There are six facets of business that affect a company's growth potential and life cycle: accounting, economics, finance, information systems, marketing, and management. Classified by academia and employed primarily by corporate America, each facet of business is essential for success. Consider the following example: For every organization, there is a product or service that portrays an image or defines a brand. Marketing plans are implemented to both safeguard and impel a company's efforts to increase net worth and market share. Where applicable, shareholder return on investment is also maximized. Assets such as land, labor, and capital are frequently monitored business investments, as is a company's ability to circumvent or leverage economic factors. Business owners work closely with their management team and/or a board of directors to ensure the salability and success of each venture. Lawyers, accountants, and other skilled laborers help track progress and minimize losses. As technology progresses, information systems: word-of-mouth, the media, books, magazines, newspapers, TV, radio, and the Internet help promote a brand and consequently increase sales.

Three Things to Note

As with many things in life, being successful involves actively seeking ways to improve as well as knowing how to effectively mix-manage (balance) resources. How can a company ensure success?

Practical steps for being successful in business must always begin with vision. Having a vision provides purpose and direction. Having a vision also serves as a measuring stick for tracking progress. The next step to being successful in business is pursuing goals that support the vision and simplifying each endeavor. In addition to knowing why, business owners should make it a point to know how. Knowing how something or someone operates provides insight for making improvements. The last step to being successful in business is to actively recruit and happily compensate people who are skilled in one or more facet of business. Creativity goes a long way and theory is as important as factual. To optimize results, hire the right balance between the creative, theoretical, and the factual.

Six Tips to Follow

Since business essentials are inexhaustible, they can and should be applied to most areas of life. To that end, here are tips to applying business essentials where you work and play:

Support or create initiatives that have a well-defined vision

Fund ventures and invest in assets that yield a profit or generate revenue

Use or provide quality products or services that positively engage the end-user

Use associations and the media: TV, radio, and publications to increase awareness

Strengthen your network and expertise through strategic alliances Keep abreast of related and unrelated industry news and adapt accordingly

Business enterprise usually originates from the desire for self or others to advance financially and socially. Therefore, business essentials should be maximized in all organizations particularly government, public, and nonprofit entities. Business owners who effectively employ each facet of business in daily operations will strengthen their company's ability to gain the advantage as well as excel.