WHAT IS A SUCCESSFUL BUSINESS?

Success in business is measured in different ways:

Achieving ... profit the aims of the organisation good sales figures

profit

the aims of the organisation

good sales figures

Stakeholders Employees Community GOOD RELATIONSHIPS

Leading innovation Developing new ideas and making discoveries

Developing new ideas and making discoveries

Achieving growth Internal/external expansion Mergers Takeovers etc

Internal/external expansion

Mergers

Takeovers etc

Providing a good quality product or service A good reputation can be worth a lot of money - think of Marks and Spencers 1st

A good reputation can be worth a lot of money - think of Marks and Spencers

Having good resource management Using resources efficiently (ie staff, money, materials etc) to make most profit

Using resources efficiently (ie staff, money, materials etc) to make most profit

Having a large market share Selling more than your competitors

Selling more than your competitors

Achieving a surplus of funds or breaking even For public and voluntary sector organisations

For public and voluntary sector organisations

These measures of success ... . . . tie in with the objectives of different types of organisations which you studied previously

. . . tie in with the objectives of different types of organisations which you studied previously

  Read the case study on Worksheet Successful Businesses – worksheet 1 and answer the questions.