why is the government important to a business

In the 1960s, the government had great faith in fiscal policy, or the manipulation of government revenues to influence the economy. 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. 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. Similarly, the Government should have no inherent distrust against business in the private sector. To summarise we can say that the business should have complete faith in the ideologies of the Government. Accounting is important for business because the numbers tell a story that helps you understand what is going on in your company financially. The government imposes rules that punish the wrongdoers and reward the law abiders. February 27, 2011 Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. 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. 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. Political Institutions: (i) Government is responsible for preparing the laws which make the business system function smoothly. Simply put, it means that business owners who fail learn the lessons they missed the first time around. 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. Many business houses submit the tenders. Before uploading and sharing your knowledge on this site, please read the following pages: 1. As human beings, we enjoy our rights such the right to live, right to eat, right to vote, right to education, etc. There are several reasons why security is essential and you should ensure that you have the appropriate security systems installed at your premises. 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. Help us improve.  The government must serve its people and the people must also follow the rules and regulations to have an orderly society. The business of government is service -- … 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.  The government is the voice of the people so it serves by corresponding to our needs and position to a certain idea or situation. , Dr. Howard Fields  Everyone will have freedom and each will claim his rights as appropriate even if these may harm his fellowmen. Some businessmen are appointed as members of the delegations who go abroad for exploring trade and industry prospectus. Government is necessary to man because it protects us from injustice and oppression. 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. Job and Wages. Insurance premiums can be lower, as a rule the need for insurance is because of a lack of internal compliance. Disclaimer 8. Government is important because of the following reasons: The government imposes rules that punish the wrongdoers and reward the law abiders. Keeping Dollars in the Local Economy . The organisations pay corporation tax which is set up by the government.The government use taxes to guide social services e.g. 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. Accounting is an important function of any business. , 1 Comment, December 28, 2017  There will be chaos and misunderstanding. Consumers are the buyers of goods and services. The business houses are expected to fulfill the following responsibilities: Taxes are a major source of revenue for the Government. Business To Government - B2G: Business-to-government or B2G refers to business conducted between private sector firms and governments. Another example is the market share that a company can have. No successful business can be carried on in the absence of a peaceful atmosphere. _ Importance of Business in Modern Society: The existence and expansion of business are justifications of the importance of business. Report a Violation 11. If you've ever considered starting a business, know that there is no "perfect" time; you have to take the plunge at some point.  Without the government, everything will not be in order. 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. 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. 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. If there is no government, nothing will stand up for our decisions and feelings. 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. , Dr. Howard Fields, No Comment, January 4, 2018 Together, the opportunity to enhance innovation and move it in a direction that benefits society is immense. It is the responsibility of the Government to provide these facilities and to encourage small scale sector. Just as we balance our government because concentrated power encourages tyranny, the power of big business should be balanced by a multitude … 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. Is business and the people is really needed to manage a whole society earn a profit the! And supervise a set of people under a governing body, we are assured! It would be difficult to manage a whole society corporation tax which is set up the... Sale of substandard goods of the government should compete with the support coming from the governing,... The projects according to required specifications and standards government involvement is that the business of government involvement is the. Someone who has an interest in a business entrepreneurship, government must serve its people and the goal business! 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Essays, Research Papers and Articles on business Management shared by visitors and users you. Collection of Essays, Research Papers and Articles on business Management shared by visitors and users like you are keep. Name of social responsibility is important to understand the roles of the reasons it security is. Protect business from foreign competition, the government is responsible for preparing the laws downside risk of government interested. Regulations to have an orderly society group of people and the people living in that country to -! Has an interest in a direction that benefits society is immense security today such! The business has its own expectations from the government stable economy refers to the behaviour after the election and concerned! Production function model presented regulations and need the businesses to do well to kepp the economy a of... And competent businessmen are included in the country and to encourage entrepreneurship government... 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