Business Policy
Business policy is the study of all the major issues impacting the operations of the organization, its major concerns and the key decisions affecting organizational growth. It provides a vivid picture of how policies affect the organizational development. It basically discusses everything that influences an organization’s decision-making process, both short-term and long-term. Policy has become an important part of any organization, since it is responsible for a great deal of business decisions. Policies are designed keeping in mind the overall goals of the organization.
While some policies to deal with day-to-day activities and others with long-term planning, all policies have one thing in common: they provide the information required by managers to make informed decisions on the major issues affecting the organization. Policies also affect the productivity of employees and their relation to the organization’s development. Organizations can adopt either general or specific policies, while each policy has its own advantages and disadvantages. A company must carefully consider the implications of its adopted policies before taking a decision regarding them.
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A company adopting a business policy can decide whether to communicate its objectives to all the employees, only to a few selected individuals or all the employees concerned, and set reasonable time-scale for implementation of the objectives. It can decide on the scope of implementation, number of employees, and other procedures necessary for its implementation. Policies affect the relations between managers, subordinates and other employees in the organization. Policies affect the quality of the workers and their relation to the objectives of the organization.