Good Essay About Factors Enhancing Performance In Business

There are many internal strategic factors that are likely to influence the performance of an organization. The greatest challenge that companies face is to find out what gives rise to competitive advantage and how it can be sustained. Competition is taken seriously and therefore businesses move out quickly to seek dominance over the others. Some economists suggest the use of the Balanced Score Card while others suggest service profit chain. The other theoretical base is the Resource Based View (RBV). These approaches are meant to assess the performance of the company internally and externally (Gursoy and Swanger).
External factors include macro environments like demographic, economic, technological and political. Internal resources include knowledge, personnel, and skills. Internal strategic factors are important because they take advantage of the market opportunities. Many managers fail because they do not implement their ideas well. The rapid increase in globalization and free trade increases competition that shapes trade over the years. There have been several suggestions on what makes a company successful. Information technology and human capital are the pillars of success for many companies.
Among the many external factors that make a business stronger are research and development, marketing capabilities, human resource and innovation. Marketing is one of the tools that a business can employ to remain firm for a long time. Studies suggest that accounting is a critical part of any company’s operation. Customer service is also very important as an external factor. The objective of this summary is to analyze the importance of some of the internal factors on the financial progress of a firm. A survey instrument is developed to gather information about hospitalist companies and the perceptions of its employees.

References

Gursoy, Dogan, and Nancy Swanger. 'Performance-Enhancing Internal Strategic Factors and Competencies: Impacts on Financial Success.' International Journal of Hospitality Management 26.1 (2007): 213-227. Web.