Business success management

Abstract

This paper first discusses the essence and purpose of measuring the business success as well as the theoretical-methodological problems in defining model for measuring the overall business success. By expression and measurement of business success the efficiency and effectiveness the functioning of entire system of the company are quantitatively formalized and defined. Modern environment characterized by complexity, uncertainty, frequent and significant changes and the existence of strong competition requires companies to constantly improve the measurement systems for business success. In this paper, disputing the significance of financial performance measures for control and measurement of business success, the necessity to establish a new approach is highlighted where the financial indicators are combined with a large number of non-financial indicators. Experience in practical use of different models is a valuable knowledge showing managers in which direction to go in order to have more effective support in the management process. Bearing this in mind, the mining companies should improve systems for control and measurement of business success, drawing on the experience of complex business practices or confirmation of all those measures which have acquired the attributes of an effective instrument of management.

Keywords

• effectiveness
• efficiency
• measurement of business success
• business success model
• financial indicators
• prism performance