Introduction:
There are two major types of factors in the business environment that impact the businesses such as internal and external environment factors. The internal factors affect the success and what the company operates. The external environment comprises of various factors that are external to the company and those which cannot be controlled. Managing these two set of factors is a challenging task and is the key to success.
Organizational Direction
The role of the person who leads the company is important to run a business and is a major internal factor and the leadership style and nature of the person determines the culture in the organisation. Companies usually project a formal structure or a direction with its goals and vision statements that are unique to the organisation. On the other hand, a few other commonly seen internal factors are the strength of employees such as motivated, hard-working or other types of employees and also the relationship maintained with people in other departments is also a significant factor.
External Competition
One of the major external factors that impact business is competition with others in the same industry. To understand competition one needs to analyse the trends and the ratios in the market. However, competition cannot be controlled but a company can modify its operations to keep its pace in the race. The other external factors observed are legal, political, ethical and even socio-economic factors that affect the business operations. To deal with each of these external factors, an expert team of professionals are needed and these factors cannot be fully regulated though.
What do we do?
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