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The following essay shall focus on the topic of corporate governance which is basically described as the systematic way of maintaining the relationship with the stakeholders of an organisation. Further, the essay will also highlight some of the important activities that are usually undertaken by businesses and through which one can easily aim at securing a higher position in the competitive market. The essay will elaborate on the range of some of the important challenges that are usually faced by businesses while incorporating such policies within the work environment. One common example of such a challenge is the failure to understand the requirements of the consumers as well as the employees. This makes it quite difficult for businesses to gain an important position and to accomplish the organisational activities quite effectively. Furthermore, the range of activities that are generally undertaken by the organisation shall be highlighted.
According to Jiang and Kim, (2020), corporate governance is termed quite important for businesses since these are the activities that are undertaken by the businesses to create a sustainable position. Further, this is one such activity that also helps the businesses to enhance their own productivity. The corporate governance is basically described as the ones that is associated with the businesses and that helps in satisfying the interest of the shareholders associated with the business process. The corporate governance are the important activities that are carried out by the businesses and through which one can easily aim at the achievement of the interest of the stakeholders. The different stakeholders who are associated with the organisation includes the employees, the investors, the consumers and the others who are affected or impacted by the business activities. According to Kovermann and Velte, (2019), the corporate governance is one such aspect that helps in ensuring that the individuals are able to maintain their position and they can aim to satisfy the needs of their shareholders. This can also be quite effective for the individuals to engage themselves and to create an important position in the competitive sphere. This assures that the businesses are able to secure their own positive reputation within the business market and that can also have a direct impact upon the profit margins of the business organisation. Moreover, this shall also help in enhancing and embracing the improved relationship with the consumers as well as the others employees associated in the business process. They might also create a significant business position using which it can become quite effective to balance the situation and to create and maintain the own position. According to Zaman, et al., (2022), it often happens that the businesses such as the Marks and Spencer takes care of all the needs of the employees that might help them to increase and to balance the overall position. Furthermore, this might also act as the important concepts that can help in engaging the employees towards the work process and that might create a significant position for the businesses. They can easily motivate and encourage their employees towards increasing the effectiveness of the business process and through which it can become a systematic performance for the businesses. This might help in improving the work process and that ca create a healthy relationship among the employees as well as the organisation and through which they might be able to significantly increase the chances to accomplish their business goals. They also tend to provide all the needs of the employees and that can help in securing several important advancements. They might also be able to secure an important position in the businesses and that can help them to manage and to increase the existing competition in the competitive sphere. Thus, it acts as one such factor that might help in securing several important positions in the public sphere and through which it might help in gaining important advancements in the businesses. However, in order to implement the strategies of the corporate governance, there are certain challenges that are faced by the businesses in both the internal and the external environment. According to Bae, et al., (2018), one of the most important challenge the financial is the financial cost that is required for accomplishing these activities and that can also have a major impact upon the businesses and that can reduce the chances of the businesses. Fulfilling all the needs as well as the requirements of the businesses is quite difficult and as a result of which it sometimes becomes quite impossible to carry out the activities that is to be done as a part of the corporate governance. Moreover, this might also help the businesses through which they can aim to secure the enhancement of the individual satisfaction level and that might also help in the creation of a significant business affair within this process. Apart from that, it is also quite important for the business organisation to plan about this process that often becomes quite complex for the organisations to do so. Hence, without the proper planning most of the business organisation fails to implement the strategies that are related to the corporate governance and that might reduce the chances of the businesses to create and maintain its position. This also reduces the chances of the business organisation to enhance and secure the chances within the competitive environment. These decisions within the business process shall allow the organisation to secure several important advancements within the businesses through which it can have an impact upon the activities as well. Apart from that, this might also have an impact within the businesses through which it might lessen the chances of the business organisation to understand the perspectives of the consumers. They might also not be able to gain the relevant advantages through which it might also become quite effective to secure their internal values. Furthermore, sometimes it might difficult to understand the requirements of the consumers and that can be a result due to the changing p
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