Challenges to Business Organization: Corporate Strategy, Technology, Ethics, Workforce, Laws, and Politics

This research essay outlines the major challenges faced by businesses in the 21st century, including corporate strategy, technology, ethics, workforce, laws, and politics. It discusses the importance of adapting to changes in the business environment and complying with relevant standards and regulations.

research essay outline

Outline for “Challenges to business organization”
A) INTRODUCTION
The 21st century business world is dynamic and rightly stated to be the heart of
the revolutions. The interplay of the forces like the globalization, technological
advancements and the liberalisation of the markets have made the business
environment challenging (Patel, Pieper & Hair 2012). Some of the major challenges
faced are the corporate strategy, technological advancements, ethics and social
responsibility, workforce challenges, role of the laws and government and international
economic and political developments.
B) BODY
i. Corporate strategies must be carefully formulated to achieve the business goals.
a. The entity must scan the internal and external business environment on
regular basis.
b. With the changes in the business environment, the corporate strategies
must be amended to maintain the pace of business (Peng, 2016).
ii. As the whole world is interconnected via means of complex financial products and
business activities, political happenings at one place impact the business practices
at another place.
a. The recent political developments of Brexit and US China Trade War
have impacted the global business operations irrespective of country and
industry.
iii. An organisation must consistently embrace new technologies to maintain the
competitive advantage.

a. Technological innovations are challenge because not only they lead the
old products obsolete, but if embraced efficiently can lead to cost
reduction, economies of scale and advanced revenues (Morrison, 2011).
b. Green technology and reduction in carbon exposure is a key challenge.
iv. Wide range of shareholder groups has led to enhanced need of transparency in
financial reporting, efficient corporate governance structure and the need of the
sustainability practices.
a. An organisation must comply with the relevant financial reporting
standards.
b. The increased number of corporate collapses has led to demand of
ethical business leadership and policies (Voegtlin, Patzer & Scherer,
2012).
v. The employees are the most crucial assets of the enterprise and maintenance of a
talented, loyal and diversified workforce is a challenge.
a. The leaders must consistently reward, motivate and indulge in
advancement of the knowledge of the employees.
vi. The increase in the complexities of the business because of globalised business
activities have enhanced the role of statutes and government in business.
a. The compliance with international, regional laws is essential for survival
in long terms
b. The government directives with respect to taxation obligations and other
areas must be followed and businesses must be updated with the said
changes.
C) CONCLUSION
Hence, the discussions in the previous parts aid to conclude that the modern
business environment is ever changing by the virtue of the external forces and

numerous stakeholder groups. The key for survival of the business entities is to
consider the stakeholder interests; and devise and implement the policies as per the
changes in the business environment.

References
Morrison, J. (2011). The global business environment: Meeting the challenges. UK:
Macmillan International Higher Education.
Patel, V. K., Pieper, T. M., & Hair Jr, J. F. (2012). The global family business:
Challenges and drivers for cross-border growth. Business Horizons, 55(3), 231-
239.
Peng, M. W. (2016). Global business. USA: Cengage Learning.
Voegtlin, C., Patzer, M., & Scherer, A. G. (2012). Responsible leadership in global
business: A new approach to leadership and its multi-level outcomes. Journal of
Business Ethics, 105(1), 1-16.