How stakeholders influence business activities Essay

How stakeholders influence headache activities - Essay lawsuit26). The key groups of stakeholders include but are not limited to employees, occupancy partners, customers, and communities. The type of interest and compass point of influence of each group varies between different types of stakeholders and different types of businesses (Carysforth and Neild, 2000, p. 189). Stakeholders carry weight in the business activities as well as the decisions made by the alliance. Owners Owners are best able to judge the achievement of a business. If a business makes more profit, it increases the likelihood of re-election of the directors of business in the subsequent elections. Owners assume the set responsibility of establishment of the goals and objectives of a business, though the decisions are made in due consultation with former(a) groups. For example, the directors that assume the responsibility of management of the companys affairs on the daily basis open fire decide to prioritize the increase of sales instead of prioritizing the profits. Owners influence the business activities by controlling the cash in hand of the business. ... Government Government is one of the most important stakeholders in any kind of business. Responsibility comes with self-confidence of the regime. It is primarily the governments responsibility to ensure that the product or service a company sells is not against the norms and values of the culture of the society in which the business operates. The government can impose rules and regulations on businesses to ensure that customers are not exploited and employees are working in safe conditions (Seliet, 2000, p. 90). Apart from that, the government obliges the business owners to pay tax on the earnings they make so that the money made from business can also be used for social services and the benefit of the society as a whole. Government regulates the business and ensures that the practices of the business do not subjugate or offend the rights of any club in the society. Governance and social responsibility Governance of a business means development of its vision, mission, and objectives which are overseen by the owners of a company in small businesses. Traditionally, maximization of the profitability of a business has re master(prenominal)ed the main focus of governance as well as all operations related to a business. In the present age corporate social responsibility happens to be the second most important depicter of the report and image of a company among the consumers whereas the quality of product or services of the company is the first. According to nigh scientific research, customers do not evaluate companies based only on the features of their products and services, but also on what business practices they are engaged in, how their products are produced, and what effect on society the company has (Kaufmann and