Consequences of Successful Business vs Unsuccessful...

Consequences of successful business vs unsuccessful business: Linking business success to management The success of a business is based on the quality, the education and the experience of management. Experience is necessary in order to make the right decisions and education leads to higher quality of performance. Quality decisions and performances contribute to the achievement of the business objectives and goals. All these success factors enhance the strengths of the business, which makes it more competitive in the marketplace. Let’s have a look at two similar businesses, a successful one, KFC, and an unsuccessful one, Mochachos’ Chicken Villages and we can see how applying quality relates to some business functions. 1.†¦show more content†¦All documentation is done correctly and all systems are in place and check. Policies and procedures are followed to the last detail such as the cleaners noting down the time they have cleaned. Stock control is an ongoing process. All the information collected is used for research and development, planning, projecting and budgeting ahead and also steps are taken to make sure the right decisions are made for the goals of KFC to be achieved. Mochachos’ Chicken Villages didn’t have all the policies and procedures in place. They made incorrect decisions regarding renting new space to operate in. They didn’t analyse their customer’s needs, they didn’t project future sales or work out the financial position of the business. The most important thing is that Mochachos’ Chicken Villages didn’t remain sustainable in today’s competitive business world. 5. Quality and Healthy Financial Function This function is concern with raising enough capital to finance the business’s assets, resources and services to operate properly. The financial manager must make sure that the business can make enough money to cover the cost of raising the capital. KFC have done budgeting which is the most important mechanism for financial control. KFC have many stores and many investors, properties and equipment which all forms part of making the business financially stable. Mochachos’ Chicken Villages didn’t have enough investors buying into the franchising concept and then theShow MoreRelatedThe Effects Of Non Payment Of Bonuses On Employees2071 Words   |  9 PagesEssay Introduction Incentive compensation schemes motivate and reward employees for contributing to organisational effectiveness by linking pay and performance. As labour is an organisation’s most important resource, effectively managing improvements in productivity, performance and quality of work by retaining and motivating employees is essential to ensuring success in environments of intensifying competition (Smoot and Duncan 1997). 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