Without a grasp on what's going on in a company, the management can't fully maximize profits. This is why every activity needs to be broken down into costs or cost numbers, which is the next step. Once these numbers have been reached, management can successfully optimize each department. The last few steps deal with identifying unneeded processes, cutting them, and then minimizing the costs for the remaining processes. These last three steps, in essence, are minimizing waste. After the unneeded processes have been cut, and the remaining have been cost minimized, that is when a company has a complete advantage over everyone else.
These past two concepts can theoretically work, but only if a few certain things are in place. These few certain things are referred to as the three C's. The C's are: Communication, Coordination, and Cooperation. Communication is probably the single biggest factor when a company is looking for success. This includes good communication between top, middle, and lower management, regular employees, stockholders, and everyone that is needed for the operations of the company. Coordination and cooperation also fall into these categories. These are both needed when a company is to be successful. Everyone within the business must be on the same page and have the same goals on what they want out of a company. When all of the three C's fall into place, there is no reason a company can't compete.
When you want to make a successful business decision, you must first understand the game. One has to know what they want to do, and then put a successful plan in place to follow. Next one must check the plan against industry standards to see if the plan will work. Last, but not least, a company must find the right people to put in there to execute the plan. This is the main part of making the whole plan work.
There are also a few definitions out there that ca n contribute to the success of a company.