Organisational Structures or Governance
The structure of processing of business management deals with the methods and the techniques that operate the management and the business. By analyzing the way how business is processed and understanding the reason towards performance variation is the goal of many companies. Contextual factors include many facets when looked at both the origin and the characteristics therefore it is difficult to identify all the aspects related to it.
The management related to the processing of a business is a major challenge towards most of the organizations and despite the fact many researches has been done but the contextual factors are yet to be understood. This research highlights the key aspects related to contextual factors of a business and all the secondary factors related to it. Finally, this paper combines all the implicit and explicit, internal and external circumstance that a business involves to provide a context based awareness towards the activities conducted by them.
According to the author Too & Weaver (2014) one of the most important job of a trustee is to fully understand his or her organization’s governance structure and to relate to the goal of the organization. The legal and the governance structure is a very important part of the whole foundation on which the organization remains safe and secure. Due to constant changes in the business sector, a business can sort out its body when the law views it by various ways. It can be related to a company, association or even a trustee.
Some organizations work in a different way while some get a better understanding through the means of inefficiency that arrives from a different and extrinsic source. With this study, it understands how context affects business procedures. A business that selects a certain kind of contextual factors is explained. The study elaborates on the hypothetical scenario on the process of operations and how it can influence the result of the business.
For the mangers of the organization, the whole process actually is beneficial to understand the whole structure of the company. Once the managers know the loopholes and the key areas where the company or the organization is actually affected by an issue, only then they can make it better. Only when the manager know the limitations, they can understand how to approach with the next step. The limitations of the frameworks of different industries, therefore highest level of awareness is required from the company to take measures.
According to the author Amran, Lee & Devi (2014) the internal and external environmental factors affect business more than any other factor. The internal ones are those that are caused from within and it can be either tangible or intangible. These details are in grouped into the strong and the weak points of the organization. The strong factor brings positivity throughout the company and the other ones prevent the actual development of a company. The most important factors involve human resource and the efforts of an employee to power up the ability of an organization.
Environmental Forces
The employees are the backbone of any organization and with their efforts the organization can bloom. Whereas the external factors can be the economical situation the organization is in during the fluctuation of interest or loss. Customer demands and the infrastructure surrounding the business also make an impact on the overall statistics of the business. There are also laws implemented by the government that can play an important role either by preventing or by making way for the business to grow.
For the mangers of the organization, if he or she is familiar with the internal ways of the organization, then the manger can prepare for the external factors as well. If the manager is experienced then the person can also create a method of planning to avoid any of the harmful environmental factors from happening unexpectedly. There are either many factors that can change the business within fortnight for the better or the worse so it is best advisable to consider all the elements before making any kind of concrete decision.
According to the author Schilke (2014) risk is an integral factor of any business no matter it is large or small. Therefore is it vital for all kind of business to introduce risk management to take precautions for any kind of setbacks or safety measure. Some of the main type of measures include strategic methods to counter a competitor who is either new or a long time rival. By utilizing the strategies correctly, the business can counter their competitor and gain the market. Then there is the compliance factors that would involve the legislations all related to new health and safety.
Then there is the financial measure that deals with clients or customers those who have not paid their debts or settlements thus dealing with charged interest rates on the loan. Then finally, there is the operational method to prevent any kind of data loss or theft in the organization. This acts as a safety measure to help the company preserve its information from any kind of breakdown.
For the mangers of the organization, it is vital to keep in check of all the safety or risk related factors. It is important to comply with GDPR or General Data Protection Regulation, as that would be the best method when reviewing the operations or even the business compliance. However there are factors with which the manger will not be able to take any precautions. Such risks would involve environmental risk like natural disasters. However, one can monitor the internal factors and any kind of risks that is financially based.
According to the author Starbuck (2016) a business leader is a person who motivates the team and inspires the team to a level so that they can provide the best results possible. The organizational and business practices involve all the works of the team leader to the manager so that the business produces the best results. However in doing so, the workers needs to be engaged enough to provide a successful status for the company. However, there are workers who are alienated and they do not care about anything else other than getting their paycheck and their interests. It is vital for the leader to make that person see the vision of the company.
Risks Confronting the Firm
By making the workers more engaged in their work, it creates a bond between them and the company. Also providing the workers with rewards when they achieve or create something good is also important as this would in engage them to work without holding back. A practice such as staying committed to the cause is very much needed to gain trust amongst the team so that there are no conflicts in between the members. A strong bond and teamwork is a plus factors to creates an opportunity for the whole business.
For the mangers of the organization, it is his or her job to create the best environment with the best benefits for the workers to work in. It is essential to seek clarity, create cultural cohesiveness, and take regular feedbacks from the workers to know what might be bothering them. Once there is a bond in between the management and the workers then the most critical part of the business practice is covered.
According to the author Andrevski et al., (2014) the function of diverse firms is to create an environment so that all people will not be judged with their culture, sex, religion, ethnicity or ideologies. With the increase in diversity in today’s business world, it is said the diversity is the source of innovation and that innovation is the source of success. With the introduction of diversity, a new and fresh viewpoint is also introduced through which the perspectives related to experiences, culture, sex and how old the person actually is.
This is expected to make the supporting variable that expands the shot of underachieving or overachieving in the execution of a worker. What assorted variety does is the second approach, when individuals from various foundation with various philosophies cooperate, at that point they would give numerous substantial responses to a similar inquiry. Most organizations utilize this as an instrument to wind up world leaders in a similar industry.
For the mangers of the organization, it is vital to introduce the presentation of legitimate training program; numerous associations with finish control over working environment decent variety have presented new techniques for giving training to the representatives in a straightforward and viable way. By providing chances to the representatives to take in more and more about the general population of various culture with their identity working with.
At the point when a representative is instructed about differentiated subjects like culture, religion, ethnicity of his or her associates then it is simpler for that individual to know how they ought to connect. At the point when the representatives are acquainted with enhanced preparing then their idea towards the others, culture is instructed to get a comprehension. However, there would lie a possibility of contention even after expansion so in this way it is up to the workers on how they would manage bargain other.
Conclusion
Therefore from the above discussion it can be proved that the study conducted highlights the key aspects of a business and the strategies and techniques associated to it. The journals provided an overview of the blueprint of a company and how to deal with these factors associated to it. The journals cover aspects such as the organizational structure, the environmental facts, and risks in the organization, business practices and the diverse functions.
As this is referred to the CQUniversity’s organizational structure, it is suggested that out of these measures, introduction of diversification programs is suggested for an university as this would be appropriate. With the implementation of diversification systems, it would be best for foreign students who would take up courses in the university and they would be able to co-exist with other students of different culture and background.
References
Amran, A., Lee, S. P., & Devi, S. S. (2014). The influence of governance structure and strategic corporate social responsibility toward sustainability reporting quality. Business Strategy and the Environment, 23(4), 217-235. DOI: 10.1002/bse.1767
Andrevski, G., Richard, O. C., Shaw, J. D., & Ferrier, W. J. (2014). Racial diversity and firm performance: The mediating role of competitive intensity. Journal of Management, 40(3), 820-844. DOI: 10.1177/0149206311424318
Schilke, O. (2014). On the contingent value of dynamic capabilities for competitive advantage: The nonlinear moderating effect of environmental dynamism. Strategic management journal, 35(2), 179-203. DOI: 10.1002/smj.2099
Starbuck, W. H. (2016). 60th anniversary essay: How journals could improve research practices in social science. Administrative Science Quarterly, 61(2), 165-183. DOI: 10.1177/0001839216629644
Too, E. G., & Weaver, P. (2014). The management of project management: A conceptual framework for project governance. International Journal of Project Management, 32(8), 1382-1394. DOI: 10.1016/j.ijproman.2013.07.006
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