Companies must view themselves as part of an ecosystem; one entity in an interdependent interconnected environment. Each part of this ecosystem of business is impacted by the decisions and operations of the other parts. The organization of today and tomorrow has to adopt a system-centric model of business or suffer the consequences, most of which being dire and unforgiving. The key to business success is to make sure no part of the system is overlooked and undervalued. Research has revealed that there is a strong correlation between a stakeholder conscious organization’s
Have to do that internally. The leadership needs to start initiatives within the company that can be incorporated not just at the Company Q headquarters but also at each of the stores as well. Begin with having the leadership of Company Q being serious about the attitude change by having them travel to each of the stores and talking to the stores employees about social responsibility. Having the leaders learn more about the communities through the employees. By doing this then the Company Q leadership can institute changes corporately as well as locally because they would then have an understanding the unique situations that each store has to contend with in each of the different communities.
It is necessary to have a working knowledge of the legislation involved in business to ensure that the laws protecting consumers, suppliers & workers are implemented and complied by. Businesses are required to provide quality products & services in compliance with the law. Complete understanding and strict implementation of governing legislation will ensure that businesses are not at threat of prosecution and potential business closure, due to unforseen & unfortunate circumstances. Construct appropriate research to explain what duty of care means and how it applies in the workplace. To have a duty of care is to have a legal duty to take reasonable care to ensure the safety of others associated with the business or project.
Strategic Pre-Incident Changes: Prevention initiatives are a vital part of business contingency plan and play a key role in eliminating or mitigating potential hazards before an incident occurs. First, SterlingCrest will form a risk management department that will be responsible for conducting risk assessments for each corporate department and for the retail stores. The Risk Management department will be responsible for coordinating the efforts of the risk assessments and for the business contingency planning. Each department and store will be responsible for maintaining the business contingency plans within the guidelines and timelines provided by the Risk Management department. To aid in the risk assessment process, SterlingCrest will utilize a variety of tools to assess several types of risk with a department and prevent losses from occurring.
By using the social media, web pages and purchasing advertisement banners McBride Finance Services pinpoint a particular group of people. “Web 2.0 social media applications such as Twitter and Facebook create new opportunities for firms to improve their internal operations and to collaborate in new ways with their customers, business partners, and suppliers” (Culnan, McHugh, & Zubillaga, 2010, p. 1). Advertising on the Internet can be tough; it may require the use of a consultant who specializes in Internet marketing. McBride Financial Services would benefit by starting off small when using the Internet market their services. Conclusion McBride Financial Services provides a require service for anyone that is in the market for a residence or recreational property.
This plan will also extenuate the legal risks of you the directors and officers of Riordan and the plan will also address the specific laws or aspects of the law that must be adhered to by Riordan as well as an outline of these steps for employees to adhere to these laws. Risk Management Enterprise There are eight components of the enterprise risk management system that includes internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication, and monitoring (COSO.org). The first step in ERM process is to ensure that Riordan has a comprehensive understanding of its internal environment. Riordan and its associates must be able to identify their operating strategies and the way that they are viewed by individuals as well as other companies. Riordan should have a clear understanding of the benefits of operating with integrity and following all ethical guidelines associated with running a successful business.
Our customers will get exactly what they want and we will not waist resources. Our leadership and management are hands on takes a lead by example approach to business. This is important to growing and fostering the qualities we want to see in all employees from the bottom
Having to understand laws and how they can affect other companies that we do business with or employees. Having employee’s understand the risk situation when filing a claim in work related issues. Having the organization is aware of the risk that can become lawsuits from other companies we do business with. Workers Compensation is normally given to employee’s when are they hurt at work, to avoid these claims, we must make sure that our organization stands by regulations and guidelines provided to a company. (OSHA) Occupational Safety and Health Act of 1970 gives you the right to have a safe work place.
Explain the role of ethics and social responsibility in developing a strategic plan while considering stakeholder needs and agendas. Ethics and social responsibility of a business effects wide groups of stakeholders. Stakeholders that include employees, investors, shareholders, suppliers and customers will be influenced by the formulation of strategic plan. The ethical responsibility of the business reaches beyond the responsibilities to stakeholders, it also impact the community and many downstream industries that may be affected by the plan. Ethical considerations must be given by managers as to how the strategic plan will influence the stakeholders.
P5 Explain how internet marketing has made a selected business more efficient, effective and successful. The opportunities for business efficiency based on the increasing availability of the web technology which gives Perfect Paints all kinds of opportunities to speed up the interactions with both suppliers and customers. Therefore this can lead to a number of efficiencies. Firstly, the supply chain efficiencies is when a business will always be both a buyer and a seller, buying products from other businesses, buying product from others and selling to others or private consumers. A company like Perfect Paints has to buy the materials it used before it can sell finished products.