Business Operations and Factors of Productions
A successful business needs a concrete base with a core labour and dynamic thinking. Any business may be in the field of industry or agriculture can attain be of roses if it is accomplished by few favourable factors such as:
· Natural Resources
· Human Resources
· Information Sources
Availability of natural resources proves to be a boon for setting up any business. The land is the basic requirement for setting up any infrastructures or laying down a foundation of any industry and growing crops. Natural resources followed by the capital is the second step, encouraging the upcoming of business. It is the passive factor and has an economic value. Keeping in mind the availability of raw material, the amount of money a businessman can afford becomes the part of the capital. Capital can also conclude one’s skills and knowledge for the accomplishment of any business, labour is an active factor. Human resources implies workforce investing in any project, infrastructure or business. No doubt industrialization is at its peak but still, it is incomplete with a skilled labourer. Initially of any business chances either of loss or profit. Entrepreneurs setting up a business by taking in account all the positive and negative aspects of that project can lead to being a successful business. In an organization, the process of production can be efficient and reliable if they use the factors in an optimal way. This means that to achieve the desired target should be achieved with the perfect combination. Factors used for production can co-relate with each other.
Like if a factory has sufficient capital then they will be able to hire more labour so that they can produce more goods and services. Although if skilful labour is available then the company will invest capital for the production purpose. So in this matter, capital and land are in relation to each other. If a company has enough money to buy new machines with upgraded technology then they will reduce the number of labour, but on contrast, if they lack in money then they will focus more on hiring labour. Both labour and capital act as a substitution for each other.
“Different type of methods and innovative technologies are used for the production of goods and services like various type of transformation technology, analytic and synthetic process, and the contact with the customers. Planning is the first priority for the operation to be successful. Organizations always make plans regarding the production which includes the capacity of the product, quality, layout and many more.”( Ebert, Griffin, Starke, & Dracopoulus. (2017). Business essentials(8th Canadian edition ed., pp. 7-14). Pearson Canada Inc.)
“Let’s have a look on the agriculture productivity of Canada which proved to be drastic profitable business during the year 2016-17 as the farmers exports massive amount of grain to international market thus made a chance for Canada to be number one in bread market. Many have to say that the technology and rapid change in environment has improved farming a lot, farmers are using new ideas like using the drone system to check the crops, using GPS and various new methods.” (Bickis, I. (2017, September 17). Grain handlers spending big as Canadian crops set to feed more of the world. Retrieved January 25, 2018, from https://www.ctvnews.ca/business/grain-handlers-spending-big-as-canadian-crops-set-to-feed-more-of-the-world-1.3593234)
As for the technology in the restaurant industry operation, I assume that customization is playing a major role and restaurants will make plans to customize experiences so that they can get more customers. Robots will also play a key role in future. Online ordering and payment through mobile phones will increase.