There are millions of companies out there in the world, but not all of them turn out to be Halliburton or Microsoft. Why? What do the other companies do wrong? It has been suggested that there are a few factors which need to be kept right at all times for a company to grow successfully over time. Any company, even the most austere ones when it comes to performance and production, miss out on a few decisive factors. Hence, almost every project management course offered today concentrate on these factors. Here are some major areas which determine the successful growth of any business company.
Employee Training and Freedom
This is a typical catch-22 situation faced by executives of any firm. The employees of the company clearly need to be educated and trained to the level that has the most promise of delivering success. This would involve implementation of rules and regulations, constraints and guidelines as well as training individual employees to come up to the accepted standard of work for a given organization.
However, a survey reveals that most employees in the corporate atmosphere do not prefer to live under a barge of rules. Most of them prefer to be allowed to develop on their own, and to enhance their own knowledge and productivity. Where does one draw the line? Putting in too many rules would give the company an atmosphere too rigid for employees to thrive for long, while giving employees too much freedom would mean inviting chaos into your organization. It is important for an executive to be careful while making these decisions.
Businesses begin and end with money. If you do not have money, you cannot run a business. Money is required for business expansion, employee sustainment, equipment, facilities and infrastructure. Hence, it is of utmost importance that money be managed with care. Project managers come to realize that having a constant flow of cash into the organization is a deciding factor of the company’s success. One of the key problems, or rather mistakes, that business owners make is allowing someone else to have control over their money. This can cause problems when the person handling all your money turns against you or succumbs to envy.
Another thing to make note of while managing money is management of facilities and infrastructure. It pays to remember that the economy operates as wheel. There will be good times and bad times. If you spend too much money on facilities during good times when there is a constant flow of cash, you will be all the more in trouble when the economy plummets, the flow of cash thins, and you have no money to pay for your firm.
This is, needless to say, the third and the most important feature of a growing business. If your customers are not satisfied with you and do not come back, then for all you’re worth, your business will be handicapped. It is hence one of the most important factors of organization growth.