Successful Business

If a business does not manage its internal factors (the ones they can control like staffing, price, location) or the external ones (PESTEC) then they will lose customers which could result in the business failing!

A business will survive if:

• Satisfies customer needs and wants
• Is competitive
• Manages its resources effectively
• Makes good decisions
• Has well trained staff
• Reacts well to external influences

The Main Features of a Successful Business are:

• The demand for products is increasing
• Profits are rising from previous years
• Wage increases for workers
• Renown for producing quality products
• Good reputation
• Market Leader

The Main Benefits of Business Success to the consumer:

 If a business is successful, not only do the employees and owners benefit, but so do all the stakeholders and in fact the economy as a whole.

• Employment is provided
• Wealth is created
• Value for money products/services are available
• Living standards are raised
• The economy will be in a boom period