Fundamentals of business include proper planning, setting up objectives, promoting customer relationship, promoting supplier relationship, dealing with competition and use of accounting. To be able to manage these aspects well would spell the difference between success and failure in business. It is also important to know the legal aspects affecting the business and the need to adhere to business ethics.
Having a plan and setting up objectives before embarking on a business or during business is essential because it would be hard to provide a direction with which the business will follow without vision delineated through the plans and aims.
Customer relationship is very essential to the business. How well you relate to the customers could translate into profits in the income statement. Choosing the target market also falls under this. The target market must reflect the style, image and price point of the product you are selling. Otherwise, you will not be able to penetrate the said market.
Supplier relationship is important because without suppliers securing raw materials to create the finish product would be impossible. It is always good to establish good rapport with supplier as this would greatly facilitate the production process.
Competition is one of the threats to business. It is important to size up the competition to be able to make your products competitive in the market. Allocating proper resources and taking the time are important requirements to remain competitive.
Accounting is fundamental to business because it enables you to determine how the business fares. So one can make sound management decisions and adopt necessary changes. Learning basic accounting such as bookkeeping or making the balance sheet and income statement would be very helpful.