The Link between Standardisation and Business Development

Abstract

By simple definition, the term 'standardisation' refers to the process of using a set of rules or procedures as a reference point or standard. A business, on the other hand, can refer to any company, institution (including research, scientific and academic), hospital, society or organisation whose objective is to provide services or sell products to communities and/or society while making invaluable contributions to humanity and the economy, at large [Rishan Singh, definitions in context of essay, 2011]. The evolution of businesses rely heavily on finances acquired from banks, external organisations, including the government, and consumer expenditure.