The Rights and Responsibilities rise substantially when one decides to embark on a business venture. In some way or the other, a business owner has a significant impact on a business’s full value chain, be it employees, customers, suppliers, or the community they serve. In this case, it is non-negotiable for businessmen to understand their rights and responsibilities to its crux. One can free up their headspace and work with more sense of purpose and determination if they become completely aware of their rights and responsibilities. And things tend to get more comfortable. They have the leverage over their business and people connected to it in a certain way, and they also feel accountable towards it. This article will guide you on the Rights and Responsibilities of an Indian business owner.
1) Right to Strive for excellence:
To ensure a smooth flow, one must take some bold calls and expect the best in his organization. We live in an era where the dynamics around us are rapidly changing, and hence it becomes extremely critical for the business owner to expect the best from their stakeholders. Be it employees, customers, or suppliers; business owners have to channelize their expectations clearly to parties attached to the business. They can also make them accountable in case they don’t meet the business benchmark.
One has to look at their business from a long-term perspective. In the longer run, holding on to a mediocre supplier and compromising on quality, holding on to the modest customer who gives average sales, and holding onto a mediocre employee who gives average results will only hamper the growth of the business.
2) Right to disregard:
With the rapidly changing demand of the consumers, sometimes business owners feel they are challenging. Every Indian business owner has to take a call on prioritizing who to serve in case of excessive demand. They can disregard the sales or service based on the availability of the workforce or the product.
Moreover, they can also deny or refuse to serve from the ethical or safety point of view. For example, If the customer gets out of control or tends to show abusive behavior to the employee, a business owner has the legal right to end the professional relationship.
3) Right to amend:
While they own the entity, it is by nature that a Business owner has all the rights to make changes in terms of Culture, Employee policies, and product pricing. And even the way they provide services to the customers. A business owner also has the right to switch to another supplier if they see the cost and quality difference.
As they implement the changes, it is crucial to take everyone on board. While some would agree and some would restrain, it’s still in the business owner’s hands to arrive at the right decision and take necessary action, which would be in customers’ and employees’ best interest by taking their feedback.
4) Right to Express
It’s peculiar for every Business owner to express their ideas and thoughts around business ideas. They should reformulate norms and policies that seem suitable. While they have the right to express and freedom of speech, communication plays an important role. If communicated effectively amongst the subordinates, employees, and customers, it would help in prevailing a sense of transparency.
The imposition of thoughts and decisions is a bad idea. And this would only lead to suppressing voices, and you won’t bat an eye on an even better idea that can be more fruitful. As a Businessman once said, “The biggest reason for my failure was the silent treatment by my employees when I needed their opinion most.”
5) Right to Decide:
Business is all about decisions. Be It small or big; it will have a substantial impact on your business. Every Indian Businessman possesses the authority to make an ethical, rational, and significant decision in raising numbers. A Leader is the sole decision-maker at the end of the day, and it puts him right into the position to take a call.
Therefore, it is inevitable to understand customers’ expectations and demand whereas your employee’s viewpoint. This will help a Business owner to arrive at a more legitimate decision that would yield long-term gains. Be investments, expansions, or strategy formation; A business owner should always keep in mind its short-term and long-term effects. He should know how he or she analyses its outcome.
While we discussed the Rights of Every Indian Business owner. Let’s look at the other side and throw some light on society’s responsibilities and internal and external stakeholders.
It becomes their responsibility for an organization to give a fair share of returns to their investors and shareholders. This can be anything in the form of Dividends, appreciation, or putting them in the decision-making panel.
A consumer’s responsibility is to provide them with the best quality, service, and prices and sell ethically and diligently.
The responsibility towards an employee is to give them security. It is to give them a healthy working environment, and salaries/wages based on compliance with the minimum wage act.
The responsibility towards society is to maintain equilibrium in the environment, opt for sustainable and pollution-less manufacturing, and generate employment opportunities.
To know more about responsibilities, please click here.
Every Indian business owner has tremendous opportunities to take their enterprise to another level. Taking your business online is also one of the steps that can do wonders for your business. So, with the market wide open and surplus demand, if one gauge and analyze the consumer behavior correctly, there is a chance to scale at another level.
So, whosoever aims to start a business of their own should keep these rights and responsibilities in focus and strive to serve the consumer prolifically and ethically. You can always fall back on professionals for seeking more advice on other legalities like Business licenses, taxation and accounting laws, labor laws, etc. But we hope that this article gave you some insights on the basics of rights and responsibilities which would help you withhold your stakeholders and stay loyal to your customers.