Management of the Business Environment - Literature review Example

? Management of the Business Environment Task: Management of the Business Environment Introduction The plastic bottle company, established in the UK, has made remarkable progress over a relatively short span due to various attributes and positive business processes. This has been as a result of proper management schemes and strategy in all sectors, which were considered at the point of setting up the company. As such, this paper will give an evaluation of the business and attributes that have seen it make positive progress. Further, there will be an analysis of the business environment and the way in which it has been managed by relevant stakeholders. Minutes to the previous meeting will also be provided in the appendix section. It will be made clear in the subsequent sections on how much efforts have been put to enable the stability of the company among other plastic making companies in the UK which give stiff competition. Review of Business Attributes Mutual Stance and Inner Network Cultivation Ensuring an inner network in an attempt to drive business success is a necessity. The organization must identify and build beneficial relations with its peers to have a leveled reasoning ground. Besides, mentors and advisers must be chosen by the company. Making proper choices, when it comes to such issues, is an attribute that the company has adhered to and must maintain or rather improve over time. Appreciating their value as well as seeking direction where necessary from such partners is what keeps the company going, considering that it is a new entry into the markets. Another valuable asset that the company recognizes is the employee. Employees must be given an upper hand when it comes to company internal affairs and decision-making. It is the employees who keep the company running hence a mutual stance must be given in their case. It must be known that employees take part in ensuring the success of the company. Considering their plight when it comes to flexibility in the working conditions must be ensured. Believing in them, providing favorable working conditions as well as motivation are core considerations made by the company as an attribute to seeing the success of the company. Customer Centric The company has maintained an unwavering commitment to customer satisfaction. This has been facilitated by the understanding of the customer expectation and requirement. As a result, the company has ensured customer loyalty and gained customers at a relatively fast rate. Schwalbe (2010) argues that the commitment shown to the customer has been facilitated by having an insight of the customer’s world and perception on various products. The company has also shifted focus from the profit targets to customer satisfaction in order to maintain customer loyalty. This has been seen through the production of high quality products as well as a range of products, which covers a range of customers with varied financial abilities. Having all the customers put into consideration proves to be an advantage in maintaining customer loyalty. Humble Honesty This is another attribute of the company that has seen it move forward. The company has always been in a position to understand its strengths and weaknesses. The company has also been honest about itself, operational modes, and all the vials that may be sought for by interested parties. This honesty ensures that there is trust developed hence giving the company a good name among the plastic making companies in the UK. The company has often asked for assistance on weak areas as pointed out by the advisors and focused on its strengths thereby improving in its overall performance within a short period. The team of owners has an understanding of themselves and the business hence fixing the weakness areas has not been so much an issue. The areas of strength have also been considered fully hence a recorded improvement in the company. Adaptability The company has integrated and adapted the underlying environment thus positioning itself strongly in various capacities. Considering the current global recession that most businesses are attempting to recover from, the company has been able to establish its roots and sail through the stormy hitch of financial challenges. It is has maintained the number of employees hired and added more staff to release constrains realized in the various departments. This has seen its performance scale develop significantly. This ability of the company to respond to changes in circumstance is an attribute that must be maintained for the company’s survival over difficult situations. Fears of uncertainties have always been kept at bay which is positive of the company. Opportunity Focused and Finding a Better Way The business just like in other organizations has faced a lot of problems, but it finds amicable solutions to the problems once they come its way. Productivity has also been the yardstick to the success of the company. These attributes of the company have been pivotal in its undertaking. As a result, the business has kept its head up among other companies, which deal in plastic containers. All the problems faced by the company have different sides, which must be scrutinized and exploited as an opportunity rather than a cause for the downfall. On the other hand, the company has formulated better ways of making itself productive and taking more time on issues considered as critical rather than spending more time on petty, unproductive issues. The drivers to this have been proper application of technology and automation other than making improvement on business processes and outsourcing. Balanced Lifestyle Management An attribute of the company that has been realized ism that of enabling a balance of all aspects of lifestyle other than job. This has been enabled through flexible working conditions for workers and recognition of the need for holidays. Other recreational facilities have also been created to enable all stakeholders relax at any point when need is called for. The other consideration is that of maternity and paternity which ensures that there is time for the family and a friendly environment for employees kids to enjoy good parentage. The provision of child care by the company takes this into consideration. Attaining business dreams by bringing together these attributes leads to the success of the company together with a positive attitude instilled in the minds of employees and management efforts. Evaluation of the Business Process Having an understanding of the business environment following the establishment of the business is a necessity. This may be a perfect time of analyzing the environment since the business has an overall experience and feel of operational mode including the pressure that are internally faced as well as the external factors. As such, the newly established plastic company has to understand its environment to enable its efficient operation. There are external factors that affect the business directly and indirectly. Among the factors that have been realized includes the political factors which affects the legal sector of the business through legislation more so on the environmental issues. Being a plastic making company, the challenge of changing legislations on environmental factors must be put into consideration so as to avoid future uncertainties. There are cases of changing taxes and rates which must also be considered as the business progresses. This is an important aspect of the business evaluation as mitigation measures must be taken in case of changes. Esteves (2010) argues change in technology has also been realized to be a challenge that has to be handled. This is expectation following the increase in the rate of change in technology. Most competitors make efforts to ensure that they are up to date with emerging technologies relevant to plastic making. More seriousness should be realized in this sector since lack of it may lead to business frustrations hence business failure. Embracing technology may see the business gain an edge on the existing and emerging competitors. The socio cultural environment is another aspect that cannot be ignored by the company. Plastic is facing a negative force globally as relates to the environment. As such, the social sector is changing its attitude hence culture towards the use of plastics. This may be dealt within by creating a difference in the manner of handling the plastic containers made by the company. Other environmental factors include the inner environment otherwise referred to as the microenvironment. This falls under the influence of the organization. The manner in which the company controls these factors will be a dictator to how well or poor the company performs. Among these are the employees hired by the company. Ottewill (2001) supports the statement that the human resource department must perform this duty in a finely tuned manner so that the company only employees a number of employees it is capable of sustaining. Training should be offered regularly and prior to promotion so as to improve performance and enable innovation. The organization must also consider varying factors such as government policy on employee rights, which may dictate the minimum payment rate for employees. Depending on what the department feel is right, it may choose to employ workers on a contract basis so as to take care of the varying situations which may see the business record low profit margins hence difficulty to pay all the employees. Owner and the board also have a role in handling the challenges faced by the company at a higher level. It is upon the board to set the mood of the organization and have control over it. Nieuwenhuis, Vergragt and Wells (2006) supports a situation where a positive mood is created, more funds are availed while negative mood leads to extra costs. The owners must register their satisfaction with the company regardless of recorded loss. We may choose to plough back the profits rather than keeping it. This is for the purpose of expanding the company beyond borders. As realized in the business, consumers of plastic containers are the most important section that must be given considerations. According to Becker and Geiser (1997), the consumers must be made happy at all the time through satisfying their need and introducing surprises through innovations following proper research on the products. The competition faced by other plastic making companies must be beaten by maintenance of customer loyalty and wooing more customers to make purchases of the product. This is extremely tasking but must be ensured by the workers relation with one another as well as the sales department so as to reach more customers through all media available. More funding should be geared towards customer awareness since it is an emerging company. Contractors are also chosen by the organization so as to maintain supply of required resources for an efficient operation of the company. Having a reliable contractor who keeps the deal as expected and planned is the best way to go. Failure to have the required resources due to failure of the contractor should not be tolerated by the company. The process of procurement and giving of tenders must be thorough so as to get quality from a variety. Govindarajan and Trimble (2010) argue that choosing an efficient contractor in any process may enable efficiency in operation hence an improved overall performance of the company. The organization should maintain good relation with the hired contractors so as to get the best services and supply. Another consideration is the maintenance of a two way beneficial mechanism so that both the company and the contractor are happy. This may see the company gain heights within a relatively short period if other internal and external factors are also kept in check. Keeping an upper position in the market requires a proper monitoring of the competitors action s and staying ahead of the game. Making new innovations by producing new products and designs are the best ways of ensuring this. As such, innovation must be given priority in the organization through recruiting highly qualified staff and offering training as directed by the human resource department which is charged with this responsibility. Dealing in plastic containers also requires that the competitors are outmatched in the advertisement undertaking somas top popularize the products farther. Taking a keener look into the competitor’s products is necessary so as to note the trends of the company and set up an efficient way of countering the force. Other than this, the company may also consider carrying out proper researches so as to discover new technologies applicable in the plastic making company. In case the company has to perform any better; an efficient mechanism has to be ensured on the implementation process of the suggested ideas. Financial institutions, which deal with exchange rates, may also affect the business. As a result, there is the need to have an insight of their mode of operation and making the best choice on the modes to be adopted when it comes to handling finances including payments. This is because a difference in rates charged by various banks may be significant when it comes to handling huge amount of money. According to Rinderle-Ma, Sadiq and Leymann (2010), saving should be the target other than reliability and efficiency in choosing the financial institution to use while running transactions. The day to day functionality of such financial institutions amounts to its efficiency of the financial institution. The government also has a hand in business operations, in the UK. As such, keeping to the right side of the law is a necessity so as to keep good relation even with the community. Other than this, it is a necessity that the organization maintains a strong legal department to handle legal issues when it comes to the bench. This may allow a smooth and fear free operation as well as surety in all its undertakings. Business leaders must show at most care so that the employees may feel appreciated hence boosting their morale at work. Conclusion The plastic bottle making company in the UK has indicated positive progress as a result of positive attributes. This has been realized through an analysis of the business. The strengths and weaknesses of the company have been handled by the management through the establishment of favorable relations with peers. For this reason, there are considerations that have been taken in handling the internal and external business environment for the company. The other aspect that comes to play is efficient management and customer satisfaction. From the above discussion on the research carried out concerning the company’s attributes and business progress, it is made clear that there are factors which have contributed to the positive progress of the company. There are challenges that have been realized by the company. The progress has been favorable to the company due to efficient management and considerations made by the company. Despite stiff competition from other plastic bottle making companies, it has gained steps winning a remarkable number of customers. This comes in handy for the company has it is in the initial steps of its foundation establishment. In addition, the company put in place efficient mechanisms of ensuring customer satisfaction and employee appreciation. These two factors saw the company make positive progress among other competitors in the UK. Appendices Minutes Minutes of the meeting of new plastic bottle making company held at the company headquarters boardroom on 11th December at noon In attendance 1………………………………………………………….the chair person 2…………………………………………………………the treasures 3…………………………………………………………..secretary 4………………………………………………………….member 5 …………………………………………………………. “ 6 …………………………………………………………. “ 7 …………………………………………………………. “ 8 …………………………………………………………. “ Agenda 1, giving an analysis of the company’s progress and attributes noted over the period of its operation 2, giving ideas on the areas that need rectification 3, giving a financial analysis report beginning when the company was established 4, AOB Opening of the meeting The meeting was officially opened by the chair person by a prayer from one of the members. Confirmation of minutes of the previous meeting Following an authorization of the chair, the secretary read out the minutes of the previous meeting, which was seconded by the chair and one of the members present. Agenda 1 The chairperson read out a report on the analysis of the company’s attributes and progress since its commencement. A copy of the read script was given to all the members for filing and record. Members concurred with the report and were in agreement that the progress was remarkable. Agenda 2 One of the members pointed out that the areas that should be corrected include the working conditions of the employees. The member suggested that the management should consider giving more flexible working conditions to the workers since there were in sufficient number ands there was a need for employee appreciation. All the members agreed that the management would consider more friendly working conditions for the employees. Agenda 3 The treasurer read out a detailed financial analysis of the company since it was established and provided a copy to all members present. Members requested for more time to go through the report before giving their view. Members promised to give their views on the report during the next meeting. Agenda 4 Members appreciated the full turn out and urged that this should always be the case whenever a meeting was called. Adjournment The chairperson thanked members for their full turn out and punctuality. The next meeting was set on February third 2013. There being no any other business, the meeting was adjourned by a prayer from one of the members. Signed by chair………………………………. Signed by member……………………………. References Rinderle-Ma Stefanie, Sadiq Shazia, & Leymann Frank, 2010, Business process management workshops: BPM 2009 international workshops, Ulm, Germany, September 2009 revised papers, Springer Publishers, United States. Govindarajan Vijay, & Trimble Chris, 2010, The Other Side of Innovation: Solving the Execution Challenge, Harvard Business Press, UK. Esteves, Jose, 2010, Proceedings of the 9th European Conference on Research Methods in Business and Management, Academic Conferences Limited, Madrid. Nieuwenhuis Paul, Vergragt Philip, V & Wells, P, 2006, the Business of Sustainable Mobility: From Vision to Reality, Greenleaf Publishing, New York. Ottewill, Roger, 2001, Effective Learning & Teaching in Business & Management, Routledge Germany Becker Monica, & Geiser Ken, G 1997, Evaluating Progress: A Report on the Findings of the Massachusetts Toxics Use Reduction Program Evaluation, DIANE Publishing, California. Schwalbe Kathy, 2010, Information Technology Project Management, Cengage Learning, UK. Read More