Running a business presents challenges such as managing finances from a broad scale, including ensuring the bills are paid, credit is not misused, and keeping the doors open. In downturns of the economy, there are challenges that business owners face which may cause them to be unable to maintain their commitments or meet their financial obligations. If you were an employer who came upon difficult times, how would you handle such a situation? Do you think there are ways to combat such challenges without having to lay off employees or shut down entirely? Discuss the ethical concerns this might present.

Business challenges

The world economic systems rely on businesses. Therefore, the business managers play a critical role in ensuring that the demands of running a successful business are realized. Currently, there are many problems in the running of the company. These include the financial issues, resource management problems as well as the employee’s management issues.  The managers must bear the skills that are required in the daily running of the business to achieve the profits. This article describes the methods and procedures that one can apply to encounter the problems that are experienced in the running of the company.

Several problems might rice in a business activity. The business must adjust to create a balance. At times, employers tend to send drop some of the people they have. However, cutting off the employees cannot produce the complete solution to encounter the business issues. The actual procedures that one can use instead of the sending away the employees’ are outlined as follows. The first method that a manager would do is to motivate the employees to work. The employees might fail to work due to lack of motivation hence reduce the returns of a firm (Dhar & Dhar, 2007). To curb such an issue, the employer must look for the ways to improve the level of production.

On the other hand, the manager of the organization should incorporate the employees in the issues concerning the management of the team. This would enable the manager to find the negative factors that affect the running of the business. Additionally, the manager can seek external financial support in case the company is running bankrupt. For instance, the organization can take loans to curb the management of the businesses.  The manager can also take the initiative of benchmarking with the employees to other company that is performing better.

In a nutshell, the management of the organization negative issues requires both the employees and the employers. This means that within the administration, the group should incorporate the employees and the employer. Therefore, the disposing of the employees when the employers when the company bares losses are not the best solution to take.

Reference

Dhar, U., & Dhar, S. (2007). Case method in Management Education (Vol II). Excel Books India.