Question

Detail the elements contributing to the success of a high-performing business.

Answer 1

Understand the concepts of stakeholders, processes, resources, and organization as they relate to a high-performing business.

• Stakeholders can include stockholders, customers, employees, suppliers, and distributors. There is a dynamic relationship connecting the stakeholder groups and each must be sufficiently satisfied in order for the operation to remain viable.

• Processes: Companies are increasingly refocusing their attention on the need to manage processes even more than managing departments. Companies build cross-functional teams that manage core business processes to be superior to competitors. 

• Resources: Companies are commonly deciding to outsource or offshore (international outsourcing) less critical resources. To do this, companies should identify their core competencies and use these as the basis for their strategic planning.

• Organization: Companies align their organization's structure, policies, and culture to the changing requirements of their business strategy.