BU121 Chapter Notes - Chapter 1: Canadian Cancer Society, Cash Flow
Document Summary
Greenpeace: not-for-profit businesses do not compete directly with each other like other businesses. It is a model of a successful business: the critical success factors for any business are, achieving financial performance, meeting customer needs, quality products and services, encouraging creativity and innovation, gaining employee commitment. Achieving success: the critical success factors affect one another. A company needs to have a healthy profit or bottom line relative to the money invested. But a good profit means nothing if the company cannot pay its bills. It is important to understand a company that has profit can still go bankrupt. As while the business is waiting for customers to pay, its bills still need to be paid. Companies need to meet customers expectations otherwise their competition will: providing quality products and services means that a company must strive to improve the quality of its goods and services at a reasonable cost. Customers demand quality and will stand for nothing less.
