Caux Round Table Principles for Business - Essay Example

 Analysis and Evaluation for Business Name Course Tutor’s name 2nd, October 2012 Analysis and Evaluation for Business Company The company being evaluated is my father’s used laundry repair business whereby at the present it is family owned. In this case, my father does the repair and sale and I assist him with the administration duties. Marketing, especially in the business is one of the most challenging and competitive fields. Therefore, it requires robust standard for business behaviour that overwhelmingly looks at all business variables (Cotte & Trudel, 2009). This reports focuses on critical evaluations of the business and in doing will carry out an analysis of its strengths and weakness using the Paine checklist based on principles for business assessment. Objectives/ Principles Our general objective is to keep prices low as we give the highest quality services to our customers. In consideration, the business uses its resources effectively and prudently to benefit the business and the community in whole that rank with a score of 5. It conducts its business with faithfulness and keeps its promises to the stakeholders and its level of adherence amounts to 4 by 3 that equals 12. Lastly, it creates value to its stakeholders as it adheres to domestic and international laws amounting to a score of 3 each in three categories that amounts to 9. The total amount of the score on the general principles equals to 26. Customers The company seeks to improve customer satisfaction daily both on goods and services offered. We treat customers with respect, which is an added advantage of maintaining potential clients while converting the first time clients to frequent ones. Whenever possible, we communicate with our clients on the needs to be met urgently and what could wait fairly that amounts to a score of 3 and 3 in providing quality that enhance customer requirements. This ensures that our clients’ needs are attended to and consequently boost their satisfaction towards our services. Using the Paine checklist, our score is outstanding ranking at score 4 as we offers quality that meets customer requirements. Still, the score aims at minimizing adverse safety and health impacts and communicate them to clients when appropriate. The total score amounts to 14. Owners/Investors As mentioned, the company is a family owned business owned by my father at present. At the present, we have no investors but we hope to have them in the future. Although the score rank the least, we hope to score the highest score as per caux round table checklist. The table checklist interprets the score as the least with a score of 1 as it does not respect investor’s input to the business. However, the score is expected to increase as the business expounds to have investors. Suppliers The Company has had the same suppliers for over 20 years Coast Appliances. Part of the supplies is obtained from used appliances given to us by our clients. The score is the highest in the caux checklist as the Company fosters long-term relationship in exchange for supplier quality, value, reliability, and competitiveness. The business does not engage into illegal litigation, but ensures rules and regulations are met prior to the supplying time. At this point, the business pays suppliers as per the agreed terms thus fostering its relations with suppliers. For clarity, the company gives suppliers information that integrates them into the planning process. The total score amounts to 24. Competitors The company does not collude with competitors and its level of adherence rank with score 3. It does not talk about competitors rather create a platform where the company prices and its work strongly indicate its strength. In other words, the competitive behaviour shows respect for competitors. The company regards property rights both intellectual and tangible. However, it does not support open markets for trade and investment. Still, it does not impose questionable payments or favours to safeguard competitive advantage. The total score amounts to 12. Communities The Company collaborates with community groups to improve workplace safety, education, health, and economy. The level of adherence is 4, as the business offer excellent services to the community. Similarly, it is worth consideration that the business respects the integrity of local cultures thus ranking with score 4 in the table. Partially, the firm contributes to education, charity, culture, and employee participation in civil affairs. Typically, the company has the lowest score in addressing social or environmental destruction caused by company activities. It does not promote human rights and democratic institutions. Still, it does not prop up policies that boost human development. It is irrelevant for the company to support social, integration, security, and peace as it is a family owned business. The total score equals 11. Shareholders The business is family owned thus have the potential to lose if the company performs poorly and profit if it does well. Suppliers, community, and customers are the stakeholders as the contribute value to the company. The total score amounts to 5. Marketing Mix Marketing mix has not been fully utilized as the business is at the best opportunity to evaluate, understand, and learn the current market trends to ensure the business remains in the realms of the competitors’ trend. However, the company intends to carry out effective marketing mix on price, product, place, and promotion to emerge in the market effectively. Following this, the score on this category may be considered as poorly since it has not been relevant. Summary of the Findings As discussed, the completed report of the findings may be briefed as follows. The total amount of the score on the general principles equals to 26, customer services 24, competitors 12, community 11, and shareholders 5. From the findings, one may outline weaknesses on how the business regards its shareholders, community, and the competitors. From the rankings, the scores are the lowest and this is a heightened concern. However, the business has strengths on its general principles that rank the highest followed by customer services that amount to 24. For the company to flourish, it should evaluate ways of improving its weaknesses to boost its score. The following is an action plan that the company would utilize to work on its weaknesses as affirmed by Awe (2006) in his research. Action Plan To ensure that the business regards its shareholders input, community, and the competitors it should ensure that the mentioned individuals become involved in the business (Burrow, Kleindl & Everard, 2007). In this case, the owners should be responsible in maintaining a good relation of the categories. This may take a period of one year as the business evaluates its competitors and deciding on the action step to take to ensure that stakeholders and communities are fully involved. The business needs funding to finance various programs of the communities. References Awe, S. C. (2006). The entrepreneur's information sourcebook: Charting the path to small business success. Westport, Conn: Libraries Unlimited. Burrow, J. L., Kleindl, B. A., & Everard, K. E. (2007). Business principles and management. Princeton, N.J: Recording for the Blind & Dyslexic. Caux Round Table. (2012). Principles for Business. Retrieved from http://www.cauxroundtable.org/index.cfm?menuid=8 Cotte, J., & Trudel, R. (2009, January 8). Does it Pay To Be Good Guest Edition The Magazine, Retrieved from http://sloanreview.mit.edu/the-magazine/2009-winter/50213/does-it-pay-to-be-good/ Read More