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Businesses are currently developing a code of ethics which is meant to govern the way they operate in the current economy. Proper business management is increasingly embracing new practices in a fast changing economy. To be in the cutting edge a manager must be well equipped with relevant updates that guide him/her to make informed decisions that do not jeopardize the smooth operations of the firm. This may include open door policy where a business owner becomes more accessible to his/her employees, customers and suppliers. A call for honesty and accountability is also essential, not forgetting a serene atmosphere for all employees. In today's destabilized economy, every company is confronted by prerequisite implementations like retrenchment; shutting down of departments or branches which consistently make losses, in other words known us rationalization. Companies therefore should facilitate ideas that bring in resources and enhance easy flow of business operations. The wise said "a good name is better than riches." Those that have spent quality time building a name and brand can hire out the same and have other market players sail on. By doing this the company gets extra revenue that does not necessary call for monetary out-put. This process is known as franchising. I would ask myself what is effective leadership and management? Who or what should gains more value in an esteemed firm? Is it the employees, company's assets, or management board? The policy maker must carefully ponder before making any company policies that impact the future of all involved. For these policies will determine whether the firm will remain in the cutting edge. Stephen is an business management expert. He researches and studies on big and small business strategies . Website: Business Management Strategies for efficient business operations.
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