General topic on Goodwill

[Ishola75]

Many organization or businesses have lack of goodwill and reputation in many ways which affect their business and income which they they are not aware off
Goodwill is known as the value of the commercial advantage which a business organization enjoyed over it competitor.
There are many factors of creating goodwill that people are not aware of which i will like to list some of these factors out
The good will be possessed by a firm may be due to the following factors among other ;
Firstly, it is the quality of the firms and product or services it is good to produce and a qualify and quality good in an organization
Secondly, personal reputation of the partners may partner are not of good reputation and these affect the business turnover
Complete or partial monopoly power enjoyed by the firm
Favorable location of the business premises
Possession of efficienct and well trained employees
Possession of trade marks, patents or franchise
Possession of well known business name
And so on these are the factors creating to goodwill of a business or organization and and individual who is engaged into one business or the other must note and aware of this factors so as not loose on the business he or she is doing for a living