Key Business Concepts that Alter Results of Business Entities - Essay Example

Business Concepts Outline i. Introduction ii. Business planning iii. The dynamic business environment iv. Managerial functions v. The integration vi. Social responsibilities vii. Conclusion Introduction Currently, the business environment experiences many contemporary aspects, which affect its operations. This piece highlights key business concepts that alter results of business entities. Issues discussed in the paper include, business planning, dynamic business environment, managerial functions, integration and corporate social responsibilities. Finally, the importance of business organizations in upholding ethical standards is evident. Business planning Significant issues in business planning include resource allocation, which is a process that involves finding ways of getting the resources needed. This aspect of planning ensures that resources such as human labor are available in good time and the right quantity. Planning is important because it enables management to identify any problem that could occur when implementing new ideas in the organization. Further, planning prepares an organization for forthcoming changes in the organization. During the process of planning, there is a revelation of activities of the selected quota to all employees using the company calendar. Such events as team building and staff appraisals are known earlier, which makes necessary preparations. Employees team up with management in order to set organization goals and prioritize issues. Additionally, planning enables business enterprises to lay benchmarks of their achievements. It is at the planning stage that business enterprises decide on marketing strategies that would increase their sales. Organizations are able to launch new products and adequately prepare for competition within the market because there is an allocation of time to lay necessary plans. Planning in business also encourages development of desirable character traits in employees because they tend to adapt to what management has proposed. They are transformed to organized individuals who many employers would wish to recruit. The dynamic business environment Business environments keep changing from time to time because of many reasons; therefore, there should be proper networking for business enterprises to overcome emerging challenges. Issues in the dynamic business environment involve constantly determining opportunities that could make the organization register good growth. The need for business enterprises to identify their strengths and weak points is also important in the dynamic business environment. Possible threats from external sources and ways of maintaining transparency at the work place are more issues concerned with the dynamic business environment. The above issues are important because of the following; business enterprises keep changing because of threats. It becomes important for organizations to be aware of opportunities that could positively change their profit margins. Dynamic business environments experience constant change in use of technology because of innovations that are made on almost a daily basis. Technology enables work in business environments to be completed in effective ways and safe much time. According to Leondes (94), most organizations grow because they positively embrace the use of technology in their organization. Possessing knowledge on trade secrets is significant in business enterprises because the secrets enable organizations to acknowledge issues, which their competitors might not comprehend. Leondes (94) depicts that any business organization that aspires to succeed has to lay plans for accessing trade secrets. Managerial functions The following are key issues in managerial functions in most business enterprises; policy development, staffing of employees, evaluation of organizational performance and good public relations management. The above-mentioned issues are significant in management procedures because no organization can achieve its goals without such clear management functions. Evaluation of organization performance enables quick realization of goals within the enterprise. When managers appraise their employees, they comprehend the steps that will improve performance. Developing policies that are suitable in the organization is a managerial task, which aids people working for the organization to maintain order. Policies that mandate employees to observe punctuality and be neat always foster a good public image of the organization. Execution of good public relations at all times ensures more clients come to the organization and profit margins increase. Management also plays the function of designing a suitable organizational structure in order to guide both employees and clientele divisions that will address their concerns. In addition, managers are able to delegate certain duties in their absence. This builds employee morale because they know that they can be entrusted with responsibilities in the organization (Koontz & Weihrich 93). The integration The business concept of integration of individuals and systems facilitates improved customer care and satisfaction, savings of unnecessary costs, efficiency in operation, and improvement on how cash flows within the organization. Merging of systems in the organization with employees often culminate in minimum time whilst serving customers. This makes customers satisfied because their time is not wasted on queuing up for long hours. Further, operations in the organizations are efficiently undertaken and cash flows easily in the organization. According to Reading (65), unnecessary costs for example hiring extra staff to perform tasks that could be done by machines are avoided. When individuals’ activities are integrated with established systems in the organization, the outside world is impressed while visiting the organizations premises. This good impression confirms to the public that the organization is current in its operations and it can be trusted. Creative employees are able to invent new procedures when an organization integrates its systems and human labor. This promotion of talent in organizations facilitates personal growth of employees and a boost in their morale. The staff of an organization should feel motivated to work harder and faster (Reading 65). Social responsibilities Businesses ought to address ethical and social responsibilities during their operations. Ethical standards, which organizations ought to uphold, include engaging in legal business. When organizations avoid illegal businesses, the government saves millions in tax returns. Social responsibilities demand that business enterprises give back to the community through part of the profits made. Organizations register higher profits even when they seem to spend money on issues not related to mission and vision of the enterprise. Social responsibility is comprehensive because it benefits both the organization and other social bodies. There is an establishment of permanent good will for the business enterprises. Social responsibility facilitates advanced relations between the organization and the external world. It is an avenue for the organization to interact with their clients on a less formal ground for example when organizations sponsor sporting activities. In addition, business enterprises increase their profit levels when they constantly engage in corporate social activities. There are no losses; instead, the company’s image to the public is significantly improved. Management of the organization and all employees feel successful when social responsibility activities are undertaken. Conclusion Business entities achieve success when they consider key concepts for example, social and ethical responsibility, integration, managerial functions and planning. There ought to be departments set aside by organizations to concentrate on such concepts in order to achieve immediate results. Staff in all organizations must learn to use latest technologies at the work place to save time and energy. Works CitedTop of FormBottom of Form Koontz, Harold. & Heinz, Weihrich. Essentials of Management: An International Perspective. Illinois, ILL: McGraw-Hill, 2007. Print Leondes, Cornelius. Intelligent Knowledge-Based Systems. Dordrecht: Kluwer, 2004. Print. Reading, Clive. Strategic Business Planning: A Dynamic System for Improving Performance & Competitive Advantage. London: Kogan Page, 2004. Print Read More