Business Governance - Essay Example

? Business Governance ID Lecturer A business governance plan discusses the significant roles, responsibilities and specific processes which a business puts into place to guide usage of technologies as well as development which is used within it. This business governance plan takes into consideration the business’ objectives, goals, policies, support, administration, maintenance, stakeholders as well as other functions under the business umbrella. Business governance takes care of these important elements through which success is envisaged within an organization as these factors bring to light the necessary roles of the top management domains, and how these shall mean long term profits for the business in the long run. The principal stakeholders within any business include the shareholders, employees, customers, suppliers, executives, board of directors, and the community in essence. It is a fact that business governance is a multi-faceted subject which takes into consideration the roles of all these pertinent positions (Suppert 2007). A business governance model consists of a number of broad categories which might include auditing, board and management structure and process, corporate responsibility and compliance, ownership structure and exercise of control rights, and financial transparency and information disclosure. The business governance plan is therefore exclusive and is very elaborate in its own right. The business governance regimes are deemed as important because these outline the need for understanding how a business is governed and what steps are necessary to undertake so that the business can bring about a great of deal for all the relevant stakeholders and for its own existence in the future. The business governance tangents are therefore treated with a great amount of respect because it embodies the basis of achieving strategic objectives and goals. The different components of a business governance plan aim to study the basics related with the business realms. What this means is the fact that businesses will grow and expand further if the different components within their folds are taken care of in an amicable fashion. More than anything else, there is a dire need to understand how business governance would tie up the different stakeholders with the internal publics of the organization. It would also aim to touch upon the significant grey areas which are present within the business, and which might bring some sort of problems in the coming times. One must be sure that the business governance regimes are geared to bring in long term profits more than anything else, and there should be serious efforts and undertakings to make sure that success is guaranteed at the end of the day. There must not be any compromise on this pointer at all, as has been demonstrated through research and evidence of related study. The business governance plan is a comprehensive one because it lists down the advantages of realizing new business opportunities as well as highlights the shortfalls and how these come about in the first place. What is most important is to know how work domains are manifested within the real sense of the word, and what the organizations are doing to bring success within their realms. The business governance realms require that the communication is done in such a way that there are no loopholes and shortcomings within the length of the corporations and the government. What this suggests is the fact that the business governance matters must have a very set hierarchical setting in place so that any issues that might arise within the future are taken care of in an adequate way. The two-tier boards are usually not very appreciable since these give some of the directors the right to vote, while others being at the same level still, are disallowed from the voting quarters. Then again, unitary boards are better since these have a single line of command which means that the decisions are taken by people whilst knowing beforehand who is the head and who is going to take the final call in the wake of an issue that might crop up within the future. The concept of having separate unitary and two-tier boards is different for a number of companies which exist within industries that are far and wide (Ougaard 2008). This is because different companies have unusual work regimes and hence the need for having hierarchical structures which are more suited to look after their business needs and requirements. What business governance really requires is that there should be one board (unitary) that takes care of the corporation’s entire efforts and realms so that it gets easier for the governance mechanism to interpret what really is the organization looking forward to. There must not be any loophole, which might arise if there are different bosses working at a number of varied levels, all of whom have their respective chains of command. When the talk of business governance is there, the role of the governmental domains cannot be denied its due right. This is because business governance has a great deal of influence from the political areas which have played their pertinent role at bringing about a positive or a negative change for the business organizations in the time and age of today. This is important to know because business governance is inherently linked up with governmental machinery in one way or the other. It focuses on the ramifications of the government because the government has the ultimate power and influence upon the working mechanisms of these business organizations and it wants to maintain such an influence for its own good in the long run. These are significant understandings which must be understood because in the present age the governments keep on changing but the manner in which the business governance plan has to be drafted and then legally vetted is something that holds a great deal of value and importance for the people who are most concerned, i.e. the top management realms within a business who have a major role to play in essence. The political implications are as such that these talk about quality and value provision more than anything else (Kaen 2003). There is a good amount of research that the governmental units do before they decide what is right or wrong within the business governance regimes. In order to comprehend where one is drafting the wrong policies as far as business governance ranks are concerned, the onus is on the top management circles to realize what they have in mind with regards to the business and how they need to play an active role at instigating optimism within the organization for the future. Therefore in order to sustain a business, a sound business governance plan is always handy and much required. The concept of accountability is related with the ways and means through which the organizational employees are able to interact with one another and thus come out clean as per their respective actions. Accountability therefore touches upon those aspects which are usually not covered by other domains. These encompass the need for having a clear but basis as per the employees’ manifestations and their representative actions. It also accounts for their truthfulness that they need to embody within their day to day dealings, actions and undertakings. Complex organizational structures mar the very essence of accountability since the networking hierarchies are in such a way that there is improper level to level touching within work regimes amongst the employees. They seem to be on a missing curve on most of the occasions and hence they have no idea as to how and where they should put down their actions for the betterment of the organization in the long run. The qualities that bring in organizational integrity depend on the past experiences within the working dynamics of the business. It is imperative to know that a business shall have to be understood by the people who run it and for those upon whom the profits center. This is important because organizational integrity is at stake and much needs to be done to make sure that the organization comes out as the winner at the end of the day. The research basis within such establishments is indeed very important because it manifests a great deal of success for the people who matter the most within a business enterprise and who have responsibility to safeguard the interests of the stakeholders. These stakeholders have clear cut objectives for their own selves, and it would be only natural to think of their stakes in the same perspective and light. The quality is brought together by the business governance structure and the manner under which the organization carves out a way to tackle the problems in an amicable way (Dixon 2003). This shall facilitate the linkage between the business partners and the stakeholders – all of which have a significant role at solving a host of issues and problems that are happening on the organizational front. One must remember that an organization has to strive day in and day out to meet the end objectives that it has drawn for its own self, and it would only be natural to think of these objectives within the domains of the organization in the same light. What is most important is the fact that an organization shall rein in harmony amongst its own people through a collective effort, one that can bring in a huge amount of logical and reasonable thinking to the fore. This shall mean that the organization believes in drawing up a true picture of its working mechanisms, a fact that is proven time and again by the business governance plans which are significant in the time and age of today. In essence, organizational integrity depends a great deal on how the business governance plan is drafted and how policies are shaped up in the first place. This would solve the issues that the organization faces from time to time, and makes sure that the end results are only those which have been envisaged for in the past. The organizational integrity premise is often misunderstood because of its massive reasoning but it is up to the business enterprise that how it weighs in the success and the failures within the chalking up of the business governance plan and what efforts are needed to tackle the issues as and when they come. Moving further ahead, one can see that the business issues that might arise from organizational integrity depend a great deal on how the structure has been drafted, which means the manner under which the business governance mechanisms have been presented, as well as the ideology of growth and development amongst the midst of the organization itself. This goes to show that the business governance structure is the foundation basis of attaining the figures and statistics which an organization has thought of in the long run as well as to make sure that there does not remain any hindrance towards the completion of a business governance plan in the first place. In essence, what is really needed is a commitment to set things right and that too at the earliest possible opportunity, because this will relieve the organization of the impending tasks that are at hand. It will also set the ball rolling as far as the organizational integrity issues are concerned, which in entirety look to provide the supplemental details that are dearly required by the organization. Business issues should always be thought of from the reins of the top management because it is their role that deems a good amount of influence within the related scheme of things. Such measures will help resolve the integrity issues that engulf an organization as well as help in taking care of the future issues that a business might fall into. The proactive approach would be a better bet for any business enterprise to move ahead with the changing world dynamics of business realms. Applying established practices to resolving business issues comes with a will to set things right within the organization. This means that the tangent of responsibility needs to be ensured without a doubt as it shall manifest a good amount of harmony within the business enterprise. Responsibility encompasses any and every step that has been taken by the person under duty to make sure that a set activity or undertaking is accomplished without any problem. This needs to be backed up with solid proof that the responsible party was there when the undertaking was carried out. Even if this person was not present, responsibility asks of this individual to oversee what has been happening for quite a while and how more sanity could be brought within the ranks of the organization that he indeed works for. Responsibility is therefore very important as it provides the organizational employees a window of opportunity to give in their very best time and time again. There must not be any let up in the wake of completing tasks that are of due significance and hence all-out efforts need to be put in which shall ensure the same (Gordon 2007). Applying established practices comes with the approach undertaken by the organization to ensure that all compulsions are being taken care of, and that there remain no anomalies within the system whatsoever, as these shall be the cornerstone of a number of problems, if not resolved in an amicable and easy going way. The need is to make sure that the organizational integrity and repute issues are kept at a safe distance from the discussions which center on the aspect of collective growth and moving ahead with the times, as far as the business governance hierarchies are concerned. These shall solve quite a few issues if one understands the related dictum of pacing ahead with the changing world dynamics of business and how a business shall adapt with the needs of the time, as and when required. Speaking on the factors that impede successful implementation of the business governance hierarchies, one needs to go back to the drawing board to find out what really happened in the past. The phenomena of economies of scale and economies of scope have helped in the reaching of an understanding related with the production factors that have played a very pertinent role within the domains of organizational processes and undertakings. Without the presence of production circuits, it would be impossible to have any networks as such and hence the whole trade would come down in a quick fashion. The business enterprise would suffer and hence the discussion of globalization would receive a serious shock. The production basis ensures that the products are made available to the relevant stakeholders in an able capacity, so that the organizations could sustain their business realms in a corrective way. However when the production capacities fall way below the expected count, one can fathom a number of problems for the organizations as well as the industry it exists. The economic downturns come about when the buyers of this produce complain for the shortfall, which eventually hurts the very basis of the organization and indeed the economy of the state (Whitley 1997). Hence globalization is one aspect which impedes successful implementation of the business governance plans because there are many outstanding issues, amongst which liaison remains an important one to be seen and deciphered in a corrective way. This shall resolve quite a few issues as have been understood so that sanity could prevail within the related ranks. As far as finding solutions to the problems are concerned, one must draw the line between what is acceptable and what is not. This will resolve the ambiguities that have arisen with the passage of time. For a business to move ahead with the changing world dynamics, it is quintessential that relevant business domains shall do their utmost so that the organizational integrity is restored, and the organization grows as a whole in the long term scheme of things. In essence, it would be vital to state here that business governance plans will indeed solve the problems, if all the relevant points are taken care of, and if only the will and determination is there to set the ball rolling in the right direction. This will relieve an organization of the immense anomalies that exist within its fore as far as its business governance structure is concerned. All said and done, the proposed solutions are few but comprehensive in their own right. These would look to draft out a plan which is comprehensive more than anything else. It would take into count the inputs of the people who matter the most, and aim to solve the outstanding issues which have engulfed the organizational integrity impediments in the past, and might do so in the coming times as well. References Dixon, J (2003). Responses to Governance: Governing Corporations, Societies, and the World. Praeger Gordon, I (2007). Marketing Governance: Oversight Overlooked. Ivey Business Journal Online, Vol. 71 Kaen, F (2003). A Blueprint for Corporate Governance: Strategy, Accountability, and the Preservation of Shareholder Value. AMACOM Ougaard, M (2008). Private Institutions and Business Power in Global Governance. Global Governance, Vol. 14 Suppert, M (2007). We’re All in IT Together: Aligning Technology with Business through IT Governance. Government Finance Review, Vol. 23, June Whitley, R (1997). Governance at Work: The Social Regulation of Economic Relations. Oxford University Read More