By Shweta Bapat
Why society needs business? To survive people needs to fulfil their needs some are basic or physiological needs like food shelter clothing and some are social needs, security needs esteem needs etc. To fulfil these needs society needs 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 the society), but this function must allow companies to make 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, business needs various resources that are available in society. Human resource is the main resource on which the business is largely dependent.
Right unskilled human resource up to highly skilled human resource is the need of the business. It not only about internal human resource i.e. employees they need for the working but the external human resource like suppliers, retailers, wholesalers, distributors etc. Similar to human resource businesses need funds. These funds area 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 to 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 the competitors in the same society becomes a challenge and therefore attracting loyal customers becomes the priority of every business. Besides this the businesses need every type of information like market information, economic information, technological information, political information of its surrounding to take important business decisions affecting on its functioning.
They get the sources of information again from the society. After giving almost everything required for the business what society expects in return is the good quality products and services at reasonable prices, ethically run businesses by paying taxes timely to the government, avoiding mal functioning/ frauds/corruption and responsibly run 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 need of business to the society there is also a need of society to the 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 the 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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