Some people think that the only way to judge someone’s success in business is by the amount of money they make. Is money a true indicator of the success of a business? In what other way could success in a business be measured?
In today's world, it is often believed that successful businessmen have lucrative income from their enterprise and its profit is a deterministic measurement of their business growth. However, there can be other aspects, which will be discussed in this essay, also play an essential role in the development of a company.
Revenue is one of the major reasons for a business to be measured as success, which can be directly proportional to the products sold in the market. Economists usually examine the annual revenue of a company to score its development. In other words, if a company is gaining wealth continuously, it means the products are very well popular and consumers like the company. For example, Alibaba company and its most renowned online shopping platform, Taobao, which has approximately 100 billion dollars in revenue in 2021, and is considered to be a super successful IT enterprise. Its business is diversified worldwide, people buy them extensively. Furthermore, a business can grow rapidly when it has a sufficient budget, which allows the company to establish its branches substantially, advertising its products, hiring well-experienced employees leading to substantial development of firms. These strategies are hardly applicable to low funds, therefore, money is a real measurement for the growth of corporations.
On the other hand, several factors contribute to the growth of the business. Firstly, when entrepreneurs manufacture high-quality products, there will be no complaints from the customers. Secondly, warranty and return or updating policies significantly increase the customer flow. Take, for example, Lenovo company usually promises and offers an extensive warranty for consumers, which results in high satisfaction, eventually leading to company stability and business growth.
To sum up, high profit is surely a widespread indicator of a successful corporation; nevertheless, such trade is always measured by its high-quality products and organized policies, also.
网友评论