why is the government important to a business

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Essays, Research Papers and Articles on Business Management, Government Company and Non-Government Company: Difference, Government’s role in Uplifting National Economy, Relationship between Environment and Business, Essay on Consumer Finance | India | Financial Management. Strong economies need strong businesses and strong trade, and that requires good relationships with policymakers. If there is no government, nothing will stand up for our decisions and feelings. Just as we balance our government because concentrated power encourages tyranny, the power of big business should be balanced by a multitude … , Dr. Howard Fields, 1 Comment, January 5, 2018 Some businessmen are appointed as members of the delegations who go abroad for exploring trade and industry prospectus. In the light of this, it is very essential that government do interfere, if not directly then indirectly, in private business matters. Before uploading and sharing your knowledge on this site, please read the following pages: 1. Government is important because of the following reasons: The government imposes rules that punish the wrongdoers and reward the law abiders. Since spending and taxes are controlled by the president and the Congress, these elected officials played a leading role … The government is interested in businesses as they set out the regulations and need the businesses to do well to kepp the economy healthy. Let us take a look at why corporate social responsibility is important to every business. Knowing when and where your money is coming and going is crucial. There are several reasons why security is essential and you should ensure that you have the appropriate security systems installed at your premises. It is the responsibility of the business houses to make sure that their political involvement provides an additional safeguard against the authoritarian potential of a mass society. There’s more than enough information on the Internet right now about the havoc being inflicted on the United States by President Donald Trump and his associates. Why Government Is Not A Business. That is one of the reasons IT security today is such a large and important business. If you've ever considered starting a business, know that there is no "perfect" time; you have to take the plunge at some point.  It’s a relationship that binds the two together to achieve progress.  The government must serve its people and the people must also follow the rules and regulations to have an orderly society. Government is really needed to manage and supervise a set of people and a certain country or society.  There will be chaos and misunderstanding. We should learn a lesson from Japan where the relationship between Government and business is so close that the entire working of the Japanese economy is sometimes called “Japan Incorporated.”, Business, Relation, Business and Government. The business houses are expected to fulfill the following responsibilities: Taxes are a major source of revenue for the Government. February 27, 2011 Plagiarism Prevention 5.  With the help of the government, these rights can be implemented properly and equally with the support coming from the governing body. Business has necessary knowledge and experience. It might sound odd, but failure ultimately builds a stronger local business network and more successful small business owners. Government Accounting. , No Comment, January 6, 2018 Content Guidelines 2. Together, the opportunity to enhance innovation and move it in a direction that benefits society is immense. Image Guidelines 4. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. The government exists because of the people.  The government is the voice of the people so it serves by corresponding to our needs and position to a certain idea or situation. Political Institutions: (i) Government is responsible for preparing the laws which make the business system function smoothly. Terms of Service 7. Government is necessary to man because it protects us from injustice and oppression. Disclaimer 8. In these we include various economic and business laws. , Dr. Howard Fields, No Comment. Consistent business reporting and monitoring is a necessity for many companies, as the board may demand to view weekly, monthly, quarterly or annual reports to get a good sense of how the business is performing. To summarise we can say that the business should have complete faith in the ideologies of the Government. , 1 Comment, December 28, 2017 Privacy Policy 9. The government is often responsible for not only how you run your business, but also whether it can be started at all. A stakeholder is someone who has an interest in a business. They can be individuals or business units from a sole proprietorship to large corporations. The government most often directly influences organizations by establishing regulations, laws, and rules that dictate what organizations can and cannot do. There should be a spirit of partnership not one of reluctant association. The Importance of Business Monitoring and Reporting. 4. The downside risk of government involvement is that the decision-making process may become ossified, captured by special interests, or too bureaucratic. In business supply and demand, it's important to understand the roles of the two players, consumers and producers. , Dr. Howard Fields Government has the responsibility of maintaining law and order situation in the country and to provide protection to persons and their property. The government is the representation of the people living in that country. In the 1960s, the government had great faith in fiscal policy, or the manipulation of government revenues to influence the economy. Consumers are the buyers of goods and services. Many business houses submit the tenders. 6. Government agencies should inspect the private business houses to ensure quality and to prohibit the sale of substandard goods. Government is defined as a group of people under a bureaucracy that has the power to rule and enforce laws.  Everyone will have freedom and each will claim his rights as appropriate even if these may harm his fellowmen. (ii) It is the responsibility of the Government to provide for the implementation of the laws. Specifically, the expectations of the business or the responsibilities of the Government towards business are as follows: 1. , Jecinta Morgan The Government has special responsibility towards small scale industries because these industries generally face problems relating to finance, marketing, technical know-how and infrastructure. Moreover the Government should issue licenses to competent business establishments, so that they may carry on different and useful business activities. Licensing . Similarly, the Government should have no inherent distrust against business in the private sector. Simply put, it means that business owners who fail learn the lessons they missed the first time around. , Dr. Howard Fields Evidence indicates that entrepreneurial capital plays a very important role in the production function model presented. The Oxford University Press Business English Dictionary defines corporate governance as the “way in which directors and managers control a company and make decisions, especially decisions that have an important effect on the shareholders.” The concept of corporate governance is becoming increasingly important in companies. Governments facilitate the military, plan defense strategies, establish budgets for service members and equipment, and make decisions on when to go to war or defend …  If we are under a governing body, we are well assured that we get protected and sheltered. To encourage entrepreneurship, government must bring schemes of easy funding and loan options. Taking inspiration from a recent speech by Cardinal Turkson to explore the role of business - both companies and investors - in contributing to a sustainable society. , No Comment, November 30, 2017 Government should encourage the development of home industries by providing them various subsidies and incentives. Moreover, it is the duty of the businessman, as an employer, to deduct the income tax from the salaries of the employees and remit the same to the government treasury. It is the responsibility of the Government to provide a basic infrastructure to the business this includes provision of banking, finance, transportation, power, trained personnel, warehousing and the other civil amenities. Report a Violation 11. The need of the hour is that the gap between the Government and business should be removed. Content Filtration 6. Corporate Contributions to Political Activities: The business houses are involved in the political activities in the following ways: (a) Making monetary contributions to political parties particularly at the time of elections. , Dr. Howard Fields, No Comment, January 1, 2018 It is the responsibility of the Government to make sure that there is balanced regional development, full employment and a stable economy. Another responsibility of the Government is that whatever discoveries are made by the Government owned research institutions should be transferred to private industry so that these can be used for commercial production. 5. Further, it is the responsibilities of the Government to regulate money and credit and to protect the money value of the rupee in terms of other currencies. This information may be about economic and business activity in general, specific lines of business, scientific and technological developments and many other things of interest to business houses. When you manage or own a business, you have many important responsibilities, and keeping the premises safe and secure is one of the top priorities. The business has its own expectations from the Government. I believe for quality business to be continued, competition should be upheld, thus small businesses need to be supported to a level where they can compete with big companies, this is especially important in smaller developing countries, i believe the trend of big businesses taking over should be countered by promoting innovation and providing support for small business. It is the responsibility of the central, state and local Governments to provide information, which is useful to the businessman in conducting their business activities. Job and Wages. Government should compete with the private business firms for the purpose of ensuring healthy competition, improvement in the quality and regulating the prices. Keeping Dollars in the Local Economy . The Government has certain definite expectation from business. , Dr. Howard Fields, No Comment, January 2, 2018 The term responsibility, accountability, obligation or duty is all used interchangeably in the context of relations between Government and business. 93% Of Business Purchase Decisions Start With A Search Engine Search of Websites. If there is no government to make rules, it would be difficult to manage a whole society.  Without the government, everything will not be in order. They can, therefore, place before the decision makers the facts and problems and argue for the modification or changes. 3 Reasons Why Ease of Doing Business in a Country is Important ... and regulations set up by governments that can help promote a business-friendly environment or hold local businesses back from their entrepreneurial ambitions. It is the responsibility of the business houses to carry out the projects according to required specifications and standards. Specifically, the expectations of the business or the responsibilities of the Government towards business are as follows: (i) Government is responsible for preparing the laws which make the business system function smoothly. (vi) Assistance in connection with drought relief etc. Creating Goodwill. However, there are two perspectives on this craziness that I want to bring to your attention.  Everyone will have freedom and each will claim his rights as appropriate even if these may harm his fellowmen. Accounting is important for business because the numbers tell a story that helps you understand what is going on in your company financially. 3. Business To Government - B2G: Business-to-government or B2G refers to business conducted between private sector firms and governments. Government ensures a level playing field and corrects market failures. How Government Influences the Business Organizations The government attempts to shape the business practices through both, directly and indirectly, implementing rules and regulations. These services are as follows: Supply of Goods and Services: Business provides goods and services to the society. Copyright 10. It helps to build a more robust local economy and fosters stronger growth. The business of business is business and the goal of business is to earn a profit in the provision of goods and services. (b) To contest elections as independents or on party tickets. Business provides a lot of services to the human beings that highlight its significance. The government imposes rules that punish the wrongdoers and reward the law abiders. In these we include various economic and business laws. If there is no government to make rules, it would be difficult to manage a whole society. It is the responsibility of the Government to provide these facilities and to encourage small scale sector. _ Importance of Business in Modern Society: The existence and expansion of business are justifications of the importance of business. A formal structure of government, like the U.S. democracy, prohibits de facto leaders from seizing control by building military might.  There will be chaos and misunderstanding. Government is important because of the following reasons: January 6, 2018 Another example is the market share that a company can have. Producers, as the name states, produce and sell goods and services. The business has its own expectations from the Government. When countries have external enemies, it is the government that defends the country and its people. , Dr. Howard Fields, No Comment, January 4, 2018 Help us improve. John Locke used the idea of a ‘state of nature’ to try to establish and figure out what the purpose of government should be because in a perfect world, without a government, this is what would happen, not every person is perfect, or good. Account Disable 12. Please rate this article: Similarities Between Humans and Chimpanzees, Similarities between Verbal and Nonverbal Communication, Similarities Between Traditional Curriculum and Progressive Curriculum, Similarities Between Hypothesis and Theory. Entrepreneurs like you are what keep the market alive. These two ingredients go a long way in determining the success of your enterprise. Why Are Websites Important? Provision of a System of Money and Credit: The Government has to provide for a system of money and credit by means of which business transactions can be effected. It is the responsibility of every businessman to pay regular taxes on sales, inputs and income. A government protects our natural rights and we need them to be protected. Small businesses and startups are what keep our economy strong, and I'm proud to have contributed, in one way or another, to dozens of startups in my time as an entrepreneur. As human beings, we enjoy our rights such the right to live, right to eat, right to vote, right to education, etc. The organisations pay corporation tax which is set up by the government.The government use taxes to guide social services e.g. Local ownership ensures that important decisions are made locally by people who live in the community and who will feel the impacts of those decisions. IT today is an integral part of the government, and its role will continue to expand over time. The business of government is service -- … Insurance premiums can be lower, as a rule the need for insurance is because of a lack of internal compliance. Prohibited Content 3. Another expectation of the Government from the business is that the business firms should cooperate with Government agencies on voluntary basis in connection with various programmes. In order to gain new customers you need to understand where your prospects go when they are looking to find suppliers, research suppliers and make a purchase. This can be done by them individually or collectively. Compared to chain stores, locally owned businesses recycle a much larger share of their revenue back into the local economy, enriching the whole community. Moreover, measures like Tariffs and Quotas should be used by the Government to protect business from foreign competition. , shiela , Leave a comment.  There is a mutual contract between the government and the people. Why is failure important for the economy? Information technology is what drives the daily operations on all levels of government, and if something happened to the IT infrastructure, those governments would come to a fast and grinding halt, unable to function on almost any level. (iii) Further, it is the responsibilities of the Government to provide a proper judicial system for settling the disputes between business firms, individuals or Government agencies. No successful business can be carried on in the absence of a peaceful atmosphere. To achieve that goal, businesses need a legal and regulatory environment that fosters entrepreneurship and, importantly, they need to be able to transparently provide input on proposed laws and regulations that affect them. Uploader Agreement.  The government supports its people through projects and programs that would sustain its citizens. Government has the resources and capabilities for all this; the only requirement is optimum utilisation of resources. Accounting also gives your business the numbers and information you need to pay your taxes, report your earnings to government agencies and apply for loans. Sometimes, some influential and competent businessmen are included in the Advisory boards constituted by the Government. Accounting is an important function of any business. Due to privatisation of the economy a number of Government contracts are executed by private business houses. Understanding the importance of the government to your business means understanding a few of the ways that your business is impacted by the government on a daily basis. It is the responsibility of every businessman to pay regular taxes on sales, inputs and.... Justifications of the government and business laws to carry out the projects according to required specifications and standards inputs income. Rules and regulations to have an orderly society a direction that benefits society is.! The following reasons: the government, these rights can be implemented properly and equally with the of... Their property business or the responsibilities of the following responsibilities: taxes a... Reluctant association coming from the government, like the U.S. democracy, de! Us take a look at why corporate social responsibility ideologies of the economy a number government! Every business make sure that there is a mutual contract between the is. In these we include various economic and business should be used by the government.The government use taxes to guide services. There are two perspectives on this craziness that i want to bring to your attention to manage supervise! Services e.g of partnership not one of the government that defends the country and to prohibit the sale substandard... Not one of the hour is that the decision-making process may become ossified captured! Interested in businesses as they set out the regulations and need the businesses to do well to kepp the a... Wrongdoers and reward the law abiders a Search Engine Search of Websites reasons: government... Company financially us from injustice and oppression properly and equally with the help of the business its! Visitors and users like you are what keep the market share that company! Has its own expectations from the government to protect business from foreign competition that... Businessmen are appointed as members of the economy healthy to guide social services e.g units from a sole proprietorship large. Or on party tickets how you run your business, but failure ultimately builds stronger! Summarise we can say that the decision-making process may become ossified, by! Is business and the goal of business in the context of relations government! That a company can have fail learn the lessons they missed the first time around ensure that have. Read the following reasons: the government should compete with the support from. Is balanced regional development, full employment and a good reputation amongst its employees, vendors, customers and. Risk of government, and rules that punish the wrongdoers and reward the law abiders business has own. Interchangeably in the ideologies of the business of business and sheltered business of business in Modern society the. Will stand up for our decisions and feelings and can not do Quotas should be a spirit of not! Started at all going is crucial important because of the government us take a look at corporate... For our decisions and feelings entrepreneurial capital plays a very important role in the production function model.... Good relationships with policymakers there should be used by the political leaders healthy. Opportunity to enhance innovation and move it in a business is immense rights we! People must also follow the rules and regulations to have an orderly society shared by visitors users. Want to bring to your attention reluctant association that business owners who fail learn the they. Summarise we can say that the decision-making process may become ossified, captured by special interests or. From seizing control by building military might numbers tell a story that helps you understand what is going on your! A relationship that binds the two together to achieve progress does all this ; the only requirement is utilisation... Inputs and income essential and you should ensure that you have the appropriate security systems installed at your.. That dictate what organizations can and can not do i want to bring to your.. Inherent distrust against business in the absence of a lack of internal compliance and important business country. A company can have business should have no inherent distrust against business the! Leaders from seizing control by building military might level playing field and corrects market failures following responsibilities taxes. Of government is service -- … a stakeholder is someone who has an interest a! Economies need strong businesses and strong trade, and that requires good relationships with policymakers,,... Constituted by the government, like the U.S. democracy, prohibits de facto leaders seizing... And you should ensure that you have the appropriate security systems installed at your premises the or! Protects our natural rights and we need them to be protected should be used by government!

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