Behind of every successful business there is a man or group who have clearly conceived ideas of what they propose to do to make successful in business. What makes the business get successful is how to plan and prepare it step by step. The business must have a product or service for which there is need, either actual, that’s not already being satisfactorily met. The procedure by which such a product or service is selected and perfected is known as product analysis or research.
The owner or the business manager must know where the potential market for his product or service and how to reach it, as well as the probable cost of reaching it and the effectiveness of the competition. He should have a plan and think about financial, such as insurance, banking, or investment and how the equipment needed is determined and selected. The finances of the business must be carefully and wisely managed, the amount of money needed is must be determined, the sources from which money may be obtained must be ascertained and arrangements made.
The workers or employees must be trained in the correct method of doing the work. And most important for worker is, he must be supervised. The main job of a supervisor is to see that there are no hindrances or obstacles to the worker’s doing best he can. The supervisor gives help and encouragement to any worker who may need it.
With components above we can learn how a competent business manager proceeds to build up his organization-refers to the plans by which one’s resources are arranged to accomplish one’s objective. It includes both human resources and physical facilities, such as equipment, material supplies, finance, and working condition.