Introduction
Business management gives the clear implementation and relations of the daily control and management of an organization or business entity (Aldrich & Woodward, 2007). The activities involved in business regulation, management, and administration include; planning, controlling, organizing, monitoring, and leading. Business management is a broad topic, which includes various positive and negative attributes and concerns. Consequently, business management consists of numerous problems that are facing managers in the running and administration of business activities. Business management can be analyzed and governed through conceptual and theoretical knowledge, ethical implications, current research, and professional applications (Richard, 2010). For a business to operate successfully in the market, it needs a very conducive environment to prosper. This paper gives clarity on the various concepts of business management and their relevant importance in business.
Problems in Business Management
Government Regulations and Policies
The rules and regulations of the state or government consist of by-laws that ast in the regulation and establishment of business entities. Consequently, the governing body of business administration, operation, and management of a particular state is usually under a ministerial or county bracket (Wilson, 2010). Research shows that the regular changes in the administration of a country or the changes in regimes and governance result in frequent changes in energy policies, environmental and financial regulations. The examples of related problems include the increase in product and service prices. The changes in prices of goods and services are brought about by the introduction of new tax policies such as carbon taxes and the increase in corporate taxes (Aldrich & Woodward, 2007). To solve this, the business management needs to fully understand the meaning of the current government policies and regulations.
Technology
Technological advancement and improvement has been experienced and realized in most areas of business administration (Cooper & Schindler, 2011). Consequently, there is need to improve on the technologies of different business entities to facilitate healthy competition amongst various business fields and entities. To achieve the competitive advantage that business companies need in order to survive in the market is a costly affair. To solve this problem, the business organization needs to develop a long term strategy for the improvement of their current technology while at the same time remain flexible enough to take lead of the unprecedented technological developments (Gorman, Hanlon & King, 2004). The lack of embracing the technological improvement in the running and administration of business entities leads to slow development and growth. The businesses that fail to implement and embrace the use of advanced technological aspects and tools are easily faced-off in the short-run and long-run.
Globalization
The main challenge posed by globalization to business management understands the many different cultures of the world in order for the business to penetrate the new markets using the existing services and products. They are also faced with the challenge of developing new services and products for the new target market. Globalization acts as an effective platform for growth and development. However, there are various business administrations that are adversely affected by the realization of globalization due to their operations and management (Thomas & Ely, 2006).
Supply chains
Supply chain involves the various processes undertaken by goods and services from the initial raw material to the finished product or service. The different stages of supply chains consist of various challenges due to fluctuations in prices, transportation, communication and changes in the laws of supply and demand (Parkhe, 2011). For example the increase in the competition for the raw materials that are used for production makes the supply chain challenging and complicated when planning. To solve this, the organization needs to develop a strategic supply chain that ensures the production costs are lowest and also minimizing the risks that are related to the supply chains.
Ethical Implications in Business Management
Employees’ behavior
Business entities are usually faced with various challenges related to the administration, regulation and management of the labor force. As a result, managers usually experience numerous challenges related to the behaviors and conduct of their employees in and out of the work place. The employees are the vital organs of any business organization and establishment (Kochan & Thomas, 2008). The employees facilitate growth and development of any business entity thus their importance should be regularly acknowledged and upheld. The ethical connection between the employees and business management should be outlined in advance to illustrate the importance of both the employee and the business rules and the recognitions.
Customer Relations
The business management should take into consideration the issues dealing with ethics relationship between customers and suppliers. The suppliers of the business need to have reputable and established relations with other business entities. In addition, relations with customers and suppliers who have questionable reputations risk the success and administration of any business entity (Richard, 2010). The business is also expected to advertise their products using the correct information that is not misleading to the customers. Advertising gives a detailed overview of a product and the availability of any advertising error can result in long term effects on the business.
Employees’ Working Conditions
The business management should provide its employees with a good working environment that is adequate for business transactions (Robinson & Dechant, 2007). There is need for a policy for safety first. The employee remuneration should also be equal for the amount of work done. They should also be compensated for the extra working time that falls out of the normal 8 working hours (Hoy, 2011). It is unethical for an employer to refuse to pay an employee after working or creating an unfavorable working condition. Creation of incentives and health facilities for the employees gives confidence of the employees to their employers.
Fundamental Elements similar to Business Management
Having a good strategic business plan creates a strong foundation for the business organization. Advanced planning in the business administration provides detailed strategies in case of various hiccups or occurrences in the administration and running of the business. Clear guidance and establishment of business objectives and goals should be facilitated to avoid unpleasant consequences (Thomas & Ely, 2006). In every business organization there is a leader responsible for undertaking decisions on behalf of the management or business owner. In addition, the managers have the mandate to ensure that the company’s rules and regulations are clearly followed.
Solutions to the Business Management Hiccups
Fundamental research is an experimental work that is done in order to gain fresh knowledge of the foundations of the business under observation. The fundamental research methodology applies the quantitative and qualitative research methods in data accumulation and collection (Parkhe, 2011). The challenges posed by the government policies and regulations after the change of the governing regimes should be clearly looked into and long term solutions established by business entities. The challenges related to technological development require the business to develop a strategy that seeks to be a long term solution for the improvement of the technology that they are using present, but while doing this they should aim at remaining flexible enough to take lead of the unprecedented technological developments (Dakin, 2000).
In conclusion, business management consists of various errors which should be clearly portrayed and addressed in the improvement of the business. In addition, the customer effective relations strategies should be upheld in facilitating trust and confidence in the business. The business entities and organization needs to develop a strategic supply chain that ensures the production costs are lowest and in the process minimize the supply chain related risks (Kayne, 2005). Business management consists of numerous problems that are facing managers in the running and administration of the business activities. Business management gives the clear implementation and relations of the daily control and management of an organization or business entity. The examples of related problems include the increase in product and service prices. The changes in prices of goods and services are brought about by the introduction of new tax policies such as carbon taxes and the increase in corporate taxes (Wilson, 2010). There is need to improve on the technologies of different business entities to facilitate healthy competition amongst various business fields and entities. The businesses that fail to implement and embrace the use of advanced technological aspects and tools are easily faced off in the short-run and long-run (James, 2001). The different stages of supply chains consist of various challenges due to fluctuations in prices, transportation, communication and changes in the laws of supply and demand. The employees are the vital organs of any business organization and establishment.
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