Moneyadviceblog » Business » 5 Fundamental Principles of a Successful Business

Whether it belongs to the primary, secondary or tertiary sector, the creation of wealth is the essence of any company. In order to achieve this objective, it implements various marketing strategies as well as an administrative and financial management policy, while respecting the regulations in force. A successful business management is conditioned by the existence of a good symbiosis between these different elements. Apart from the increase of the annual profit generated, the pride of a company is based on the achievement of the following facts:

1) Increased Awareness

The notoriety of a company is linked to the promotion of the brand, the quality of the product or service sold and the relevance of its marketing approaches. In the age of new information and communication technologies (NICT), adherence to digital marketing is a necessary condition to be known by consumers. It is important to emphasize that the acquisition of new market shares depends on notoriety. Indeed, the latter has a transversal effect. It positively stimulates sales, increases turnover, promises maximum profit and makes employees or managers proud.

2) Dedicated Employees

For a company, a quality workforce means motivated and hard-working employees who are satisfied with the working conditions offered and have accumulated several years of experience. The validation of these loyalty criteria is the pride of a company, because it reflects the good management of human resources. Indeed, the loyalty of workers is the result of a managerial will to constantly watch over their well-being. To this end, several means are implemented. Among the most common are the salary policy and the layout of the premises. Thus, the dedication of employees is a source of pride for the company, as it contributes to building a quality image.

Travail, Bureau, Équipe, Entreprise, L'Internet

Team Work

3) Equal Welfare

The principle of equal treatment of employees is very often at the heart of union debates because it is not socially fair for the weakest, such as low-income employees and people with reduced mobility. Indeed, the privileges offered by the company must benefit all workers. A socially fair company prioritizes the well-being of everyone, including those individuals who appear to be in an inferior position. For example, an entrance or walkway should be provided for those in wheelchairs. The installation of a wheelchair elevator is a demonstration of commitment to social justice. For optimal safety, it must be installed by a professional in the field of private elevators. The presence of this infrastructure within the company reflects its benevolence and is also a source of pride for the company.

4) An Effective Freedom of Association

Human resources management in a company is always complex. Very often, there is a tug of war between the management and the workers’ union. The human resources department has to keep the balance between respecting the labor code and protecting the company’s interests. Many times, union requests are not met or are delayed. These anomalies seem to be in contradiction with the fundamental values granted to the employees and only the implementation of the company-union dialogue can confirm the respect of the union freedom. This solution is conditioned by the will of the leaders. Only responsible leaders encourage listening and discussion as a first step towards resolving any union problem. This solution is ideal for the company’s reputation.

5) Sound Accounting

The company’s accounting system must describe the real facts. It reflects the investments as well as the gains and losses for a given year. The sincerity of these accounting documents is conditioned by the professionalism and integrity of the managers. The cleanliness of an accounting system can be verified by means of an internal audit, or external, by a control carried out on the management of supplies, finances and materials of the company. This alternative also allows to avoid possible tax evasion or fraud. In the entrepreneurial world, a healthy accounting is a source of pride.