Balance Between Profits and Being Socially Responsible - Assignment Example

The aspect of materialism has increased dramatically in the operations of financial institutions and this has posed a serious challenge to the ordinary people who end being victims especially during turbulent periods that can be attributed to the strategies implemented by the financial institutions.... Business ethics loosely refers to values, principles and standards that operate within a particular organisation which attempts to make a distinction between something that is morally good from bad (Rossouw, 2004)....

Gary's restaurant will begin its operations in January, hence being the first moth of the restaurant's operations.... Cash b/f 48,484 126,364 213,248 Add receipts Cash sales 38,880 38,880 38,880 38,880 155,520 Collection from credit sales 77,760 77,760 77,760 77,760 311,040 Total cash available (A) 116,640 165,124 243,004 329,888 854,656 Less disbursement Kitchen staff 14,300 14,300 14,300 14,300 57,200 Waiting staff 3,432 3,432 3,432 3,432 13,728 Social security costs 5,200 5,200 5,200 5,200 20,800 Utilities 0 2,600 2,600 2,600 7,800 Rent 30,000 10,000 0 0 40,000 Council tax 2,000 2,000 2,000 2,000 8,000 Advertizing 12,000 0 1,000 1,000 14,000 Cost of ingredients 1,224 1,224 1,224 1,224 4,896 Total (B) 68,156 38,756 29,756 29,756 166,424 Cash balance (A-B) 48,484 126,364 213,248 300,132 688,228 b....

There is the case of its budget for further training of its personnel always being rejected in favor of other divisions.... If the correct methods are used, this area will have less problems and more contribution to the firm's well being (Baxter and MacLeod, 2007, p.... Each division is independent of the others and does have its own profit and loss account besides their own balance sheets.... Each division's balance sheet and profit and loss and account are then merged with the others to form a single balance sheet and profit and loss account for the group's final accounts....

The implementation of these practices will not only result in increased profits and versatility (e.... The green technologies and improvements needed in the IT sector like cloud computing, power management, paperless environment and data center optimization are very much related to positivity in cost efficiency but they are still not being implemented by the top corporations in the world.... hellip; The reason being that today's market driven philosophy believes in profits without taking into account certain parameters that will benefit the society and the company likewise....

The business organizations across the globe, both small and big have realized the significance of being socially responsible from the past experiences of many socially unsuccessful companies such as Enron.... The benefits of being socially responsible are manifold.... The company has been known for its assertiveness for being a socially responsible one and has a good reputation in this respect. CSR is not a new concept in the corporate world....

Certainly, the company is reporting profits at the moment, probably due to the fact that there is no substitute threat to their product but, in the long-run, the company will lose out and its profits will decline.... This case study "Corporate Social Responsibility" illustrates that there is an immediate connection between corporate social responsibility and the acceptance and treatment of employees as stakeholders, on the one hand, and between these two and corporate success on the other....

It also involves all employees by teaching them to be responsible and holding on to accountability.... Setting up a budget is also a way of opening up communication between Gary and his employees, especially those who will be working in the finance department.... The paper "The Analysis of Gary's Hart Business Plan " describes that the analysis of Gary's business plan is carried out under cost, volume and profit in relation to demographics and business location....

In conclusion, businesses, and Friedman, must understand that a socially responsible organization is not only beneficial to the community and environment; it also increases its own chances of success.... A business' social responsibilities define both the economic and ethical duties it is obliged to perform in order to contribute towards, and uphold, the balance between the ecosystem and economy while promoting its workers' and customers' quality of life (Wayne, Matten,… However, there have been differing opinions as to whether businesses have other social responsibilities apart from making profits alone....