Recommendations
Through proper accounting and auditing of its financial records, the company will emerge as a reputed company in the world. The company will benefit from investing in its operations and having a good record in delivering high shareholder returns. This may be done through restricted implementation of unmovable strategies of operation owning to low costly, long life, upstream assets expanded by market and commodity. The company’s assets should be controlled by scalable and simple organizational structure, which is sustained by standardized processes that allow employees to focus on important matters only. The company should regularly develop and implement good leadership techniques; work on availability of human and material resources; use design excellence and trace the latest fashion design tendencies in concert with the company’s discipline business approach; introduce innovations and proper utilization of modern technology (Gökmen & Öztürk, 2012). Management of human and material resources will help the company to diversify its operations to different locations in the world. The company should hire and support competent employee managers who may contribute to the success of the organization by carrying out effective recruitment, selection and training of the employees. It should strive to have effective human resource strategies including employee training, management development, health and safety, fair remuneration, fringe benefits and graduate programs to help in building a competitive work force (Jamnik, 2011). The company should have positive corporate social responsibility that recognizes the environment and the community around its business, and does so through monitoring, annual reporting and implementing environmental protection policies into its business strategy (Franks & Spalding Jr., 2013). Finally, the company should be aware of the dangers of using unfair business practices in its activity including condone bribery, assisting corruption, and money laundering. All the business relations including the relations with suppliers and business partners should be built on the exalted principles of morality and ethics.
Among the recommendations, adopted by the company leaders, are (1) implementing of training, consulting, and technical assistance; (2) introducing innovations; and (3) using design excellence in concert with the company’s discipline business approach.
Background
The aptitude of the above mentioned recommendation is explained by a variety of factors including:
- the necessity to have an ethical business behavior that will become a basis for constructive business dialogue among the nations of the world;
- the need to cause fair economic and social changes in the countries, where the company is aiming to establish its activity;
- the importance of providing the citizens of the target countries with an opportunity to have better customer offerings including better prices, better choice, and better quality of the marketed goods;
- the significance of utilizing effective policies regarding employment in the targeted countries, which will contribute to securing human rights, improving welfare, and offering better education.
Besides, the background of the offered recommendations is in the importance of having a spirit of mutual trust between all the participants of the business process including employees, customers, investors, suppliers, competitors, and of course, the owners themselves.
Rationale
The rationale of the proposed recommendations can be seen in numerous factors. First, implementing them, the owners of the company will be able to acquire significant levels of profit, and this is, without a doubt, the most important objective in their business. Without having their own economical and financial viability, the owners of the company will not be able to proceed any further in the development of their business, and offering benefits to the other participants of the business process such as employees, customers, etc. Second, by means of implementing these recommendations, the company will be able to stick to the standards of the global business ethics. In this vein, the enterprise will meet the requirement to act with respect and dignity towards its foreign employees, customers, business partners, suppliers, and communities. This is explained by the fact that moral and ethical values will be implemented into the business strategy of the company. For example, the firm will care about the interest of its employees by means of providing employee training, management development, health and safety, fair remuneration, fringe benefits and graduate programs. The other example of this is in the fact that implementing of the proposed recommendations will assist the benefits of local community in the targeted country by means of having higher rates of employment, and improving the levels of environmental monitoring and recognizing local environmental needs in the company operating strategies.
Timetable
The proposed recommendation should be implemented within the following business year, but it should be done step by step. First, all the ethical principles regarding employees, customers, local communities, and business partners should be implemented in the first three months. Secondly, the recommendations regarding material recourse management should be fulfilled; also, no later than the first four months as the financial balance of the company depends on them. Finally, the principles regarding implementing an effective innovation and environmental protection mechanisms should be introduced into a regular practice no later than within the period of the first twelve months.
Financial Impact (Estimated)
References
Franks, R. A., & Spalding Jr., A. D. (2013). BUSINESS ETHICS AS AN ACCREDITATION REQUIREMENT: A KNOWLEDGE MAPPING APPROACH. Business Education & Accreditation, 5(1), 17-30.
Gökmen, A., & Öztürk, A. (2012). Issues of Business Ethics in Domestic and International Businesses: A Critical Study. International Journal Of Business Administration, 3(5), 82-88.
Jamnik, A. (2011). THE CHALLENGES OF BUSINESS ETHICS — MANAGEMENT AND THE QUESTION OF ETHICS. Tourism & Hospitality Management, 17(1), 141-152.