Last week I learned how different aspects of the business relate to each other. I have learned how to review various financial statements of the company and how to compare them to other companies and what to look for. In addition, I have learned that business operations greatly depending on how human resource management operates. Also, I found it interesting that success of the business relies solely on the ability to adapt to current market conditions.
In other words, week five helped me understand how to put various business applications together and how to use them in my current and future career. The use of profit and Loss statements or P & L I found very interesting and important in order to conduct a business analysis. Additionally, I learned how tactics and strategies are different. Strategies are business tools that help managers achieve organizational objectives in the future, while tactics are the actions that are used to implement those strategies.
Also, I learned that the strategic leadership of ethical behavior is very crucial in the business because moral impact of leadership presence and behaviors will not be neutral. Strategic initiative is very crucial to the business, this why every organization benefits by the introduction of a strategic plan to guide the business. Strategic plan is needed because with its help, organizations identify path by which business needs to proceed, develops visions, and determines how the organization will achieve goals.
Rebecca: Last week’s objectives consisted of economics, changing organizations, and human resource management. Economics affects all types of businesses. An organization has to adapt to the ever-changing society. With new technology that is readily available to so many individuals, remaining competitive is one of the hardest things for a company. One way organizations have adapted is through reorganization. Reorganization has advantages and disadvantages.
For example, reorganization can allow a company to remain competitive, but at the same time it can be hard for an organization to reorganize because many employees are resistant to change. A company’s biggest asset is usually its employees, so it is important to not only find the right people for each position available, but also to keep those individuals happy. Human resource management is not just about hiring and firing as needed, but also to provide employees with everything they need to be successful.