Construction Of Business Management: Financial Crisis

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Construction Of Business Management: Financial Crisis

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Construction Of Business Management: Financial Crisis

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Question:
Discuss about the Construction of Business Management for Financial Crisis.

Answer:

Global financial crisis entered a new era when governments struggled to save their financial institutions and strongholds. Many of powerful countries suffered great setbacks in their economies, but Australia response to the global financial crisis saved the country’s economy through announcing budget stimuli packages to curb the financial crisis. The packages were released with the first and second stimuli both were injected into the system to serve different purposes which would and helped the recession economy. Company to be able to say that it has evaded the financial crisis some facts are looked upon example all the staff payment should be cleared, the company should be out of debts and be able to give profit financial statement at least (Shi, & Halpin, (2003)
Procurement Strategies
Procurement strategy is the plan or method used to be most effectively in optimizing the resources in acquiring material or items legally in a company or organization. Every procurement department in an organization works for hand in hand with a budget plan of the organization and with consideration of some of the strategic plans and projects already in progress. Also, the company should consider environmental factors surrounding the business that is the social and economy considerations; most valuable commodity price flow and international stoke market which should act as a primary guideline in preparedness of GFC (Creyer, (1997)
The company financial data record is essential is in procurement department operational duties which many facts are to be considered. Capital flow is a major issue to consider this is by analyzing profit incomes, the tax rate in the company, growth of the company and majorly cost of operation. By the considerations the company put in place the fact in the time of GFC not to rely on the government stimuli, it will have a smooth flow of economy if the even the financial crises strike again it will have a lot of boost of its own to stabilize its self.
Procurement planning should have series of revision exercises before having any procurement done. Analysis of the spending data of the procurement should be well done; all the company record should in order so as to know the maximum amount that should be spent on the procurement. Tender and supplier management with the corporation should be considered very well too (or “intending to”) have good quality supplies and to be able to have good relation with the supplier. Procurement department should consider having an excellent customer relationship and try to get feedback about their services to the company; it is through the client’s relation that many of the loopholes in the department can be noted. The category management should be well studied through to have sustainable and efficient procurement. The awarding and implementation of the tender to the successful supplier is work of category manager. The category manager also does contract management essentially he is to ensure proper participation of key stakeholders and keep update with the suppliers in case of any changes (Jeston, & Nelis, (2014).
Procurement analysis involves the consideration of the review of; strategic situation analysis (SWOT) Strength Weakness Opportunity and Threat, procurement capability of development and policy, procedure, processes and system initiatives which are usually in procurement manual that highlights all protocol in the department.

Company Behavior and Ethics
In every firm ethics and behavior are critical as this is what sells company’s image to the customer and also determines a lot the outcome to the profitability of the business. Apart from having a good image to the customers, most of the companies have come up to make the behavior and ethics a regulatory requirement to every worker to a bind to them. Teamwork and efficiency in most of the workplaces require and mostly depend on the behavior and ethics. Lessons learned from GFC show that company preparedness to the recession of the economy was very few that most of them even went bankrupt to the point of being closed (Mohr, et al. (2001).
Behavior at work and a personal level are one of the most specified by the companies in workplaces. Behavior mostly is summarized as the relationship between fellow working colleges, appropriate dressing, language and accountability of the action at the workplace.
Integrity is the honesty that is required to a worker by the company or his/her organization. Honesty is an important virtue that one must develop by his own so as to be able to work for any company with confidence. Example workers working in banks and financial institution are required a lot of integrity in them from even the customers to manage their money and properties.
Accountability to work is a great requirement for every company and every corporative. The liability of worker is known by how he is responsible for his/her position whether as a manager or just as a messenger in the company’s
Teamwork is a most driving necessity to every business success. Even up to department levels in the enterprise collaboration is most required to have a sufficient production. The example in health care or hospital many of the doctors have specialized in a different field, and at the point, a euro surgeon may require assistance from the psychology doctor or just the pharmacist.
Commitment to work is paramount also to every worker in that in the event at one point when one is needed to have extra time or effort to fulfill certain task the company can rely on the employee. Example doctors are supports to be very committed in their work such that even when required in an emergency at night they can be counted on to save lives.
Conclusion
For a company to be able to avoid the GFC a lot has to be taken into consideration from workers themselves and also to the organizational structure of the corporation. The procurement department should be able to meet the required policies and procedures by the company are strictly followed for any purchase done. Workers also have a significant role to play in the whole company itself depend on the employee’s teamwork and efficiency. Also, the companies should have measures in place to able to curb global financial crisis if it happens to occur again and even know a way to predict future occurrence of GFS (Jüttner, & Maklan, (2011).

References
Creyer, E. H. (1997). The influence of firm behavior on purchase intention: do consumers care about business ethics. Journal of Consumer Marketing, 14(6), 421-432.
Jeston, J., & Nelis, J. (2014). Business process management. Routledge.
Jüttner, U., & Maklan, S. (2011). Supply chain resilience in the global financial crisis: an empirical study. Supply Chain Management: An International Journal, 16(4), 246-259.
Mohr, L. A., Webb, D. J., & Harris, K. E. (2001). Do consumers expect companies to be socially responsible? The impact of corporate social responsibility on buying behavior. Journal of Consumer Affairs, 35(1), 45-72.
Shi, J. J., & Halpin, D. W. (2003). Enterprise resource planning for construction business management. Journal of Construction Engineering and Management, 129(2), 214-221.

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