Profits
Profits Business ventures and organizations ought to become successful forthey come into existence for the same reason. Nevertheless, there arevarious factors underlying the success of any business. Profit maximizationtops the list of these factors that are responsible for the essentialaccomplishment of the desired organizational aims and objectives.Nonetheless, as reviewing the relevant data on organizational success,business enterprises, their functioning and their ability to thrive andsurvive suggests, all businesses must make sure to strike a healthy balancebetween "their desire for profits against the needs and desires of society"(Integrity Management). This is where the relationship between profits andsocial responsibility becomes evident. In my opinion, profits are no doubtcrucial and highly important in determining the success of a business. Asone of the research articles reads: "Any business, large or small, has onlyfour sources of available cash: new investment, new debt, the sales offixed assets, and operating profits. Internally generated profitsreinvested in the business dramatically enhance a firm's ability to grow
Profit andcash flow go hand-in-hand" (Landry, 2000). As a resultof which, this large and famous firm had to suffer a loss of $34 million aspossible payment against damages due to blindly pursuing profitmaximization at the cost of the interest of the society at large. Moreover, Daiwa Bank of Japan andJapanese milk producer, Yukijirushi top the list of firms that chose theother path that led them to destruction and global infamy in the corporateworld. In addition to the above, the examplesof Enron and World Com support our thesis statement by revealing the clearconnection between profits and social responsibility as well asorganizational success. These compromises on profits must be made keeping in mind that "trust isthe key driver between profits and integrity and public trust is importantfor global corporate growth. The prime example of a highly successfulbusiness firm includes that of Royal Dutch Shell Group of the Netherlands,an organization with a clearly defined motto that reads, "people, planetand profits" (International Chamber of Commerce). Yet another example of a company whose profitssuffered when the world came to know about its unethical practices includeBausch & Lomb, that "watched its earnings fall 54 percent after managers"played fast and loose with accounting principles and ethics"" (IntegrityManagement). In order to proveour thesis statement around which this entire section of our position paperis based, let us consider a few examples from different factions and partsof the global corporate world. "Daiwa Bank of Japan paid $340 million in fines for failing toproperly disclose $1. Some of the examples from Korean corporate world includeworld renowned firms like Samsung Electronics, Yuhan Kimberley andShinsegae Department Store (International Chamber of Commerce). Thus,where working hard on augmenting profits, Shell kept in mind its socialresponsibility thereby striking a balance and achieving corporate success. However, I equally as well as firmly believe that in order toestablish a sound reputation that remains matchless when compared to othercompetitors in the market thereby working on the success of the business,it is highly significant that firms engage into tradeoffs and compromises. consumers tend to link corporate image to their purchasing behaviors.
Common topics in this essay:
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Integrity Management,
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Profits Business,
World Com,
Bank Japan,
Mitsubishi Motors,
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field international chamber,
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Acceptance Essays
