A company refers to a legal person that is created in an authorized way through legal systems for a specific purpose. To have more knowledge about their qualities, it is essential to know what are the characteristics of a company.
The company is a voluntary association of individuals that the law recognizes with a distinctive name and a common seal, created to carry out a type of non-profit business, limited liability, a capital divisible into transferable shares and the performance of people legal.
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In this article you will find:
Essential characteristics of a company
When the characteristics of a competitive company, make it a unique organization, among the most essential are the following:
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1. An efficient plan
Outstanding companies require efficient and well-executed plans to be successful. For this, you must take into account your financial level, production development, product distribution and marketing plans.
2. Management team
Every organization is administered through a board of directors appointed by its members. The issues that are dealt with daily are handled by the director or manager together with other officials, this indicates that the shareholders are not direct participants in the management of the company.
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3. Stays focused on strengths
One of the relevant characteristics is the ability to focus on what it was created for. An opportunity may present itself to incorporate or expand new product offerings, however the focus must keep offering its main product without deteriorating its quality, or sacrificing good service to the client.
4. Transfer of shares
The shares that come from a public company can be freely transferred under the conditions prescribed in its statutes. On the contrary, the shares of private companies are restricted in terms of the right to transfer their shares by their statutes.
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5. Nurture positive corporate culture
One of the characteristics of a good company is the motivation to achieve successful finances.
Whether managers and administrators are inspired by negotiations or by products they offer, they need to produce enough for the business to continue if times arise difficult.
This inspiration must be transmitted to the workers and promoted as part of the positive culture of the company.
6. Keep accounting books up to date
The companies are in the duty of keeping and maintaining the account book correctly prescribed, since any deficit or failure would cause penalties.
7. Efficient use of technology
Good companies are always up to date with technological advances and use those to help them achieve their goals. New technologies could effectively improve the operating system of the company and increase its production for consumers.
8. Limitation of responsibilities
The responsibility of the shareholders of the organization is only limited in the investment of capital, everything will depend on the number of shares they have subscribed. On the contrary, they are not responsible for the excesses in the payments for claim of the creditors, even if the capital of the company is insufficient.
9. Offer the best service to customers
Companies must always offer excellent service to their clients and must ensure that their concerns are addressed quickly and safely. It is also very important to understand customers in order to anticipate and satisfy their needs, customers feeling cared for and appreciated will be loyal to the company.
10. Promote a healthy work environment
A good work environment is another characteristic of a successful company. For this, it is important to motivate employees to do their work correctly and invest in resources and training time continuously and thus have a healthy environment.
11. Take the risks
Large companies have owners who have the ability to assume any type of risk, realizing that taking risks will improve their negotiations. Therefore, they must design schedules, be flexible and be technologically updated as changes arise.
12. The company has nationality and residence
Legally through judicial decisions, it is established that a company cannot be a citizen, but if it has domicile, residence and nationality.
13. Strong positive leadership
Every successful company has decisive leaders when directing its development. Has the ability to relate solidly and facilitate open channels of communication with its workers, always keeps them motivated and demands their maximum responsibility and surrender in their labors.
14. Promote social awareness
Responsible organizations with the community around them seek to maintain a positive image with their residents, as they seek to maintain their production facilities under the measures of respect for the environment environment.
They also ask workers to participate in local charities and promote programs that benefit society.
Within the characteristics of a company, it is mainly highlighted that an organization is an association of a group of individuals who decide to join financially to achieve a common goal. If you are interested in reading topics with related information, we invite you to search our website.
Sources and references:
- Morley M. (2019, January) .Ten Characteristics of a Good Company
- L. Mayers (June 2021) Characteristics of a Company
