Apart from the obvious legal responsibility a business owner has, there are others that need to be taken into consideration,
Whether you are a director of a formally incorporated company or a sole trader, your responsibilities are the same. They broadly fall into 3 main areas
Responsibilities of a Boss to Staff
There are numerous legal responsibilities a business owner has to his or her staff. However we are not going to concentrate on these here as they will vary from country to country.
MotivationAs the owner of the business you need to make sure your staff are motivated.
Motivating your staff has two main benefits.
Firstly a there will be less turnover of employees, so reducing recruitment costs.
But more importantly, a motivated staff member brings in more customers and more sales.
ListeningBeing i great leader is more about listening and less about demanding.
Listen to ideas from your employees as well as paying special attention to any concerns they might have.
Delegate and RewardWhen a boss delegates, it shows trust in that employee. And when a delegated job is done well, reward the staff member in some way.
Responsibilities of a Business to Customers
TrustFor someone to want to buy a product or service from any business they need to trust that business. Or should I say they need to trust the people who own and work in the business.
Building trust is everything when it comes having business success.
From the small things like a customer being able to trust that your premises will be open when it says it will be to, trust in the product and service in delivering that product.
“Business is about people, and your reputation is built on how you treat people.”
BRUCE RAUNER (Twitter)
Responsibilities and Profitability
Bottom LineWithout profit your business will have no customers and no need for staff.
Making a profit is the number one priority for any business.
Being profitable will make sure the staff are well looked after, and the customers receive the best products and service from the company.
At its most fundamental, profit is the amount of money coming in minus the amount of money going out.
But in reality the profitability of a company is reliability, sustainability and security for everyone involved.