Your business guide

 BUSINESS ENVIRONMENT It is the surrounding of a business which affects, influences the operations of an organization.  A business environment can be classified into 2 types as the Internal environment, External environment. The internal environment The internal environment of an organization is the factors that are within the firm. These components can directly influence the business, is mostly controllable by the enterprise. The internal environment includes owners, managers, staffs, structure, culture, and resources of the organization. These factors of the internal environment create the strengths, and weaknesses of the firm . The external environment External environment consists external factors which are uncontrollable, influences on the operation of an organization. This environment generates opportunities, threats to the enterprise .   External environment can be divided into 2 types as  Micro/ immediate environment  Macro/ general environment....

    Mission, vision, goals, and objectives Mission, vision, goals, and objectives are the components of a proper business plan .   Vision is the destination that an organization wants to achieve in the remote future. Vision: A vision should be very motivating, realistic, and achievable in long term .  A vision statement is created by the owners or the heads of organizations. This statement guides the entire organization towards its purpose. Mission: Mission expresses the vison of an organization in a broader way. It explains the purpose of an  organization, helps to identify the target markets, the operations of a firm plan.   A mission statement is generated to bring uniformity among the staffs who hold different skills and  opinions, to share the scarce resources effectively . A business should focus on the factors like the  product that they produce, their customers, technology, public image while preparing a mission  statement.  Go...

 CHAIN OF COMMAND This is one of the principles that can be explained through an organizational structure. It shows the unbroken way of authority that flows from the top-level management to the low-level management of an organization.  A chain of command should be effective for communicating with the employees. It should give a clear picture to the workers on what decisions they can make on their own, the situations they should follow the commands of their supervisors.  The chain of command helps us to understand that every employee should be accountable to their immediate supervisor.  This is also used for creating specialized workers as it helps to separate works according to the  organizational structure and assigning, commanding the workers to do certain tasks. A good chain of  command also improves the responsibilities of workers as it exhibits the order of authority  and power  of a certain position in the organizational structure. 

 EFFICIENCY AND EFFECTIVENESS Efficiency and effectiveness are the main tools of measuring the success of organizations or inter-organizations.  Efficiency: Efficiency can be easily defined as “doing things right”. It alludes the function of getting the maximum output out of minimal inputs. Efficiency can be classified into 2 types 1. Input efficiency- it can be obtained by reducing the amount of input to get the same level of output. 2. Output efficiency- increasing the amount of output produced with maintaining the same level of inputs Example: A baker who bakes fresh bakery products always worked with the objective of earning profits  by  increasing the quality of his products to retain the customers, to increase the customer satisfaction continuously. He normally bakes 50 buns in an hour and is thinking of ways to improve is efficiency and effectiveness in order to increase his productivity. Efficiency: 50 buns – output one hour- input Input efficiency: He produ...