A business manager has to take care of a number of factors before planning any business strategy or implying it. There are many groups of people who have a direct interest in the decisions and the activities of a business. If a business manager wants to bring the business to success then he must take care of these stakeholders.
The labor is the backbone of any business. They are paid salaries or wages. They should always be motivated as it will always increase their efficiency raising the productivity levels of the company. Their jobs are protected through a contract of employment so that they feel secure. In case of growth of the business, workers might be affected positively or negatively. The employees enjoy being a part of a business that is huge and successful. However, it is equally true that the employees tend to show resistance to change as they get used to a certain kind of environment and find it difficult to get adjusted to the new set up. This is what the employees experience when a firm merges with another business organization.
There is a well known saying in business, the customer is the king. Customers are extremely important to every business. In fact, they are the driving force. In today’s competitive business world, a firm has to be market-oriented in order to be successful. Therefore, it is imperative that a business organization has sufficient amount of knowledge regarding the target audience habits so that their requirements can be fulfilled. A typical customer wants the highest possible quality at the lowest possible price. Needless to say, this may prove to be an uphill task for any manufacturer or seller.
Business activity has a significant impact on the community. The pollution caused by production plants could affect everyone negatively and damage the reputation of the business as well. On the other hand, jobs created by the business help raise the general living standards of the community. Technologically superior and socially helpful products such as electronic and medicines make a positive contribution towards the well being of the community.