Any business venture that is set up is always aimed towards improving the standards of living and human social welfare. Eradicating poverty is one of the key business objectives,and there is a need for every business to ensure that there are strategies put in place to reduce poverty levels and equip people with the right skills. Relying on financial donations from existing businesses does not offer long term solutions towards eliminating poverty in the society.
Relationship Between Business Strategy and Poverty Alleviation
Having a system that all put into place poverty reduction measures ensures that the business meets it social obligation of eradicating poverty. Innovative approaches in business ensure that the business can improve the welfare of its people. Systems analytic offers solutions towards alleviating poverty in the society gives the business ideas in some of the approaches that a business can use towards improving people’s living standards. Carrying out a research gives the business ideas on some of the challenges that the society faces and how they contribute towards poverty. A system analytic gives business ideas on how to integrate the society towards profit generation as well as improving the social, economic status. Poverty is not an issue that can be dealt with overnight; it is a process that takes time and proper planning. Through system analytic is also possible to involve the government in programs that are aimed towards reducing poverty levels. A business cannot claim to succeed if it only makes profits while the people whom it serves languish in poverty.
There are many challenges that face the society within the society; some of the challenges include lack of education opportunities due to the high cost of education. One key contributor to poverty within a society is the lack of education due to high education cost. Businesses can provide scholarship programs to students from poor family backgrounds. Education has been identified as one of the key tools eradicating poverty in the society since an education generation can address the social challenges more effectively. Businesses can also involve social training as a strategy towards improving the standards of living of the people. After training the trainees, can be given loans to start their own businesses. There are other programs which are gender or age based which can be used as poverty eradication strategies. Majority of young people have got brilliant ideas, but they lack the capacity or finances to work the ideas .Businesses can work together with the youth through programs whereby a given percentage of the revenue collected from their funded businesses goes to the funding business while the rest goes to the youths. There are nations where there is also no quality housing, a business that deals with the production of building materials can produce cheap construction materials that are affordable to the people, once the products are sold the business can make profits as well as providing people with quality housing. Business that are engaged in production can involve the locals in the production of raw materials, this is cheaper than even outsourcing people from other places .Poverty is also a key barrier towards getting quality healthcare in many nations, a business can invest in setting up health centers and provide medical health care to the people at affordable prices.
Engaging in activities that improve people’s quality of life serves good marketing tools for any business as well as improving the business’s public image. There are many activities that a business can engage in that are profitable as well as significant in improving people’s standards of living.
Stoner, James Arthur Finch, and Charles Wankel. Innovative approaches to reducing global poverty. Charlotte, N.C.: IAP/Information Age Pub., 2007. Print.