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A Conceptual Roadmap to Success: Understanding the 7 Determinants of Business Performance

Issued Date: 6th June 2023

Published Date: 27th June 2023

DOI: https://doi.org/10.52522/ijngp.v3i2.1


Author Affiliations: Dr CA Umang Ratani


Abstract:


This paper emphasizes the importance of a holistic approach to achieving business success. The approach includes seven key factors mentioned in the literature: 1-Business model: which encompasses the definition of a business creating, delivering, and capturing values. 2-Vision and goal clarity: This ensures the alignment and cooperation between the departments within the organization. 3-Strategies: This shows the path to achieving the business’s visions and missions. 4-Human resources: which the business performance depends on it. 5-Process: which if managed effectively, results in increased efficiency, costs getting reduced, and customer satisfaction having improved? 6-Structure: which encompasses variables such as hierarchy, function, inclusion, and formalization which influence the organization’s performance. 7-System: which includes different metrics. These metrics offer information about a business's finances, and customer and employee satisfaction. It stresses the importance of the consistent presence of these interconnected factors for business success.


 

Keywords: Business · Business Success · Business Failure · Business Model · Vision · Mission · Strategy · Human Resources · Process · Structure · System



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