Accounting technicians scheme west africa
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- Determination of Objectives
- Planning and Setting up a Functioning Organisation
- (iv) Proper Location/Plant-layout
| A.9 Requirements for Success in Modern Business The modern business world is adorned with sophistication and complexity. The needs of the customers are daily changing with high speed. The challenges of success in business is daily becoming more vigorous and mentally and physically demanding. The customers who are the reason for the existence of business is daily becoming unpredictable and volatile. The business world must therefore appreciate some of the ingredients of the business success. Some of the prerequisites for success in this modern business are 12 i) Determination of Objectives: The most critical factor and first prerequisite for success is the determination of what exactly the business organisation intends to produce or the services it intends to render. This must be clearly stated also, the objective must synchronise with the opportunities in the environment of operation and the capabilities of the organisation. The company must also have some complementary or subsidiary objectives that will make the realisation of the prime objective realised. ii) Planning and Setting up a Functioning Organisation: To actualise the objectives set in one above, one needs to put in place a proper system with the necessary facilities and resource (both human and technical) that can drive the system to achieve the set objectives. iii) Adequate Finances: Organisation’s objectives maybe clearly stated and well- articulated, plans well designed and appropriate, the system well-structured and duties well assigned, without adequate and necessary finance, the business will never see success. Finance is the heart that pumps blood into all parts of the system. Without it at the right time and in the right form, the organisation will witness loss and embarrassment. So finance is critical to organisational sustainability and growth. (iv) Proper Location/Plant-layout: The issue of proper location and plant-layout are crucial to organisational success. Any mistake in these regards, may spell doom. So the management of the company should endeavour to site their company in a place where transportation will be easy, access to other complementary facilities will be easy, good packing space, etc. The layout of the plant also affects corporate effectiveness and efficiency and by extension, affects cost of production and profitability. vb Cultivating and Imbibing Modern Improvement Techniques: Every success inclined organisation should be prepared and yearning to imbibing modern improvement techniques through adapting and generating new ideas that will lead to innovations. This could begotten through research or cultivation of work environment where workers are always itching for positive change that will enlarge the coast of the company. vi) Download 3.37 Mb. Share with your friends:
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