No matter whether you own a small business unit or a multinational company, your business entails major responsibilities which need to be fulfilled without any compromises. At the same time, your business also enjoys certain rights which differ from place to place.
As a business owner, you have the right of decision-making for each and every aspect related to your business processes. You have the right to run business in any manner, following any strategy until and unless you are not violating any state or federal law. There is no limit of capital or efforts invested to ensure success and increased business productivity.
You are free to frame new and effective business strategies that add new customers and increase revenue in the competitive business era. Your business also has the right to refuse the supply of goods and services under various circumstances.
- Decision Making
- Right to Refuse Service
- No limit of capital investment
- Make changes in business processes or strategies
Your business company entails crucial responsibilities towards:
- Shareholders or Owners
- Society and Environment
Let’s discuss them one-by-one.
Shareholders or Owners
The first and most important responsibility of a business should be towards the shareholders or the owners who have invested money. They are eligible for a fair return on the money they have invested. The shareholders expect dividends and appreciation in the value of shares, which depends upon the company’s performance.
Customers are the most important and valuable assets for any business organization. A business must supply top-quality goods and services to the customers at reasonable prices. No fake, dishonest and misleading advertisement should be presented before a potential customer. Also, there should be proper arrangements to handle customer complaints and requests.
- Commitment to provide best-quality goods or services
- The goods / products are fit for the required purposes
- Customer support post-sales
- Genuine cost without compromising with quality
- No fake promises
A business directly or indirectly depends upon the productivity and work efforts of its employees. Following which, a business organization must provide a fair salary based upon the work and industry standards. An employee also deserves a healthy and safe work environment with insurance, compensation, and medical benefits in the event of any loss or injury at the workplace.
- Equal opportunities for all
- Healthy and safe work environment
- Comply with Minimum Wage Act
- Compensation for injury at workplace
- Insurance and Medical Benefits
A business setup must comply and follow the guidelines laid by the government. It shouldn’t indulge or follow any unlawful activities and corrupt practices. One should conduct the business in a lawful manner with paying all taxes and duties honestly on time.
- No illegal trade or manufacturing
- No violation of state or federal law
- Fair business practices
- Fair business audits and taxation
Society and Environment
A business is a part of the society and hence it should contribute its part towards the welfare of the society. It should generate employment opportunities equally for all, irrespective of their cast, gender or colour and promote social and cultural values. A business must also protect the ecological environment of the society without contributing any type of damage like air or water pollution.