Today, the purpose of operations management externally is to make the best use of productive resources, this entails the design and...

Words: 388 - Pages: 2

Premium Essay

Organizational Change Part I

...Organizational Change Plan – Part I The definition of organizational success is critical, though extremely difficult to define. Sharma (2009) states, “The success of any organization is reflected upon by its performance which is in turn highly dependent upon its strategies” (p. 7). To identify a strategy of successful performance, it is important to have an understanding of the desired the level of performance. With regard to individual performance and performance evaluation metrics, my current work unit is lacking and struggles to report accurate data for how an employee performance evaluation relates to units of service as well as error percentage. In the current state, there is not a single system solution to collect data therefore causing a painstakingly manual process to collect any form of data metrics. This organizational change proposal will identify the need to develop a comprehensive strategy of employee evaluation using the balanced scorecard approach. This performance management strategy will define the necessary performance tools for a successful implementation while ensuring the performance evaluations defined by the strategic goals governed by the institution. Need for Balanced Scorecard Identified According to the current job description, the sole responsibility of work unit staff is for the review of submitted laboratory samples, requisitions, and pathology reports for accurate and timely accessioning of patient and testing information into the...

Words: 1399 - Pages: 6

Free Essay

Organisational Behaviour

...Learning about organizational behavior in today's business environment could help managers build up a better work related understanding of themselves and their subsidiary. With this knowledge managers can achieve a successful career. Since a manager needs to get his job done by the others, to have an organizational behavior skills become a valuable talent. As the environment of business is always changing, the role of the managers has become more sensitive. In order to know how to handle a new workforce, and deal with the complication of the new environment, the supervisors need to develop their information about attitude and behavior of individuals, and groups in organization. Now we know not only the hard skills is important for get the job done, soft skills are helps managers to do their job more effectively and efficiently. What are hard and soft skills? "Hard skills include written communication, computer problem solving experiences, computer skills, and ability to understand new technologies, international business, time management and project management. (http://www.indiana.edu) Hard skills are most visible, the most exciting and therefore the most profitable skills in outdoor programs. "Soft skills are the interpersonal components of leadership, the people skills. Soft skills include interpersonal skills, oral communication, presentation skills, ethical values, decision-making and analytical ability, creativity and critical thinking, persuasiveness and influence, ability...

Words: 535 - Pages: 3