Supporting and Inhibiting Factors in Business Development
In doing business, there certainly are factors which can support your business in developing or instead, inhibit your business from developing. All of those factors can originate from an organization or company itself both internally and externally. All of them greatly influence the development of your business, thus flourishing or instead, collapsing it. In doing business, endeavors to continue improving and developing business are made to the best possible extent so that it continues to progress and earn high profits. Therefore, you are required to be aware of what supporting factors to develop your business and to avoid all factors which can inhibit the progress of your business. Below is the complete review.
Supporting and Inhibiting Factors in Business Development #
The factors to be reviewed below can become the source of strength or support in developing business but can also inhibit your business development.
1. Business Partners
There is a saying that “10 years from now, you will still be the same like now, except with whom you make friend.” It implies that your social environment will greatly influence your daily activities, what you do and do not do. Therefore, your partners or business associates will establish your productiveness in the future. Hence, you should surround yourself with successful people so that you are inspired to develop your business.
It also applies if your partners are people who make negative impacts on your activities and business development, thus inhibiting your business from progressing.
2. Business Capital
Business capital is indeed a major factor which can be the most material noticable factor. Good financial management in business will make a good impact on the progress of your business development. Business capital does not always have to be in a huge nominal amount, because a business can also run using a small capital or even without any capital. Tenacity is the most important capital.
3. Workers or Employees
If your have a big business, it will certainly need workers to perform parts which can be worked on by workers or employees. It also influences the progress of your business, and your business will grow bigger if you can secure high productivity employees. High productivity produced by employees will be directly proportionate to their level of welfare in their work, and their interests in the work undertaken.
Technological progress requires all things to move in a fast and simple manner. All things in office and administration can be easily completed due to technological development. If you are unable to make use of technological progress, your business will be left behind. Use a company that has technology solutions that are suitable for your company’s needs.
5. Consumers or Customers
The intended consumers or customers are certainly very broad, and can include distributors, targeted market and customer or consumer needs in the market. Your business will progress easier if your business is within the reach of consumers or customers who are happy to buy your products.
If your business is done not within the reach accessible by customers or consumers, it can be ascertained that it will be difficult for your business to progress. Reach can include store distance and product delivery reach which means that your business can be done although it does not have any real store.
6. Geographical Conditions
It must be ascertained this business which is run offline or through a store / outlet / storehouse is established on a ground which is geographically reachable by transportation means, thus customers and consumers can easily access it. It greatly affects your business progress and development.
After you are aware of some supporting and inhibiting factors in the development of your business or entrepreneurship, you can start optimizing those factors to improve your business. Happy doing business !