Should Business Be Concerned about More Than Profit - Assignment Example

The paper evaluates three reflections on three different topics which highlight different information, the manner in which it makes sense and the personal experience so that the different learning and outcome based on it can be improved. This will help to develop the required parameters through which the overall effectiveness will be gained and the business and the individual will be able to bring the required transformation. Should business be concerned about more than profit? Information: The success of the business will be largely dependent on the manner the organization becomes successful by looking to satisfy the need to the stakeholders. Organizations which concentrate on satisfying the customers and other stakeholders are automatically able to witness a change through an increase in profits for the business. The article by Freeman on Stakeholder theory of the firm also highlights the importance of working for the betterment of the stakeholder as it transforms into a situation where looking after the stakeholders improves the bottom line for the business (Freeman, 1988). The main purpose of the organization is to look towards developing strategies which focuses on the stakeholders and looks to improve their condition by providing them proper services. Organizations need to act fair and disclose all material information to the stakeholder as it will ensure that the decisions which the stakeholders taken based on it will be better. This will help to win the confidence of the stakeholder and will provide the required opportunity through which the business will be able to bring the change and ensure better chances of being successful. This will thereby help to improve the overall business quality and will act as a motivating factor through which the business will prosper and the bottom line for the business multiplies. Way of making Sense: Organizations which look to understand the requirements of the stakeholders are able to develop a mechanism which helps to develop the required partnership between the business and society through which better sustainable development becomes possible. The development of better relations ensures more reliance on each other for the different kind of services and thereby brings the required framework through which the organization is able to build healthy relations. The overall sustainability of the business as a result will increase and will help to provide better understanding between the society and the business and will provide the required imperative and direction through which better environment is developed (Burke, 2003). This relation will have along term effect on the business prospects as it will provide the required direction through which business will be able to sell their products and services and ensure better profitability. Customer retention will become higher and will reduce the overall cost for the business and will thereby maximize the process through which services are rendered. Personal Experience: I personally feel that organizations which lay higher emphasis on profits are not able to sustain their business for a longer period of time as the overall satisfaction level of stakeholders thereby gets affected. This thereby results in hampering the long term prospect as the business only focuses on profits and don’t look at the process through which the business is able to generate profits. There has been situation where I have seen business loose their advantage by just concentrating on profits as the business didn’t look towards developing the required process through which long term sustainable advantage could be generated. This had an impact on the long term sustainability as lack of relations had an impact on the society and the business wasn’t able to develop on the required fundamentals through which better efficiency could have been managed. This makes it imperative that the organization lays stress on developing the process through which better effectiveness can be gained in the use of resources and will thereby have an impact on the performance in a positive manner. What I Value in Career? Information: The development of career should be based on different pillars and fundamentals which will help to strengthen the learning and provide a framework through which personal development of a person becomes possible. To achieve the personal goals it is important to have clear values and the person should look to work according to the values which has been incorporate in the person from a very small age. The career of a person is also shaped by the different learning and experiences which a person undergoes during his life and the manner the person is able to use those learning and experiences to improve his life further. To be effective people need to understand the basic importance of being professional and look towards accomplishing the task in the most professional manner. This should be aided by the fact that the personal values of the person should help to improve the overall pleasure for the person and should aim at developing the career of the person is such a manner that better productivity is generated over a longer period of time. Way of making sense: People looking for career enhancement and success in life have to develop values and look to attain those values by using the different resources in such a manner that it helps to multiply the productivity and ensures that the chances of success becomes higher. To be effective the value chain should be such that it helps the individuals to use his experiences and learning’s in the most positive manner. This will help to bring the required turn around and will bring the required changes through which the individual will be able to increase the chances of being successful. This has to be matched by the fact that the individual should also inculcate the value chain through which maximum efficiency will be gained and will help to maximize the effectiveness. This should be accomplished with the fact that the work should be done in a professional manner and should look towards using the resources in the most efficient manner so that maximum productivity is ensured and at the same time have to look at using the resources in the most productive manner. Personal Experience: I feel that the success of a person in his career will be largely dependent on the value chain that the person has. The value chain of the person will act as a cornerstone through which the person will be able to develop new and better ideas and implement those in the most professional manner. I feel that a person who has a high value chain and looks towards working in the professional manner is able to bring the transformation and develop a process through which better decisions are taken. This helps to create the required goodwill of the person and thereby acts as a scope through which the overall performance of the person gets influenced and is able to work on different parameters. This helps to improve the entire decisions which are taken and provides the required effectiveness through which the person is able to advance in his career. What integrity means to me? Information: Integrity holds an important aspect in every individual lives as it helps the others to understand the different values, principles, methods, expectation and outcomes of the decisions and the traits the person has. The article by Margaret Somerville’s highlights the manner in which integrity is important for the success of an individual as it helps to determine the manner in which the different virtues and principles that the person has will determine the success of the organization or the person (Somerville’s, 2009). This helps to understand the different chain and values which has been imbibed in the system and acts as an important point through which the person is able to influence others. This helps to develop the required trust through which the past virtues which the person had can be brought together and developed so that better productivity is generated. The overall process of working helps to determine the manner in which the business is able to bring the required effectiveness and bring the required transformation through which better decisions and effectiveness is gained within the entire system Way of making Sense: Integrity has a lot to do with the reputation and the goodwill that the individual person or the organization on the whole is able to create. Since, it is important that organizations and individuals work in fair and correct manner who will help to determine the different values, principles, methods, expectation and outcomes of the decisions and the manner in which decisions are taken (Andersen, Grude & Haug, 2004). This will have an impact on the overall style of working and will decide the long term prospect of the business. The overall soundness of business is thereby largely dependent on the manner in which a person is influenced and will have an impact on the overall decision making of the organization. This will help in the long term success of the organization as it will determine the process through which overall effectiveness will be gained and the process of accomplishing the task will be better Personal Experience: I personally feel that different values, principles, methods, expectation and outcomes of the decisions are very important as it helps to determine the integrity which will help in long term relation. This will help to understand the manner in which the organization will be able to bring the required changes and will be able to develop the required parameters through which overall effectiveness will be gained. People and organization who are able to ensure integrity are able to develop the required fundamentals through which better use of resources becomes possible and the same gets reflected in the overall working style of the person. This thereby ensures that the results which are achieved will be better and will help to bring the required transformation through which better goals can be achieved and the entire process of carrying out the different activities can be enhanced. The paper thereby analyzes three different reflections in three different directions which show the manner in which the different learning’s helped to improve the entire process of carrying out business and also highlighted the manner in which overall effectiveness was achieved. The entire process thereby ensures that the goals are better inclined and helps to develop the required skills through which better goals can be achieved. This has been matched by personal experience which helps to understand the different things in a better manner and helps to increase the overall learning experience. References Andersen, E.S., Grude, K. V. & Haug, T. 2004. Goal directed project management: effective techniques and strategies (3rd ed.). London: Konan Page. Burke, R. 2003. Project management: planning and control techniques. Chichester: John Wiley & Sons. Freeman, R. 1988. A Stakeholder Theory of the Modern Corporation’ in Hartman, LB (ed), Perspectives in Business Ethics, McGraw-Hill, Chicago IL, pp. 171-181 Somerville’s, M. 2009. chapter: Past virtues for a future world: holding our humanness on trust pp.199-246 Read More