4. The business of business is business and the goal of business is to earn a profit in the provision of goods and services. If you've ever considered starting a business, know that there is no "perfect" time; you have to take the plunge at some point. Government Accounting. Content Guidelines 2. When you manage or own a business, you have many important responsibilities, and keeping the premises safe and secure is one of the top priorities. Evidence indicates that entrepreneurial capital plays a very important role in the production function model presented. Moreover, measures like Tariffs and Quotas should be used by the Government to protect business from foreign competition. This information may be about economic and business activity in general, specific lines of business, scientific and technological developments and many other things of interest to business houses. The term responsibility, accountability, obligation or duty is all used interchangeably in the context of relations between Government and business. Accounting is important for business because the numbers tell a story that helps you understand what is going on in your company financially. The need of the hour is that the gap between the Government and business should be removed. 5. Â The government must serve its people and the people must also follow the rules and regulations to have an orderly society. Another example is the market share that a company can have. Due to privatisation of the economy a number of Government contracts are executed by private business houses. Â Without the government, everything will not be in order. (ii) It is the responsibility of the Government to provide for the implementation of the laws. Entrepreneurs like you are what keep the market alive. A government protects our natural rights and we need them to be protected. The government is often responsible for not only how you run your business, but also whether it can be started at all. Simply put, it means that business owners who fail learn the lessons they missed the first time around. Copyright 10. Moreover the Government should issue licenses to competent business establishments, so that they may carry on different and useful business activities. _ Importance of Business in Modern Society: The existence and expansion of business are justifications of the importance of business. There should be a spirit of partnership not one of reluctant association. Â If we are under a governing body, we are well assured that we get protected and sheltered. Business does all this under the name of social responsibility. We should learn a lesson from Japan where the relationship between Government and business is so close that the entire working of the Japanese economy is sometimes called “Japan Incorporated.”, Business, Relation, Business and Government. (vi) Assistance in connection with drought relief etc. It might sound odd, but failure ultimately builds a stronger local business network and more successful small business owners. Disclaimer 8. IT today is an integral part of the government, and its role will continue to expand over time. It is the responsibility of the Government to provide a basic infrastructure to the business this includes provision of banking, finance, transportation, power, trained personnel, warehousing and the other civil amenities. Plagiarism Prevention 5. Licensing . Â The government is the voice of the people so it serves by corresponding to our needs and position to a certain idea or situation. The government is interested in businesses as they set out the regulations and need the businesses to do well to kepp the economy healthy. Before uploading and sharing your knowledge on this site, please read the following pages: 1. The Importance of Business Monitoring and Reporting. It is the responsibility of every businessman to pay regular taxes on sales, inputs and income. Â The government supports its people through projects and programs that would sustain its citizens. , Dr. Howard Fields, No Comment. They can, therefore, place before the decision makers the facts and problems and argue for the modification or changes. Government has the resources and capabilities for all this; the only requirement is optimum utilisation of resources. Â There will be chaos and misunderstanding. Business has necessary knowledge and experience. Insurance premiums can be lower, as a rule the need for insurance is because of a lack of internal compliance. In these we include various economic and business laws. This can be done by them individually or collectively. Provision of a System of Money and Credit: The Government has to provide for a system of money and credit by means of which business transactions can be effected. The government exists because of the people. , Dr. Howard Fields, No Comment, January 2, 2018 Similarly, the Government should have no inherent distrust against business in the private sector. , Dr. Howard Fields It is the responsibility of the Government to provide these facilities and to encourage small scale sector. Keeping Dollars in the Local Economy . Political Institutions: (i) Government is responsible for preparing the laws which make the business system function smoothly. Why Government Is Not A Business. Consumers are the buyers of goods and services. Prohibited Content 3. Creating Goodwill. In business supply and demand, it's important to understand the roles of the two players, consumers and producers. It is the responsibility of the business houses to make sure that their political involvement provides an additional safeguard against the authoritarian potential of a mass society. 3. , Dr. Howard Fields, 1 Comment, January 5, 2018 Government agencies should inspect the private business houses to ensure quality and to prohibit the sale of substandard goods. Government is important because of the following reasons: The government imposes rules that punish the wrongdoers and reward the law abiders. Specifically, the expectations of the business or the responsibilities of the Government towards business are as follows: 1. Local ownership ensures that important decisions are made locally by people who live in the community and who will feel the impacts of those decisions. Government should encourage the development of home industries by providing them various subsidies and incentives. Taking inspiration from a recent speech by Cardinal Turkson to explore the role of business - both companies and investors - in contributing to a sustainable society. Â There is a mutual contract between the government and the people. How Government Influences the Business Organizations The government attempts to shape the business practices through both, directly and indirectly, implementing rules and regulations. 3 Reasons Why Ease of Doing Business in a Country is Important ... and regulations set up by governments that can help promote a business-friendly environment or hold local businesses back from their entrepreneurial ambitions. Business provides a lot of services to the human beings that highlight its significance. Some businessmen are appointed as members of the delegations who go abroad for exploring trade and industry prospectus. , No Comment, January 6, 2018 Further, it is the responsibilities of the Government to regulate money and credit and to protect the money value of the rupee in terms of other currencies. , shiela , Leave a comment. Content Filtration 6. Every company needs to build trust and a good reputation amongst its employees, vendors, customers, and investors. The government imposes rules that punish the wrongdoers and reward the law abiders. Image Guidelines 4. They can be individuals or business units from a sole proprietorship to large corporations. Â Everyone will have freedom and each will claim his rights as appropriate even if these may harm his fellowmen. To summarise we can say that the business should have complete faith in the ideologies of the Government. I believe for quality business to be continued, competition should be upheld, thus small businesses need to be supported to a level where they can compete with big companies, this is especially important in smaller developing countries, i believe the trend of big businesses taking over should be countered by promoting innovation and providing support for small business. Government is defined as a group of people under a bureaucracy that has the power to rule and enforce laws. Uploader Agreement. Essays, Research Papers and Articles on Business Management, Government Company and Non-Government Company: Difference, Government’s role in Uplifting National Economy, Relationship between Environment and Business, Essay on Consumer Finance | India | Financial Management. The Government has special responsibility towards small scale industries because these industries generally face problems relating to finance, marketing, technical know-how and infrastructure. Accounting is an important function of any business. In the 1960s, the government had great faith in fiscal policy, or the manipulation of government revenues to influence the economy. Why is failure important for the economy? In the light of this, it is very essential that government do interfere, if not directly then indirectly, in private business matters. No successful business can be carried on in the absence of a peaceful atmosphere. Government ensures a level playing field and corrects market failures. In these we include various economic and business laws. Accounting also gives your business the numbers and information you need to pay your taxes, report your earnings to government agencies and apply for loans. (iii) Further, it is the responsibilities of the Government to provide a proper judicial system for settling the disputes between business firms, individuals or Government agencies. Specifically, the expectations of the business or the responsibilities of the Government towards business are as follows: (i) Government is responsible for preparing the laws which make the business system function smoothly. February 27, 2011 Business To Government - B2G: Business-to-government or B2G refers to business conducted between private sector firms and governments. (c) Through lobbying, which refers to the behaviour after the election and is concerned with securing legislation in favour of business. A stakeholder is someone who has an interest in a business. Another responsibility of the Government is that whatever discoveries are made by the Government owned research institutions should be transferred to private industry so that these can be used for commercial production. These services are as follows: Supply of Goods and Services: Business provides goods and services to the society. It is another responsibility of the business houses to give feedback information to the Government on the decisions taken by the political leaders. , Dr. Howard Fields Governments facilitate the military, plan defense strategies, establish budgets for service members and equipment, and make decisions on when to go to war or defend … , No Comment, November 30, 2017 The government most often directly influences organizations by establishing regulations, laws, and rules that dictate what organizations can and cannot do. Sometimes, some influential and competent businessmen are included in the Advisory boards constituted by the Government. The downside risk of government involvement is that the decision-making process may become ossified, captured by special interests, or too bureaucratic. It is the responsibility of the business houses to carry out the projects according to required specifications and standards. Together, the opportunity to enhance innovation and move it in a direction that benefits society is immense. Another expectation of the Government from the business is that the business firms should cooperate with Government agencies on voluntary basis in connection with various programmes. Terms of Service 7. Job and Wages. That is one of the reasons IT security today is such a large and important business. The business of government is service -- … , Dr. Howard Fields, No Comment, January 4, 2018 Report a Violation 11. Government is necessary to man because it protects us from injustice and oppression. It is the responsibility of the Government to make sure that there is balanced regional development, full employment and a stable economy. However, there are two perspectives on this craziness that I want to bring to your attention. Help us improve. Â It’s a relationship that binds the two together to achieve progress. The organisations pay corporation tax which is set up by the government.The government use taxes to guide social services e.g. The government is the representation of the people living in that country. John Locke used the idea of a ‘state of nature’ to try to establish and figure out what the purpose of government should be because in a perfect world, without a government, this is what would happen, not every person is perfect, or good. Privacy Policy 9. The Oxford University Press Business English Dictionary defines corporate governance as the “way in which directors and managers control a company and make decisions, especially decisions that have an important effect on the shareholders.” The concept of corporate governance is becoming increasingly important in companies. Government should compete with the private business firms for the purpose of ensuring healthy competition, improvement in the quality and regulating the prices. Producers, as the name states, produce and sell goods and services. Â With the help of the government, these rights can be implemented properly and equally with the support coming from the governing body. As human beings, we enjoy our rights such the right to live, right to eat, right to vote, right to education, etc. Many business houses submit the tenders. Account Disable 12. Information technology is what drives the daily operations on all levels of government, and if something happened to the IT infrastructure, those governments would come to a fast and grinding halt, unable to function on almost any level. It is the responsibility of the central, state and local Governments to provide information, which is useful to the businessman in conducting their business activities. 93% Of Business Purchase Decisions Start With A Search Engine Search of Websites. Let us take a look at why corporate social responsibility is important to every business. Why Are Websites Important? 6. , Dr. Howard Fields, No Comment, January 1, 2018 Government is important because of the following reasons: January 6, 2018 Consistent business reporting and monitoring is a necessity for many companies, as the board may demand to view weekly, monthly, quarterly or annual reports to get a good sense of how the business is performing. These two ingredients go a long way in determining the success of your enterprise. The business houses are expected to fulfill the following responsibilities: Taxes are a major source of revenue for the Government. In order to gain new customers you need to understand where your prospects go when they are looking to find suppliers, research suppliers and make a purchase. Please rate this article: Similarities Between Humans and Chimpanzees, Similarities between Verbal and Nonverbal Communication, Similarities Between Traditional Curriculum and Progressive Curriculum, Similarities Between Hypothesis and Theory. The business has its own expectations from the Government. Understanding the importance of the government to your business means understanding a few of the ways that your business is impacted by the government on a daily basis. It helps to build a more robust local economy and fosters stronger growth. The business has its own expectations from the Government. Â There will be chaos and misunderstanding. A formal structure of government, like the U.S. democracy, prohibits de facto leaders from seizing control by building military might. , Jecinta Morgan Knowing when and where your money is coming and going is crucial. Small businesses and startups are what keep our economy strong, and I'm proud to have contributed, in one way or another, to dozens of startups in my time as an entrepreneur. Government is really needed to manage and supervise a set of people and a certain country or society. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. If there is no government to make rules, it would be difficult to manage a whole society. There are several reasons why security is essential and you should ensure that you have the appropriate security systems installed at your premises. To encourage entrepreneurship, government must bring schemes of easy funding and loan options. Â Everyone will have freedom and each will claim his rights as appropriate even if these may harm his fellowmen. If there is no government, nothing will stand up for our decisions and feelings. Government has the responsibility of maintaining law and order situation in the country and to provide protection to persons and their property. When countries have external enemies, it is the government that defends the country and its people. There’s more than enough information on the Internet right now about the havoc being inflicted on the United States by President Donald Trump and his associates. (b) To contest elections as independents or on party tickets. Since spending and taxes are controlled by the president and the Congress, these elected officials played a leading role … The Government has certain definite expectation from business. Corporate Contributions to Political Activities: The business houses are involved in the political activities in the following ways: (a) Making monetary contributions to political parties particularly at the time of elections. Just as we balance our government because concentrated power encourages tyranny, the power of big business should be balanced by a multitude … To achieve that goal, businesses need a legal and regulatory environment that fosters entrepreneurship and, importantly, they need to be able to transparently provide input on proposed laws and regulations that affect them. Strong economies need strong businesses and strong trade, and that requires good relationships with policymakers. , 1 Comment, December 28, 2017 If there is no government to make rules, it would be difficult to manage a whole society. Compared to chain stores, locally owned businesses recycle a much larger share of their revenue back into the local economy, enriching the whole community. 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