Business Reputation Vital for an Organisation to Stay Afloat

“Business reputation has been on a downward trend for too long and is a concern to a growing number of business leaders’ at a time of increasing transparency and rapid dissemination of information, ethical business standards will increasingly be critical to gaining and retaining a licence to operate from customers and employees.” David Rosser, CBI, addressing the Professions Group Wales Conference 11.1.11. Evaluate the above statement and contrast it with the view expressed by Dr Barry Morgan, the Archbishop of Wales, speaking at the same conference, that all MBA graduates should sign a version of the Hippocratic oath upon completion of their degree. Executive Summary In my report I will be discussing how business reputation is vital for an organisation to stay afloat and how to survive the recession that has currently occurred around the world and in the UK. How will be discussing how rapid business owners are worried how the economy is affecting their business during the recession and how they feel that the government has not done enough for them. Finally I will compare the two statements that were made by two professionals and compare how similar their meanings are and what message they were trying to tell the business world and the government. I will draw on a conclusion at the end of my findings and also give my recommendations. Introduction In this report I will firstly be discussing what business reputation is and how it has been having a downward trend for too long. Secondly I will go on to discuss how this is a major concern for the rapid growing business leaders of today.

With more transparency needed and rapid dissemination of all business information, ethical business will need to carry on being critical to gaining and retaining a licence to be able to function and operate from customers to employees. Thirdly I will be discussing how David Rosser and Barry Morgan views are compared with each about how business trends are affecting rapid business owners and how students should sign an oath after completion of the MBA 2 programme. Finally I will come to a conclusion about the statements used by the two different professionals and how business trends are affected. I will also be giving my recommendations in how businesses can make improved business trends by using some of the advice that is given to them by the professionals. Business reputation Business reputation is known as the development of shaping the awareness of customers and the rest of the community to encourage, defend and look after the reputation of a business, businesses or other corporate entities. ( Crane, A & Matten D, 2004 ) discuss how in business ethics it is important that social policies are put into place for a business to have a good reputation and controlling is the act of checking, regulating and verifying wether everything occurs as per the standard sets and plans adopted. Better conditions of work should be maintained at all times. It is very important that when owners manage their business that reputation is of a high standard otherwise it can become an additional implication and an extra burden. Business owners should make some policies in modern era, so they can achive business reputation as well. The internet has now become a tool which can help the business trend in a positive way but sometimes also in a negative way if business reviews are not of a high standard.

The internet thou do open the channels of communication for customers and businesses to interact. When communication channels are open it can help the business by showing that they have a caring attitude towards their customers. It is also important that businesses have policies put into place so that they can train their employees in how to improve the businesses reputation. Concerns or the rapid growing business leaders Businesses trends show that businesses themselves and their owners have expressed their anger how the government is not supporting small enterprises and large businesses.

Governments are putting saving strategies in place but do not seem to be listening to what businesses really need while the trend of businesses are ken taking a negative turn because of this recession that has just taken place. Business owners have asked the government what they need to help improve the trend and also help stabilize the economy like government regulations, comepetitors’ actions, economic conditions prevailing in the economy etc. All types of businesses need support from the government whether it is a rapid growing business or a private business. Caroline Williams, chief executive of Norfolk Chamber of Commerce, said: “The government’s position that as the east of England has a strong business community it needs less funding is naive and dangerous.

The government needs to invest in success and not disadvantage this region, or our growth potential will not be reached. Norfolk businesses are already reporting a slowdown in business and a further unfair allocation of funding will cause Norfolk serious problems. Norfolk Chamber has written to Mr. Cable and expressed concern to our local MPs whom we encourage to join us in our fight for what is right for our area.” (Hall, S, 2010). Analysis of the statements Business reputation is vital for a business to grow and develop properly with a solid customer. If the reputation is not well known or is negative then it has an adverse affect on the downward trend for too long and it is a concern to a growing number of business leaders. With the government now wanting more businesses whether it is private or public businesses to be able to provide more transparency with their organisational behaviour policies and procedures and also to be able to o rapid distribution of the information. Ethical business standards will increasingly be critical to gaining and retaining a licence to operate from customers and employees. “Working together we will build on success and capitalise on these opportunities, delivering so much more for UK plc.” (Hall, S, 2010). Ethics and Performance are important for the business and its foundation so that they are able to produce a positive environment for their customers and also show to the public that they are socially aware of what the customers needs are and what they expect from the organisation. It is important that organisations can show that they are professional with their customers. The organisation has to also be able to value its business and also the customers to be able to provide a good service. To be able to do this they have to personal goals set out that the whole organisation should follow.

The culture of the organisation should be warm and friendly for both the employees and the customers for a good reputation. When organisations make their decisions they have to be certain that decisions being made are ethical and in compliance with the laws made by the government. When owners want to provide a good service they need to be able to make sensible ethical decisions. (Appendix 1 Shows an ethical decision model). Organisations behaviour in the business world needs to feel powerful and have influence on their customer base to have a successful business trend. (Appendix 2 shows a model of how power, influence, authority and legitimacy in organisations are used). For the business to be a reputable company they should have an effective team of human resource managers or operations managers. If the HRM function is to be effective there has to be good teamwork and cooperation and consultation between line managers and the HR manager. (Mullins, L, J (2007), pg485). In regards to the statement made that that all MBA graduates should sign a version of the Hippocratic oath upon completion of their degree. It seemed that the professional wanted graduates to use the power gained professionally and ethically not unethically to damage the economy. Both statements were made in the same place around the same time but the meanings of their statements were for different reasons. Both thou are valid statements. Conclusion In conclusion to my findings I found that both statements were valid in their own rights.

For business reputations to go into a positive trend it is important for statements such as these to be made by influential professionals. The concerns that the rapid business owners have about their businesses are realistic and the government should do a lot more to help small and large businesses to start becoming more successful by helping them through this recession period. In comparing the two statements I found that both professionals were trying to send the similar message to businesses and the government that they need to work in a team and continue to do so in order to see through the recession and keep the businesses afloat. Recommendations A new government should come into power and a new strategy for the economic recovery is the correct way to bring about talent and expertise from businesses and the government that is in power. Part of the country is already creating more jobs and pulling UK out of the recession the rest of the country should follow suit and provide more for their communities. More innovative ideas need to be introduced. All business types whether it is small or large should make an effort to pull UK out of recession and to also help improve the business reputations and trends for the UK. Appendix 1 https://www.bsilearning.com.au/page/business_ethics_and_you_making_good_decisions.html . Appendix 2 https://www.bsilearning.com.au/page/business_ethics_and_you_making_good_decisions.html . References: * Andrew Crane and Dirk Matten, (2004), Business Ethics. OUP, pg 56 * Pinnington, Ashly.; Campbell, Tom, (2007) Human Resource Management: Ethics and Employment , Oxford Press. * John R. Boatright, (2003), Ethics and the Conduct of Business, Prentice Hall. * S.K.Chakraborty (2001), Management & Ethics Omnibus, Oxford Publications. * The Journal of Business Ethics, Springer Squire and Business Media. * Business Ethics Quarterly, The Society for Business Ethics. * Jobber, DJ, (2007), Principles and Practice of Marketing, 5th edition, Berkshire, McGraw-Hill Education * Kelliher, F & Reinl, L, (2009), A Resource based view of micro-firm management practice, Journal of small business and enterprise development, volume 16, issue 3. * Kotler, PK, Armstrong, GA, (2010), Principles of Marketing, 13th edition, New Jersey, Pearson * Kunstek, R, (2010), Forecasting the development of a pursuit race between competitors, International Journal of Bank Marketing, volume 28, Issue 3. * Porter, MEP, (2008), The Five Competitive Forces that Shape Strategy, Harvard Business Review. * Cook, N K, (1998), Music A Very Short Introduction, New York, Oxford University Press Inc * Gunter, B G, (1998), The effects of video games on children, Sheffield, Sheffield Academic Press Ltd * Murphy, P M, (1985), Tourism a Community Approach, Cambridge, Methuen and Co Ltd * SIRC/CGA CENTRO/SOLT Box Office Data Report 2005 by Richard Andrews/CAA/Nielsen EDI/ELSPA/Chart-Track/Publishers Association Statistics Yearbook/BPI/BVA/MRIB/Mintel. * Johnson G J, Scholes K S, Whittington R W, (2009), Fundamentals of Strategy, Harlow, Pearson Education Limited * Lynch, R L, (2000), Corporate strategy, Second edition, Harlow, Pearson Education Limited * Mullins M L, (2007), Management and Organisational Behaviour, Eighth Edition, Harlow, Pearson Education Limited * Sloman J S, Sutcliffe M S,(2004), Economics for Business, Third Edition, Harlow, Pearson Education Limited * Giannetti, M (2009) Economic Journal, https://www.res.org.uk/society/mediabriefings visited on 6th December 2010 at 2253. Webography * https://www.frc.org.uk/corporate/ visited on 26th February 2011 at 15.15. * https://www.edp24.co.uk/news/business_leaders_voice_concerns_over_threat_to_region_s_economic_agency_1_480964, Business leaders voice concerns over threat to region’s economic agency Sarah Hall Monday, May 24, 2010 8:00 AM, visited on 27th February 2011 at 16.00.

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