A1 Reasons for Business Success
Innovation - customers needs and competitors products are constantly changing. In order to attract and maintain customers, businesses need to explore new ideas.
USP - A clear unique selling point will allow a business to stand out from their competitors.
Marketing - understanding the needs of customers through research and competitor analysis allows businesses to better cater for their changing wants and needs.
Sales - Creating sales through strong promotion and developing good customer relationships increases revenue and repeat purchases.
Financial management - Poor financial management can lead to business failure, often through liquidity issues.
Talent - the term ‘talent’ is used to refer to employees. Having strong HR Management ensures that staff are innovative, productive and efficient.
Leadership - Different people and situations respond better to different leadership styles. Tailoring leadership to the business will improve outcomes from staff.
Clear vision and goals - having a clear vision helps everybody in the organisation work together and understand their role in achieving it.
