Interested Parties in Business

Stakeholders, also known as interested parties or concerned parties, are those groups of people, who may have an impact or be under the impact of the actions of one and the same organization. According to rather considerable techniques, company’s stakeholders can be divided into 2 significant categories: internal and external stakeholders. Advertising We will write a custom essay sample on Interested Parties in Business specifically for you for only $16.05 $11/page Learn More However, this classification is not the only one, and it is crucially important to analyze other possible divisions of stakeholders into the groups, which may be operated by the company. This analysis should help to comprehend the work of any organization and realize the role of each interested party within the chosen organization. There are five possible groups of interested parties, which will be analyzed right now. They are customers, suppliers, employees, owners, and man agers. Each of these groups has its own characteristics and own impact on the development of the company. Managers are considered to be one of the most influential group of stakeholders in any company. These concerned parties have an impact on both financial and non financial affairs of the company. Being able to effect the development of the company, managers can implement numerous strategies and other reliable techniques, which will provide managers with a chance to control any company’s action, improve company’s conditions, and make it competing. Owners take the second place in company’s organization according to the abilities to control the company and the actions of each its member. As a rule, owners have more impact on the financial affairs of the company, because one of the owners’ major duties is to provide the company with the necessary sources of capital. However, owners cannot make final decisions without proper consultation from managers†™ side. This is why managers’ duty to provide owners with consultations concerning possible investments, expenses, and other additional funds plays a very important role in the development of the company and its success. The next significant body of any company is its employees. The main point is that effectiveness of employees’ work has unbelievable impact on the effectiveness of the whole business. Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Usually, employees are regarded as the main asset of their company because they are responsible for providing proper environment at work: the more effective this environment is, the lower costs can be, and the high profit will be achieved. This is why even if employees’ duties are dependable on owners and managers’ orders, their work is still significant for general development of the company. Customers are also impo rtant figures in any company and have a certain impact on its work. The main role is closely connected with incomes and revenues of the company, because only customers can decide how effective the income stream of the company can be. If the company is provided with proper customers’ support, this company has all chances to achieve success in the chosen sphere of business. The last group of people that may effect company’s development and success is its suppliers. The company have more chances to achieve success in case of 24/7 job; however, such job is impossible if the goods are not supplied in time. This is why suppliers’ contribution to company’s work should be also considered as a key point. Only products of high quality may increase the popularity of the company; when customers know for sure that products are maintained in time are qualitative, they have no doubts to use the services and goods of this company. And these two extremely important point s are dependable on suppliers and their contributions to the company. This essay on Interested Parties in Business was written and submitted by user Scott Rhodes to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.