MGMT 670 week 8 Conference Essay Example | Topics and Well Written Essays - 500 words

MGMT 670 week 8 Conference - Essay Example My experience as a CEO, taught me to employ the participatory approach in problem solving. Involving other board members in decision-making and problem solving is essential for any company. Good ethics in business is essential, and decisions made should be ethical. Providing quality services to customers helps a company compete favorably in the market, as there is customer satisfaction. The environmental performance of a company is essential. This influences the society and the economy. According to Lewis & Little (2004), if a company fails to report on its environmental performance, it risks financial and managerial problems. The board of directors must be skilled enough to prevent and manage cases of unethical behavior in the company, as these influence the company negatively. Universal ethical principles must be adhered to and fostered in the company. A strong strategy will put the company on a competitive map. However, solid execution of strategy will sustain a company on the competitive map. When executing company strategy, considering employee opinions is paramount, as well as setting up a competent management board. Top performing employees must be motivated through best practices such as trainings, in order to retain them, and attract new ones. The company must also remain competent in the market by adjusting to suit the changing needs of customers. For successful strategy execution, a company may also consider structuring its work efforts. A well-informed decision should be made on what activities need outsourcing, and which ones can be performed internally. A company needs to also determine the degree of authority bestowed on its employees. When employees are empowered, depending on their degree of authority, the management must still be capable of exercising their control over them. The decision-making method of the company must as well be spelled out. It can be centralized or