Question

What is most important for success of an organisation

Answer 1

As a definition, critical success factors refer to "the limited number of areas in which satisfactory results will ensure successful competitive performance for the individual, department, or organization".

We keep on going through many sources in our professional life and find that there are potentially a confusing variety of definitions and uses of Critical Success Factors which determine successful performance. Before we start the study looking at critical success factors, it is important to realize that the specific factors relevant for me or anyone will vary from business to business and industry to industry. The key to using critical success factors effectively is to ensure that the definition of a factor of organizations activity which is central to its future will always apply. Therefore success in determining the critical success factors for organizations is to determine what is central to its future and achievement of that future.

An organization is said to be effective when it achieves the expected output as by the management. An effective organization earns profit for investors, offers satisfactory service to clients and has a potential for growth and development. Organizations are able to survive chaotic times due to their adaptability to change. The management which provides good leadership experiences employee retention and the workers are more productive than one with a demoralized workforce. An organization has to facilitate training and continuous learning for employees, the organization has contingency methods of operation that is different situations are handled by the different appropriate ways. An organization has to engage the input of its employees in the decision making. The employees being a valuable asset should be motivated for maximum input. Many researches observe that managers should take cognizance of the different values and beliefs held by employees. There should be no discrimination on gender, race or religious beliefs but equal treatment for employees and recognition of the diversity of views and opinions Effectiveness is only achieved when the organizational goals and targets are harmonized. An organization achieves its objectives when all elements are working in unity and in the desired course.

There are numerous factors which determine successful performance of work in organizations. Every organization has its success performance factors which may vary from the organization which has same offerings for the market. There are the following most important factors which determine successful performance of work in organizations irrespective to the nature and form of business

Answer 2

You have to decide certain things before starting a business, you need to weigh the pros and cons of the business. There are different types of organizations:

- Sole proprietorship

- Partnership and

- Corporation

For example if you are setting up a business solely, the cost and the expenses will be comparatively lower but then if you are operating alone the losses will be handled by you as well. If you are partnering with someone the losses can be shared, but then if you are partnering with someone there is a lot of paper work and also the profits are shared equally too.

In limited liability business if you face the loss the liability is limited and you do not lose everything you have.

There is another factor; if you are handling the business alone and if there is a death the business will be over. If you are dealing in a partnership business it will still continue.

You have to look at each and every factor before choosing the type of organization you want to deal in.