University of Hull
Personal Learning Report
Module Title: professional skills and ethics
Module code: 56244
Module Leader: Dr Joanne Cook
Student ID: 201201558
Submission date: 10/12/2012
Issues, Theories, and Practices Related to Responsible Businesses Part A
A business is characterized by many factors which could build or destroy it. These are things that the organization should be keen on and work on them before they become a problem. Some could be unavoidable while others could be rectified with the correct expertise. For any successful business, there would be a number of problems and challenges that the business faces. This could be coming from different directions including the market, shareholders, employees, and even the management of the business. This includes the ability to change the rules of a business instantly. A business involves different people and aspects that keep it running. This would be the reason why a sudden change in the rules and ways of the business proves to be a problem. The people involved in the business also need to be involved in decision making hence disabling the ability to make instant changes on rules. This is an essential system for a healthy and competitive company. For example, increasing the profit of stakeholders could be considered a social responsibility allocated to businesses. Stakeholders include customer, suppliers, business partners, governments, and employees will be involved in this strategy change. However, for the business to increase the profits of shareholders, they would need the support and cooperation of stakeholders. Companies are forced by regulations or the legal framework to assume a certain responsibility to stake holders. In this case, market regulation or specific company law could be considered as another challenge that business face. Such standards pull companies down especially in the sector of investing. They need to operate under rules and regulations of the law despite the disadvantage. In another word, companies are not able to purchase profit excessively, since the market needed to be maintained in a healthy statue. All businesses have rules inside and outside. Each company composes a regulatory conduct that should be followed. On the other hand, the government also brings about external regulations which prove to be even harder for the business to comply. In case a company ignores the concerns of stakeholders, it would be a disaster in many different ways. This might trigger serious reputational and financial disadvantages or even worse violate the existing standards set by law. This leaves a business in a dilemma because; a responsible business might not want to take unnecessary risks (POHL & HOLRUST 2010). On the same page, stakeholders could be considered the cornerstone of the business. Therefore, there would be no business that would be ready to be on the bad side of their stakeholders because it could mean a very fast downfall. Management of stakeholders could be considered a challenge in a challenge because; each stakeholder holds their own importance. Terminating one might cripple the business hence the need to treat them well regardless of the circumstances. Stakeholders in a business are not an option and they should be there to stay, therefore, the sooner the business realizes this, the better. They protect themselves and are also protected by the government and any other regulatory board available. This makes changing the rules of the business a problem because, stakeholders hold different values, interests, and fears. By the time company solves that problem, they it might be too late to make changes. Obviously, there is no way that they all can be satisfied at the same time. This means that the business stands at a losing end thus making it a challenge for those responsible businesses that do the right thing. For a company to make a decision that involves shareholders, a team of advisors would be...
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