Helping a Business Grow

A business is an establishment participating in commercial activities for a financial gain. Businesses are owned by individuals or the government and can be classified as sole proprietorship, partnerships and limited liabilities companies. The sole proprietorship is owned by an individual and the owner has full responsibility over the liabilities of the business.

Partnerships on the other hand are owned by several people collectively and they may have limited or unlimited responsibility towards servicing the liabilities of the organisations. Limited liability companies can either be privately owned- by a few citizens- or it could be publicly held where its shares are listed in the securities or stock market. Either way, the owners cannot be held liable for the liabilities of the organisation were it to default on payments.

But why do people set up businesses? What are the main sectors of the economy? What can help businesses grow? How does training including business communication skills training help businesses? How does the chamber of commerce assist businesses and what do businesses need to grow?

More information on business communication skills training

Why do people set up businesses?

Most people set up businesses to earn a living where the profit gained from operations is shared among the owners over time. However, there are people who will set up the business in order to solve a challenge they have identified in the community or nation. Such people may not be after the financial gain of the business although they may end up making money from it. Others set up businesses to pursue their passions and hobbies.

What business sectors are there?

Businesses can either fall in the primary sector that involves the production of raw materials, the secondary sector where these raw materials are processed into value added products, the tertiary sector that involves service delivery and the quaternary sector that revolves around intellectual properties. Manufacturing, processing of products and construction fall under the secondary sector.

What can help a business grow?

Businesses grow when they have committed leaders, skilled and experienced employees, when they have the necessary capital to keep the investments going, when they have a loyal and increasing base of clients and when all other resources are managed well. Businesses can also grow through developing worthwhile partnerships with different players in their operating environment.

How does training help businesses?

Training ensures that the employees and the management team have all the necessary resources to run the business effectively. Training imparts such skills as leadership, communication, effective customer service, proper marketing and skills. Training ensures that the employees' skills are up to date with the latest inventions in the market such as the use of new machinery or equipment.

Training can be used to motivate employees since they gain skills that will not only assist them in improving the ease of doing their work, but also some of these skills can be applied in their personal life. For example, good communication skills can be used to build relationships outside the work environment. Employees who are constantly trained are also more likely to remain loyal to the organisation.

What is the chamber of commerce and how does it assist businesses?

The chamber of commerce is an association of businesses which represents their interest and advocates for a better business and trade environment in a state or region. The chamber assists members in advocating for policies that enhance business, organise training events for their employees, enhance networking and sharing of important information among its members.