Business Success

Success in business is elusive. Why do some businesses that commence on a shoestring budget flourish right from inception while others with seemingly unlimited resources struggle to survive? In this book I have looked at four major areas of business - Planning, Management, Marketing, and Human Resources - which need to be constantly addressed and fine tuned in order to ensure success in any business. In the late 1990’s the share price of one major Australian retailer was more than the share price of Australia’s largest retail chain at the time and I recall leading a case study session at a training institution to discuss why this was so and what the long term implications might be. Some years later the share price of the large retail chain is around four times that of the major retailer. Why? A myriad range of reasons including a raft of strategy issues, the organisation with the currently superior share price has a new CEO focused on logistical and supply chain issues and own brands while the other appears to have a steady-as-she-goes policy with few initiatives other than opening new stores. Business of any kind and the way businesses communicate has undergone huge change at an unprecedented rate in the past twenty or thirty years. Many businesses fail to understand the importance of setting and maintaining achievable profit margins. Meeting the competitors price no matter what the consequences is an easy trap to fall into. Further any business must have a strong cash flow - strong sales on extended credit terms is asking for trouble. Attracting and retaining ‘good’ people is a major concern for any business in order to ensure business success. Australia currently has a huge pool of people aged from around forty-five upwards with many business skills who constantly complain about the lack of recognition and future job prospects, despite lip service from the federal government for people to keep working pat the mandatory retirement age. Could businesses be even more successful if employment for this over forty-five age group were addressed? Some observers wonder if one of the major problems with employing and keeping these older people in the work place is an issue of being threatened by a more experienced person. Customer service, building and maintaining customer loyalty, innovation and brand building are just some of many other issues which are important planks in making and keeping any business successful. And don’t overlook export opportunities for your business.