Business Success

In: Business and Management

Submitted By brittanie17
Words 1003
Pages 5
This business report aims to provide information about the situation of SMEs and the considerations partnered owners must make to ensure the continued success of the business which has been prosperous for 4 years. The purpose of this report is to outline one external influence and one internal influence on the business. Also, the challenges the two owners face in the growth stage of their business’s life cycle will be described. Furthermore, this report will discuss valid arguments for and against why the owners should or should not go from a partnership business to a private company.
Influences

An external influence on a business is one which is outside of the business’ control. This business will experience an influence from multiple external factors inclusive of globalisation. Globalisation is the process of people, goods, money and ideas being transported all across the world quicker and cheaper than ever before. New means of communication, transport technology and information have revolutionised and thus broken the barriers of distance and time by developing a global market. Businesses and consumers are now able to access resources from within the global market through development of technology, particularly the internet. An accumulating demand results in a wider customer base therefore rising of the business, ultimately increasing its overall success.

An internal influence on a business is one which is within the business’ control. Location is vital for businesses as they rely on customers and sales to succeed. Prime location is where a business has achieved a spot where customer convenience and visibility are incorporated. Customer convenience ensures proximity to customers as well as possibly being situated near complementary businesses to draw in a larger customer base. Visibility of a business allows passing customer traffic which advertises the…...

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