By Shweta Bapat
Why society needs business? To survive people need to fulfill their needs some are basic or physiological needs like food shelter clothing and some are social needs, security needs esteem needs, etc. To fulfill these needs society needs a variety of products and services.
These products and services are manufactured and supplied by businesses. The basic purpose of business is to supply goods and services demanded by the customers (a part of society), but this function must allow companies to make a profit. People in society need earning opportunities these opportunities are created by businesses by creating jobs and entrepreneurial opportunities for common people.
Is it like only society needs business? Certainly not, as society needs business, business also needs society for its sustainable existence. Businesses are producing goods and offering services, but it is impossible to do it without the help of society. To operate successfully, a business needs various resources that are available in society. Human resource is the main resource on which the business is largely dependent.
Also Read: Five Dimensions Of Responsible Business – India CSR
Right unskilled human resource up to highly skilled human resources is the need of the business. It is not only about internal human resources i.e. employees they need for the work but the external human resource like suppliers, retailers, wholesalers, distributors, etc. Similar to human resources businesses need funds. These funds are also made available by the society through investors, creditors, government, funding agencies, etc.
The important help businesses need from society is the market for their product. Customers and most importantly their acceptance of the product or services offered by the businesses is the very reason for the existence and survival of the businesses.
This is a crucial area because the existence of competitors in the same society becomes a challenge and therefore attracting loyal customers becomes the priority of every business. Besides this businesses need every type of information like market information, economic information, technological information, and political information about their surrounding to take important business decisions affecting on their functioning.
They get the sources of information again from society. After giving almost everything required for the business what society expects in return is good quality products and services at reasonable prices, ethically run businesses by paying taxes timely to the government, avoiding malfunctioning/ frauds/corruption and responsibly running business operations by discharging duties towards every stakeholder like employees, customers, investors, suppliers, government, etc and lastly to actively contribute in the inclusive growth of the country.
So this shows as there is a need for a business in society there is also a need for society to do business. Therefore it becomes the combined responsibility of both to help each other to survive and take care of the surrounding in which both are in existence. Together, both need to carefully handle environmental problems, health issues, poverty, terrorism and many more to bring about improvements in the world.
(About the Author: Mrs. Shweta Bapat, HoD Human Resource Management, Kaveri College of Arts, Science and Commerce, Pune)
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