Strategies for the Working of a Company and Better Working Environment - Assignment Example

1. Describe your company and analyze the various primary and secondary stakeholder groups, their roles, and relationships. A: It is extremely important for the future of a firm as to what the public reputation that it builds for itself. Activities that the firm indulges in need to be of the kind that would be beneficial for the community that is served. The needs of the community are what must be kept at the forefront while devising the roadmaps that the firm is supposed to implement for its future. This kind of social commitment is necessary in capitalist economies where the government takes up a very miniscule role as far as ensuring the welfare of the people of the nation are concerned. What emerges hence is the need for corporate social responsibility. How one is to achieve this can then be one of the most important questions that one needs to address as a part of this paper. One of the most important aspects of the running of a firm is also the participation of the stakeholders in the activities of the firm in a wholehearted manner. This would be so because a larger number of stakeholders being a part of the decision-making process would mean that there would be a greater representation of the communities that the stakeholders come from. The company that shall be described in this paper is one that has as a part of its structure five stakeholders. It exists in a small town and sells services that the entire town has great need for. The firm does not deal in any such service that may have an adverse impact upon the environment or any other social structure that the town may have uses for. The different uses that the services that are provided by this firm are part of the everyday routines of the people of the town. The fact that the stakeholders of the firm too are a part of the town also means that the needs of the town are kept a better tab on. This is something that all the stakeholders agreed upon while having gotten together to form a company. The decision to create a firm was born out of not only the need for a profit-making body but also out of an urge to create a social structure that would benefit the community. One of the most important needs that are to be fulfilled as a part of certain communities would be that- the need for fulfilling the needs of the society and the community of which the firm is a part (Harrison, Freeman and Wicks, 2007). 2. Recommend ways the stakeholders can influence the destiny of your business. A: The different stakeholders in the organization need to be taken account of. The people who are intimately a part of the actual running of the organization may be referred to as the primary stakeholders while those who are not a part of the internal structures of the organization but do decide to a certain extent the fate of the organization are referred to as the secondary stakeholders. The secondary stakeholders would refer to those people who are the customers of the firm or depend on the firm for certain jobs to be done (Sharma and Starik, 2004). Larger firms that outsource their jobs to this form are also considered to be secondary stakeholders. All these parties are then sought to be taken into confidence while looking at the importance of building trust between the different stakeholders for the sake of the development of the company. Different primary stakeholders can have regular interactions which are convened for the sake of revaluating the strategies of the firm while innovative ideas can be used for establishing relationships with the secondary stakeholders. Advertising is one of the most important instruments so as for this to happen. 3. Create a plan on how you would encourage stakeholders to form a coalition to help you achieve your goals. Include a discussion of the specific assistance you think the coalition could provide. A: One of the most important ways in which one would be able to form a coalition would be to create a board where different parties would be able to formulate an understanding regarding the ethics of the business that the firm is to follow (Ferrell, Fraedrich and Ferrell, 2011). This ethic of business would then be one where different members of the board can give suggestions based upon the experiences that each member of the board may have had. The fact that this coalition can then go on to be the focal point of many innovations is something that needs to be planned out as an elaborate strategy so as to get as many people on board the process of decision-making. To establish a more democratic atmosphere is of paramount importance in such a situation. This is one of the most important aspects of modern firms and companies. 4. Anticipate any challenges in encouraging stakeholders to form a coalition A: There can however, be many challenges to this process. There may in general be a certain kind of mistrust regarding certain ideas that are brought forth by a certain person in then board. Personal rivalries between different members of the bard may be a problematic aspect that needs to be taken care of. Apart from this, there may be extremely divergent views as to how to manage the communication with the secondary stakeholders. The different means of communication would also mean different budgetary allocations that need to be made for this purpose. While using mass communication devices, it would be important to keep certain limitations as far as the budget is concerned in mind. This would then lead to a situation where there may be many disagreements regarding the ways in which people feel the money that belongs to everybody needs to be spent. In such situations it would be wise to follow a system of voting. It may also be important to elect a person who can then preside over the meetings of the board. Part from this, the organization can also divide the different sections of itself into different sections that can then understand better certain specialized functions. The above-mentioned strategies for the working of a company may not be the last word in the area of managing firms; however, what it does is to take the different stakeholders in the situation into confidence and establish a better working environment. References Sharma, Sanjay; Starik, Mark. (2004). Stakeholders, The Environment And Society. Cheltenham, Edward Elgar. Print. Ferrell, O.C.; Fraedrich, John; Ferrell, Linda. (2011). Business Ethics: Ethical Decision Making and Cases. Mason: Cengage. Print. Freeman, Edward R.; Harrison, Jeffrey S.; Wicks, Andrew C. (2007). Managing for Stakeholders: Survival, Reputation, and Success. USA: Caravan. Read More