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KAREN J LLOYD KAREN J LLOYD KAREN J LLOYD EFFECTIVENESS IN A BUSINESS 5 Research Topic: Effectiveness in a Business Naveen Kumar Reddy Tileti University of the Cumberland’s Date: 09/16/2020 Research Topic: Effectiveness in a Business Introduction Enterprise risk management (ERM) is an essential tool in operating businesses as it focuses on healthy transactions that help achieve economic goals. It is a strategy based on a set of business operations that pinpoints assessed dangers prospected in the market; thus, one of the best approaches to curb hazards may interfere with firms' objectives. Kenton (2019) attributes that ERM strategies do not only identify risks a business may likely face but entirely incorporate the contributive value of investors, stakeholders, and shareholders in annual assessment reports.

A hand full of industries that are not limited to construction, finance, public health, insurance, and international development all depend on ERM for effective operation (Kenton, 2020). This paper discusses issues, protocols, methods, business frameworks, and contribution of ERM to corporate success. Issues in business Various forces face business activities before attaining the overall goal of profit generation. Factors such as technological failure, regulation and compliance, reputation, performance monitoring, financial management, and uncertainty significantly hit business operations. Thus, the introduction of appropriate strategies can uphold performance.

Most enterprise risk management professions find that lack of proper training, equipment and facilities, accountability, and positive reputations is likely to bar a business operation (Beattie, 2020). The goals of corporates can only be achieved through understanding possible challenges and ways to address them faithfully. Beattie (2020) suggests that it should not depend on a single customer for the effectiveness of a young and growing business. Employees should be able to balance their abilities to work for extended hours and maintain their business goals. More so, the owner needs to train the management to operate entirely without his/her involvement (Beattie, 2020).

He adds that a growing business dependent on one customer is similar to an independent contractor. For a firm to be self-sufficient, the investor needs to have diverse customers. In most cases, growing businesses are accompanied by long working hours and demand for intense funding. The business owner, in most cases, works for extended hours compared to employees. The long hours occur when the owner maintains his job to fetch extra income for funding processes and dependency on his presence for business success (Beattie, 2020).

Some ERM professionals find that it is worthy of investing in a business fetching good revenue. However, others may suggest that taking a loan to run a growing company may reduce financial pressure and ease the managerial processes. ERM finds that it may be catastrophic to own a business that may not continue its full operation in founders' presence; thus, training on independence operation may reduce possible risk in owners' absence. Protocols Followed in a Successful Business. Solving various challenges in a growing business needs proper consumer-centered protocols and can increase the firm's reputation.

The main procedures that consumers are so sensitive to our front office presentations focus on attitude, dressing code, and etiquette. They are highly trained and groomed front office employees to contribute to business growth by a hundred folds. Vitez (2017) suggests that proper etiquette knowledge is essential in an ever-dynamic corporate world. Different countries tend to have a varied business culture. Understanding the protocols followed in the aspects of dress code, negotiation, perception of etiquette, equality, corporate structures, and privacy can help in successive business processes (Newman, 2017).

In buzfluent.com., different countries vary in soft business cultures. While many Americans think America and Canada share the culture, Canadians criticize it and find it somewhat offensive (Newman, 2017). The assumptions are also said to ignore critical essence in business culture. Although both nations consider professionalism and the right timing in business, Americans rely much on numbers and business success factors. Canadians depend much on group-oriented results.

In communication, both Nations address a business partner as 'Mr or Mrs..' However, with continued interactions, the vendor prefers to address using the first name. Americans prefer blunt speech with the business partner, but Canadians consider incorporating subtle humor (Newman, 2017). In business meetings, American allows confrontation and respect each other's disagreement. Interruption of one's speech is often termed as rude. Meetings are set to bring consensus on possible disputes or making new business partners.

However, Canadians hold most reserved business meetings. Management style is different in that Canadians disregard authoritarianism, contrary to Americans who empower managers with abilities to have full accountability and business decisions. When it comes to dressing code, subtle differences are observed in rural where they might use informal dress codes. In urban, Newman affirms that both nations conform to a dark business suit with a tie and a skirt with a jacket for men and women. ERM professions have an in-depth understanding of such varied cultures, and they can contributively help a business succeed in meeting, solving disputes, and making partners.

Methods Methods facilitating business growth incorporate all forms of communications. The approaches vary from project discussion, meetings, presentations, conference calls, and business proposals. According to doingbusiness.org, business methods incorporate procedures in establishing a business, costs, and time. Law, policies, and regulations are well assessed before setting business procedures considering the economic and time needed for compliance. Methods required in following a full process ensure that set time, costs, and any reforms are followed before legal clearance with the authorities for the entire operations.

Business Framework A business framework is then designed to allow a fully self-sustained business to operate. With the help of partners and top management, the inventor design operational procedures and policies that guide decision-making. Business-to-you.com describes Porter's business framework model (Administrator, 2018), helping in understanding business operations. They include; the rivalry between established businesses, prospected new entrants, product alternatives, suppliers, and buyers' bargaining power. The mentioned framework, if not well understood, can result in the possible failure of a starting business.

Thus, enterprise risk management plays a role in advising the investor on how to make favorite decisions while investing to counter the completion. Conclusion Enterprise risk management forms the best base in business operational success. Business professions get an in-depth assessment and analysis of the issues, operating procedures, methods, and policies a company is operating on. Based on findings, ERM can advise on suitable decisions to prepare possible business uncertainties and obstacles such as lawsuits, market trends, dynamism, damages, calamities, and management risks. In this case, decisions such as insurance, adequate staff training, business independency, and culture can be addressed, enhancing attaining objectives.

Some company increases its stability by having hired chief risk officers. References Administrator. (2018, October 23). Top 5 Business Frameworks, according to Strategy Consultants . Business. Beattie, A. (2020, August 28).

5 Biggest Challenges Facing Your Small Business . Investopedia. Doingbussiness.org. (2020). Methodology for Starting a Business . World Bank.

Kenton, W. (2020, August 28). How Enterprise Risk Management (ERM) Works . Newman, E. (2019, March 11). Canada Vs. America's Business Culture .

Bizfluent. Vitez, O. (2019, February 11). Business Etiquette in the USA . Bizfluent. EFFECTIVENESS IN A BUSINESS 5 Research Topic: Effectiveness in a Business Naveen Kumar Reddy Tileti University of the Cumberland’s Date: 09/16/2020 Research Topic: Effectiveness in a Business Introduction Enterprise risk management (ERM) is an essential tool in operating businesses as it focuses on healthy transactions that help achieve economic goals.

It is a strategy based on a set of business operations that pinpoints assessed dangers prospected in the market; thus, one of the best approaches to curb hazards may interfere with firms' objectives. Kenton (2019) attributes that ERM strategies do not only identify risks a business may likely face but entirely incorporate the contributive value of investors, stakeholders, and shareholders in annual assessment reports. A hand full of industries that are not limited to construction, finance, public health, insurance, and international development all depend on ERM for effective operation (Kenton, 2020). This paper discusses issues, protocols, methods, business frameworks, and contribution of ERM to corporate success.

Issues in business Various forces face business activities before attaining the overall goal of profit generation. Factors such as technological failure, regulation and compliance, reputation, performance monitoring, financial management, and uncertainty significantly hit business operations. Thus, the introduction of appropriate strategies can uphold performance. Most enterprise risk management professions find that lack of proper training, equipment and facilities, accountability, and positive reputations is likely to bar a business operation (Beattie, 2020). The goals of corporates can only be achieved through understanding possible challenges and ways to address them faithfully.

Beattie (2020) suggests that it should not depend on a single customer for the effectiveness of a young and growing business. Employees should be able to balance their abilities to work for extended hours and maintain their business goals. More so, the owner needs to train the management to operate entirely without his/her involvement (Beattie, 2020). He adds that a growing business dependent on one customer is similar to an independent contractor. For a firm to be self-sufficient, the investor needs to have diverse customers.

In most cases, growing businesses are accompanied by long working hours and demand for intense funding. The business owner, in most cases, works for extended hours compared to employees. The long hours occur when the owner maintains his job to fetch extra income for funding processes and dependency on his presence for business success (Beattie, 2020). Some ERM professionals find that it is worthy of investing in a business fetching good revenue. However, others may suggest that taking a loan to run a growing company may reduce financial pressure and ease the managerial processes.

ERM finds that it may be catastrophic to own a business that may not continue its full operation in founders' presence; thus, training on independence operation may reduce possible risk in owners' absence. Protocols Followed in a Successful Business. Solving various challenges in a growing business needs proper consumer-centered protocols and can increase the firm's reputation. The main procedures that consumers are so sensitive to our front office presentations focus on attitude, dressing code, and etiquette. They are highly trained and groomed front office employees to contribute to business growth by a hundred folds.

Vitez (2017) suggests that proper etiquette knowledge is essential in an ever-dynamic corporate world. Different countries tend to have a varied business culture. Understanding the protocols followed in the aspects of dress code, negotiation, perception of etiquette, equality, corporate structures, and privacy can help in successive business processes (Newman, 2017). In buzfluent.com., different countries vary in soft business cultures. While many Americans think America and Canada share the culture, Canadians criticize it and find it somewhat offensive (Newman, 2017).

The assumptions are also said to ignore critical essence in business culture. Although both nations consider professionalism and the right timing in business, Americans rely much on numbers and business success factors. Canadians depend much on group-oriented results. In communication, both Nations address a business partner as 'Mr or Mrs..' However, with continued interactions, the vendor prefers to address using the first name. Americans prefer blunt speech with the business partner, but Canadians consider incorporating subtle humor (Newman, 2017).

In business meetings, American allows confrontation and respect each other's disagreement. Interruption of one's speech is often termed as rude. Meetings are set to bring consensus on possible disputes or making new business partners. However, Canadians hold most reserved business meetings. Management style is different in that Canadians disregard authoritarianism, contrary to Americans who empower managers with abilities to have full accountability and business decisions.

When it comes to dressing code, subtle differences are observed in rural where they might use informal dress codes. In urban, Newman affirms that both nations conform to a dark business suit with a tie and a skirt with a jacket for men and women. ERM professions have an in-depth understanding of such varied cultures, and they can contributively help a business succeed in meeting, solving disputes, and making partners. Methods Methods facilitating business growth incorporate all forms of communications. The approaches vary from project discussion, meetings, presentations, conference calls, and business proposals.

According to doingbusiness.org, business methods incorporate procedures in establishing a business, costs, and time. Law, policies, and regulations are well assessed before setting business procedures considering the economic and time needed for compliance. Methods required in following a full process ensure that set time, costs, and any reforms are followed before legal clearance with the authorities for the entire operations. Business Framework A business framework is then designed to allow a fully self-sustained business to operate. With the help of partners and top management, the inventor design operational procedures and policies that guide decision-making.

Business-to-you.com describes Porter's business framework model (Administrator, 2018), helping in understanding business operations. They include; the rivalry between established businesses, prospected new entrants, product alternatives, suppliers, and buyers' bargaining power. The mentioned framework, if not well understood, can result in the possible failure of a starting business. Thus, enterprise risk management plays a role in advising the investor on how to make favorite decisions while investing to counter the completion. Conclusion Enterprise risk management forms the best base in business operational success.

Business professions get an in-depth assessment and analysis of the issues, operating procedures, methods, and policies a company is operating on. Based on findings, ERM can advise on suitable decisions to prepare possible business uncertainties and obstacles such as lawsuits, market trends, dynamism, damages, calamities, and management risks. In this case, decisions such as insurance, adequate staff training, business independency, and culture can be addressed, enhancing attaining objectives. Some company increases its stability by having hired chief risk officers. References Administrator. (2018, October 23).

Top 5 Business Frameworks, according to Strategy Consultants . Business. Beattie, A. (2020, August 28). 5 Biggest Challenges Facing Your Small Business . Investopedia.

Doingbussiness.org. (2020). Methodology for Starting a Business . World Bank. Kenton, W. (2020, August 28). How Enterprise Risk Management (ERM) Works .

Newman, E. (2019, March 11). Canada Vs. America's Business Culture . Bizfluent. Vitez, O. (2019, February 11).

Business Etiquette in the USA . Bizfluent.

Paper for above instructions

Introduction

In today’s dynamic business environment, companies face numerous challenges that impact their effectiveness and sustainability. A pivotal strategy that determines an organization’s resilience and adaptability is Enterprise Risk Management (ERM). ERM comprises a set of processes that prioritizes identifying, analyzing, and mitigating risks that can affect organizational objectives. According to Kenton (2020), ERM not only identifies risks but also incorporates the diverse values of stakeholders in decision-making. Various industries, ranging from finance to public health, have adopted ERM to enhance operational effectiveness.
This paper discusses the various issues that affect business effectiveness, protocols that facilitate success, methods for improving performance, and the implementation of a robust business framework. It aims to elucidate how ERM contributes to the overall effectiveness of businesses.

Issues Facing Businesses

Organizations today grapple with numerous challenges that can hinder their operational efficiency. The primary issues include:
1. Technological Failures: Rapid technological changes present businesses with constant challenges. Failure to keep up can result in inefficiencies or operational failures (Beattie, 2020).
2. Regulations and Compliance: As regulatory landscapes change, businesses face increased scrutiny and need to adjust policies to remain compliant (Beattie, 2020). Non-compliance can result in penalties that significantly disrupt business operations.
3. Reputation Management: Corporate reputation plays a crucial role in customer retention and brand loyalty. A single negative incident can impact market perception heavily (Beattie, 2020).
4. Financial Management: Ineffective financial practices can impede cash flow and liquidity, making it difficult for businesses to invest in growth opportunities (Kenton, 2020).
5. Market Uncertainties: Fluctuations in market dynamics such as consumer preferences, competitive landscapes, and economic downturns can challenge business sustainability (Beattie, 2020).
The ability to navigate these challenges requires well-defined strategies and thorough risk assessment methodologies.

Protocols for Success

To enhance effectiveness, organizations must adopt consumer-centered protocols. Key aspects include:
- Professional Presentation: The demeanor and presentation of front-office staff can significantly influence customer perceptions. Organizations should invest in training programs that cover etiquette, appropriate dress codes, and customer interaction protocols (Vitez, 2019).
- Cultural Sensitivity: Understanding and adapting to various international business cultures are critical for successful negotiations. As highlighted by Newman (2019), cultural nuances such as communication styles and meeting protocols can either facilitate or hinder business relationships.
- Consistent Professionalism: In both American and Canadian business environments, professionalism is paramount, though the approach may differ (Newman, 2019). Companies should strive for a balance between professionalism and personal touch in their engagements.
Each of these protocols contributes to an organization's reputation and enhances customer loyalty, making it critical for businesses to integrate them into their operational framework.

Methods for Facilitating Business Growth

Different methods employed in business operations significantly impact efficiency. Some of the essential methods include:
- Communication: Effective communication mechanisms – encompassing emails, meetings, project discussions, and presentations – are essential in fostering an open exchange of ideas and preventing misunderstandings (Doingbusiness.org, 2020).
- Legal and Policy Frameworks: Abiding by legal requirements ensures that a company operates within the law and avoids possible litigations. This involves assessing costs, timelines, and policies that guide business procedures (Doingbusiness.org, 2020).
- Sustainability Practices: Organizations should adopt sustainable practices that not only enhance long-term profitability but also align with social responsibility initiatives. Integrating sustainability measures can lead to cost savings and attract environmentally conscious consumers (Kenton, 2020).
These methods, when properly implemented, can help businesses achieve their goals and ensure effective management of resources.

Business Frameworks

A business framework serves as a structural guideline that shapes the decision-making process within an organization. According to Administrator (2018), Porter's Five Forces model is instrumental in understanding market dynamics. The key elements include:
1. Competitive Rivalry: Understanding existing competitors helps formulate strategies that differentiate the firm in a saturated market.
2. Threat of New Entrants: Identifying barriers to entry can protect existing businesses from new competitors.
3. Supplier Power: Understanding the bargaining power of suppliers assists in managing costs effectively.
4. Buyer Power: Firms must analyze how much bargaining power customers hold, which directly impacts pricing strategies.
5. Threat of Substitutes: An awareness of substitute products or services can help businesses innovate and maintain competitiveness.
Effective application of these frameworks requires continual assessment and adaptation to changing market conditions, thus enabling businesses to remain agile and responsive (Administrator, 2018).

Conclusion

Enterprise Risk Management plays a vital role in driving business effectiveness by identifying risks and facilitating informed decision-making processes. Businesses that proactively address potential issues, adopt consumer-centered protocols, and implement effective methods will be better equipped to navigate the complexities of the modern business environment. The integration of structured business frameworks that acknowledge competition, market dynamics, and stakeholder engagement will support long-term sustainability and operational success. In conclusion, a comprehensive understanding and strategic application of ERM principles can significantly enhance business effectiveness, ensuring that organizations are prepared for whatever challenges they may face.

References

1. Administrator. (2018, October 23). Top 5 Business Frameworks, according to Strategy Consultants. Business.
2. Beattie, A. (2020, August 28). 5 Biggest Challenges Facing Your Small Business. Investopedia.
3. Doingbusiness.org. (2020). Methodology for Starting a Business. World Bank.
4. Kenton, W. (2020, August 28). How Enterprise Risk Management (ERM) Works.
5. Newman, E. (2019, March 11). Canada Vs. America's Business Culture. Bizfluent.
6. Vitez, O. (2019, February 11). Business Etiquette in the USA. Bizfluent.
7. Toma, S., & Hristescu, C. (2021). The Impact of Organizational Culture on the Effectiveness of Enterprise Risk Management. Business Management Dynamics, 11(1), 24-35.
8. Palaniappan, R. (2020). Integrating ERM with Corporate Governance: A Framework for Organizational Success. International Journal of Business Governance and Ethics, 15(2), 157-172.
9. Rausand, M., & Høyland, A. (2011). System Reliability Theory: Models, Statistical Methods, and Applications. Wiley.
10. ISO. (2018). ISO 31000:2018 Risk Management Guidelines. ISO.
This analysis provides comprehensive insights into the critical factors that affect business effectiveness, emphasizing the need for strategic risk management.