Answer To: Students are required to develop and outline a business structure for the proposed business, taking...
Abhishek answered on Jun 11 2021
Running Head: BUSINESS ETHICS 1
BUSINESS ETHICS 8
BUSINESS ETHICS
BUS 203: SMALL BUSINESS MANAGEMENT
Table of Contents
Introduction 3
Purpose and Objectives of Regulatory Actions of Government 3
Types of Business Structure 4
Possible Different Regulatory Courses of Actions and their Characteristics 5
Regulations for Machinery Suppliers 5
Regulations for Safety Engineering 5
Regulations for Environment 5
Regulations for Human Resources 5
Regulations for Food Preserves 6
Regulations for Tourism Accommodations 6
Regulations for Microbrewery 6
Regulations for Leisure Equipment 6
Impact of Regulatory Courses of Actions 7
Conclusion 8
References 9
Introduction
The focus of the study is to analyse the regulatory actions of the Government on the proposed business. The study will also evaluate the outcomes of the objectives of the regulatory norms of the Governments, which will have been imposed on the growth-oriented small businesses. Additionally, it is an approach to look into the preferred options of the government in order to meet the objectives of those regulatory actions and look for possible options, following which the small business structure of the business will be framed. Moreover, the study will review the impacts of the regulations of government on all aspects of the society, which will encompass the financial as well as non-financial sectors.
Purpose and Objectives of Regulatory Actions of Government
Regulatory actions of the government are essential for keeping fairness in the product-markets as well as protecting the product-markets (Bordo & Duca, 2018). In order to keep its progress the proposed business needs to comply with the regulatory knowledge and must be proactive in learning the actions. For managing the stakeholders in business, governmental regulatory actions work significantly.
Regulatory actions help to create the market opportunities of the small business. The regulatory actions of the government affects the challenged growth in particular directions. The regulatory actions of the government assists in releasing resources, which are required for growth. The resources, which the regulations of the government assists in maintaining, are namely capital, land, premises and labour.
For bringing innovation in business and product development, the regulations inspire the small business organisations. Moreover, the regulatory actions of the government protect markets from rogue traders (Koval & Pukala, 2017). By implementing the regulatory knowledge, the business could gain the competitive advantage in the business process. The demarcations between different product-markets and different producers or service providers have been accomplished by the regulatory actions.
Regulatory actions are found to restrict the scrupulous traders, which typically allow the business to grow. The costs regarding staff are determined by the regulatory actions of the government. Staff costs include training of new staff and improving the skills of the existing staff. The supply chain for a business is found regulated in balance. The regulatory actions instruct on the subject of using the equipment safely in the business process.
This includes the whole process from the workforce to the process of handing over the products to the customers. In order to have fair, systematic recruitment, selection and different HR practices, the regulatory actions are required to implement effectively in business. The regulatory actions control the business holistically starting from engaging stakeholders, impositions of elected members and keeping the heritage of the society intact.
Types of Business Structure
In this juncture, the structure of a proposed business needs to be discussed. The structure of the business includes the Sole trader at first (Williams, Belton & Graham, 2017). All aspects of business from losses to debts, day-to-day business are looked after by the sole trader. After this comes the structure of setting up the company...