Responsibilities of Business

Responsibilities of Business

Business is all about selling a product or service to customers for a profit!

Many Business owners think that its just about this.

Profit no doubt is the primary objective of a business. Offering right value to the customers is the means of achieving the same.

Actually, every business has a set of roles, rules, responsibilities, dos, don'ts and the like...

If we look at the responsibilities of a business, its much more than what's seen superficially.

Business has its Responsibilities  to different communities/groups/institutions and to itself..

1. To itself

To
●Be profitable
●Optimally use available resources
●Ensure growth

No business wants to remain small. Bigger the business, better the profit. Growth with less risk by utilizing available resources, is one of the most ideal ways(and most difficult too) to achieving both. 

2. To its customers

Offer
●Right products/ Service
●Excellent Quality
●Good after sale support
●Value for money and
●Deliver the promised deliverables

Sales is not just delivering goods or services.. It's fulfilling promises given to the customer about the results the good deliver.

3. To its employees

Provide
●Security of employment
●Fair pay
●Opportunity for growth
●Comfort and sense of freedom

Employees are looked at as means of delivering products and services and satisfying  customers' needs.

With Good employees, good customers can be acquired and serviced.

But acquiring customers  without good employees wil take the business no where..

4. To it's Investors/ financiers/ shareholders
●Deliver promised or better ROI
●Deluver value

Businesses need people who can invest in the business in some form or other,  if they have to grow very big.  Investors do need returns, but interestingly, not just returns...

Having an insight to what value  they need besides ROI will help business owners to attract and hold investments continuously..

This applies even to the self investment of promoters too.

5. To the Society
●Contribute to Community    Development
●Avoid damaging environment
●Support society's growth

The society is the most important component in business, which is ignored by most business owners.  This happens because of two factors..
1. Ignorance that the customers are part of the society. Serving the society takes the business emotionally closer to the customers. 
2. That the promoters themselves are part of the Society, and serving it is,  in their own interest.

6. To the Government
●Pay tax obligations in time
●Adhere to the Govt. guidelines and regulations.
Paying all taxes on times is the only way to keep the business afloat and grow from there... It's also an indirect contribution to the society.

Over all, the businesses have a responsibility of sustaining themselves to be able to handle all the responsibilities listed above....

Period.

Muralidharan Margabandhu

Whatsapp : 9841049588