The paper "Should Business Be Concerned about More Than Profit" is a perfect example of a business assignment. The paper evaluates three reflections on three different topics which highlight different information, the manner in which it makes sense and the personal experience so that the different learning and outcome based on it can be improved. This will help to develop the required parameters through which the overall effect will be gained and the business and the individual will be able to bring the required transformation. Should a business be concerned about more than profit? Information: The success of the business will be largely dependent on the manner the organization becomes successful by looking to satisfy the need of the stakeholders.
Organizations that concentrate on satisfying the customers and other stakeholders are automatically able to witness a change through an increase in profits for the business. The article by Freeman on the Stakeholder theory of the firm also highlights the importance of working for the betterment of the stakeholder as it transforms into a situation where looking after the stakeholders improves the bottom line for the business (Freeman, 1988).
The main purpose of the organization is to look towards developing strategies that focus on the stakeholders and look to improve their condition by providing them proper services. Organizations need to act fairly and disclose all material information to the stakeholder as it will ensure that the decisions which the stakeholders took based on it will be better. This will help to win the confidence of the stakeholder and will provide the required opportunity through which the business will be able to bring the change and ensure better chances of being successful.
This will thereby help to improve the overall business quality and will act as a motivating factor through which the business will prosper and the bottom line for the business multiplies. Way of making Sense: Organizations that look to understand the requirements of the stakeholders are able to develop a mechanism that helps to develop the required partnership between the business and society through which better sustainable development becomes possible.
Andersen, E.S., Grude, K. V. & Haug, T. 2004. Goal directed project management: effective techniques and strategies (3rd ed.). London: Konan Page.
Burke, R. 2003. Project management: planning and control techniques. Chichester: John Wiley & Sons.
Freeman, R. 1988. A Stakeholder Theory of the Modern Corporation’ in Hartman, LB (ed), Perspectives in Business Ethics, McGraw-Hill, Chicago IL, pp. 171-181
Somerville’s, M. 2009. chapter: Past virtues for a future world: holding our humanness on trust pp.199-246