IMPORTANT CONCEPTS AND THEIR RELEVENCE IN BUSINESS GROWTH
Introduction
The competition in the current business world is stiff and only the firms that have a competitive advantage can survive. Gaining a competitive advantage requires planning and strategizing so as to offer superior products and services than those of competitors. There are various concepts involved for a firm to stay ahead of the competitors. Among them is the issue of firms employing information technology to increase sales. Building strategies enables firms to outsmart competitors and survive the competition. The government through its policies plays a major role in determining the kind of environment that a business operates in. This paper defines these concepts and discusses their relevance in business growth.
The role of information technology in business growth
Information technology refers to the use of computers and telecommunications to process, store and transfer information. Customers want to access products and services in the shortest time and most convenient way possible. This means that only the firms that are fast enough will experience demand for their products (Tsai, 2002).
In the business world, attention has been shifted to value chain in which firms seek to add value to the products that they offer. IT is one of the tools employed to achieve this. For example, when a firm develops products that match the markets needs, it proceeds to use IT and provide product knowledge to the consumers. This can be done by establishing websites and internet marketing. These extra services make the products superior and therefore create more demand (Powell & Milcallef, 1997).
In as much as effective information technology is employed in a firm, it cannot give the expected results on its own. It requires the integration of the human resources to achieve results. For the purpose of pursuing business in future, Information technology should be viewed as a commodity that adds value to the human resources (Pierre, Hulbert & Pitt, 2005).
The role of strategies in business growth
Strategies are plans for long term actions that businesses employ to achieve an advantage over the rest of the competitors in the market. It enables a firm to achieve its business goals, meet and exceed the market expectations as well as remain ahead of the competitors. The management relies on information obtained from market research, the operational staff, and customer feedback to plan these strategies (Peng, 2000).
Strategies bring a firm’s team together to focus on one goal and this is the way operations should be. On bringing the people together, it sets the direction. Through this, the staffs are aware of what is expected of them and can measure their performance at an individual level (Mintzberg, 1987).
From this concept it is evident that strategies directly influence the profitability and growth of any firm. They also determine whether a firm remains in business or not. Currently, introducing new products into the market is almost impossible, and if an opportunity arise, new entrants are likely to join the market. Firms are providing similar products and services; therefore, to pursue a business in future, the concept of building strategies is top on the list because it is the starting point of any business (Rimiene, 2011).
Influence of governmental policies on business growth
Government policies refer to the rules and procedures that have been laid down to govern commercial activities. These policies vary from one country to another and are also affected by the politics of the given country. They tend to vary according to the kind of leadership that is in power over a given duration. The government determines the kind of environment that firms experience while carrying out their operations (Brander, 1995).
Globalization is the current trend which has prompted firms to focus on government policies in determining whether a targeted location is favourable. Demand may be available but the environment may be complicated by the political systems. This can be a source for conflicts which can be avoided by researching before making the decision to move to a particular country or region (Golea, 2009).Entrepreneurship is also affected by government policies and requires research as well. The demand may be available but the policies in place can create an unhealthy environment which may not be good for business (Michael & Pearce, 2009).
The prospect of pursuing business in future will be influenced by the kind of government policies that have been put in place. Making a decision to venture into business will depend on whether the procedures laid down in regards to the field of interest favour business. Business can only be established if it is favoured by these policies even in future. The future situations can be established by studying the trend (Michael & Pearce, 2009).
Conclusion
The modern business environment is very competitive. Business is no longer about providing products that match the market needs, it’s about providing better than the competitor. For firms to gain a competitive advantage they need to employ strategies that help them to stay in business while doing better than competitors. These strategies unite the teams and also simplify the tasks involved in providing superior products and services. Information technology has simplified the processes involved in product development. It is only successful if it is integrated with the human resource and other business resources. Globalization is also an emerging aspect of business that has proved there is more to business than demand. Government policies are very crucial especially in cases where businesses expand to foreign locations. The business environment keeps changing; these concepts are relevant in ensuring that firms keep up with the current business conditions while experiencing growth.
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