Key Factors For Success Of Modern Companies

Steven Penland   July 28, 2015   Comments Off on Key Factors For Success Of Modern Companies

The statistics show that less than half of new companies survive until their fourth year. Even large ones with long history and traditions can fail in the ever more dynamic global environment. The question is how to protect your business from risks and grow it in this situation. It is essential to focus on the fundamentals.

Company Organisation  

The structure of the company has to match its size, purpose and operations. The work process has to be organised so that it is productively efficient, time-efficient and cost-efficient as well. For achieving this, tactical and operating plans have to be carefully developed on the basis of strategic ones. The company must also use an effective system for monitoring and evaluation of every process. It is important for the management to be flexible enough to deal with all sorts of problems adequately and on time. Flexibility involves acting timely and using help from external experts in the form of business consulting. You have to ensure that you will hire the best lean manufacturing consultant to help you resolve the specific issue.

Technology Use  

If a business does not keep up to date with the latest technological advancement in the respective industry, it will eventually fail. In the past, technological innovation was reserved mainly for the production process. Now it is used in marketing and all fields of management from customer relationship management to financial management. Managers have to focus not only on replacing the equipment that it used, but also on the software programs. In addition to renovation, businesses have to invest in the maintenance of the technology that they use. Now this is easier than before due to the various options for outsourcing technical support.

Human Resources 

Regrettably, this is one area where many companies experience difficulties. The important thing is to identify challenges and problems timely and to come up with the most effective solution. The use of external business consulting is definitely a good idea. You have to ensure that you will focus on the following major areas:

  • Position development – You have to have a clear idea on the tasks which each position involves and on the qualifications and skills which the person who takes it must possess.
  • Hiring process – You must use precise criteria for hiring. It is best if you apply a complete set of method for applicant evaluation from interviewing to testing.
  • Motivation – It is important to develop an effective system for motivating workers. It has to include a full set of measures from a scheme for benefits to a strategy for managing conflict.

By focusing on management, technology and human resources, you will reach the goals that you have set for your company.