vision (source: AT&S annual report 2017/18)
Suppliers are important to a business and its production. Timely deliveries of good quality and the correct quantity of supplies needed for production are crucial. If a supplier fails, a business cannot produce its goods or services. In return, suppliers expect to get paid and hope for more orders in the future. If a business fails, suppliers may also get into trouble.
A similar mutual dependency exists between a business and its customers.
Local, national and international communities as well as the government also depend on a business and are affected by its activities.
[22]Finally – and most importantly – businesses also need to act responsibly with the environment and the natural resources that they use. It is not sufficient only to claim to be environmentally friendly and to care about the environment (to “green wash” the business activities), but it takes concrete activities and proven results. More and more businesses report their activities on their websites and in their annual reports, as the example of AT&S in figure 7 shows.
Figure 7. The impact of AT&S activities on the environment (source: annual report 2017/18)
There are many factors that influence the success of a business. Considering the stakeholders and their (conflicting) interests is one of these factors. Other important factors include a suitable legal structure and a solid financial structure of the business, awareness of the market and changes in the market, awareness of costs and profitability. The following chapters deal with these topics.
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