Within business ethics, an important factor is the relationship within a business – in all aspects. Whether it be the company itself, the employees, employers, shareholders, stakeholders, they all are influenced by one another and have a strong role dedicated to them within a business. Stakeholders are those that hold an interest in the company, but do not own it, and stockholders have actual shares within the company – they own a part of it. This can just be a small fraction that they share with many other people, or they can own a large fraction of a company. Scholars such as Friedman suggest that treating the economic responsibility as the most important responsibility of a business, is called a profit-maximising view, and “the social responsibility of a business is to increase its profits.” This kind of view states that a company should be operated on a profit-orientated basis, with its sole mission being to increase profits.
Strategic Plan: Part II Anonymous BUS/475 February 23, 2000 n.a. Strategic Plan: Phase II Several trends and forces, both external and internal factors can lead businesses on different pathways. Trends and forces are necessities that must be analyzed by organization and fostered as a tool to increase revenue. Organizations that respond and react to changes and modify their strategic plan when necessary will remain superior in the industry and competition. In order for a business to thrive in today’s shifting business environment, the administration of that particular organization must have the capability to respond to changes in the trends and forces in the business setting.
Affecting Change Paper Jenea M. Smith LDR 531 March 21, 2011 John Thompson Affecting Change Paper Leadership can be defined as the ability to encourage and persuade others to work towards achieving a goal. Leaders are individuals who are concerned with doing the right thing, and managers are individuals who are concerned with doing things right. Leaders of companies and organizations are often faced with challenges of motivating employees to adjust to cultural changes and organizational structural. In large companies or organizations, the efficiency of managers depends on the influence they have over their subordinates, as well as their peers and superiors. Smith and Falmouth is a mid-size tele-shopping and mail order network
GRADED A Q#1: How may an entrepreneur determine a business venture’s success? Explain components of conducting a feasibility analysis. What element do you feel is most important? Provide examples to support your rationale. A business venture’s success is determined by the planning put into the process; a balanced execution of the process; the smooth running of the process and the financial prospect or accruement of the venture.
Human Resource Management Aquanetta Littles HCS/341 September 5, 2013 Michael Taylor INTRODUCTION Human resource management (HRM/HR) is the complex art and science of governing the organization’s employees through a structured strategic approach. It encompasses managing the cooperative behavior and relationship between personnel and company. The department runs the administrative processes of an office, business, governmental organization, or institution. Originally, HR was division within the finance department, concerned with pay and benefits, however, as the function evolved companies realized its’ important to the organization. People are a business most valuable asset and keeping them satisfied, motivated, developed and retained is necessary if a company is to remain profitable (humanresources.about.com, n.d.).
Balanced Scorecard Organizations and upper-management often use a Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis model to concentrate on the company’s competitive advantages, their possibilities, evaluate how to improve susceptibilities, and avoid coercion. Organizations depend on SWOTT analysis to remain successful in their industries. For a business to be successful and sustain their performance, the entity is obligated by their external environment to generate strategic objectives and constantly evaluate its vision and mission. Organizations must reflect on their mission and vision frequently to assess each for validity, consistency, and making sure the objectives are components useful to the desired vision. Businesses require a tool to measure the execution of objectives.
The strategic plan will help provide better, more targeted service to its clients and will be more specific on how the company will go about achieving company goals. The strategic plan will help Riordan’s executives understand the company’s direction by reviewing past progress and making changes to improve and grow. The strategic plan is an organizational tool that will help keep Riordan on track to meet growth and financial objectives. Need for a Strategic Plan Successful businesses are effective at identifying opportunities for growth and ensuring every manager has the same goals. For Riordan to further strengthen their strategic plan, they can develop a financial model based on their income and cost assumptions they would anticipate under the plan (Mikrut, 2010).
Organizing and directing is thinking of ideas and putting into effect. The established plans will help run the company in a better financial future. The managers have to decide help to organize the information and direct employee to follow the right concept to better the company. Last elements is the decision making is the deciding which choice is right and see if there are any alternatives for the company financial
They work for the business directly and if something happens to the company their wages and job stability will be affected. This has created a vast interest by employees and their representative groups in information about the stability and profitability of their company. They are also interested in information which enables them to assess the ability of the enterprise to provide compensation, retirement benefits and employment opportunities. Additionally, managers may obtain bonuses when they exceed business standards, so they develop an interest in the successful advancement of the business. Investors, the providers of risk capital and their advisers are concerned with the risk inherent in, and return provided by, their investments.
The inspirations of workers can a large problem for managers in business. To maintain a level of performance in every department including production, this problem can sometimes take away from the inspiration of employee problem. Workers do not only require one type of motivation but various