DEVELOPMENT OF ECONOMIC RELATIONS OF BUSINESS STRUCTURES AND MANAGEMENT OF BUSINESS REPUTATION - Scientific conference
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Рік заснування видання - 2014

DEVELOPMENT OF ECONOMIC RELATIONS OF BUSINESS STRUCTURES AND MANAGEMENT OF BUSINESS REPUTATION

03.04.2022 16:11

[Section 1. Economy, organization and administration of enterprises, branches and complexes]

Author: Kravchenko S.A., Sc.D., professor, Leading Researcher of the Department of Entrepreneurship, Cooperation and Agro-Industrial Integration, NSC “Institute of Agrarian Economics” NAAS, Ukraine, Kyiv; Bеzhenar I.M., Ph.D., docent, Senior Researcher of the Department of Entrepreneurship, Cooperation and Agro-Industrial Integration, NSC “Institute of Agrarian Economics” NAAS, Ukraine, Kyiv


The advantage of the established business reputation of the company is that it facilitates the establishment of its economic ties with partners, especially when it comes to long-term contacts, and also ensures a higher level of its stability. Currently, business reputation should be considered a tool for strengthening economic ties, ensuring their transition to a qualitatively new level. Investments in corporate social responsibility have a positive impact on business reputation, which, in turn, leads to an increase in the value of the entire business. The problem of business reputation is relevant not only for economic entities, but also for economic relations; therefore, the strengthening of business reputation requires the joint efforts of all their participants. 

Business reputation is the attitude to a particular business structure on the part of those who work with it (other business structures) or are a consumer of goods and services produced by it for sale (business structures, state, households). It is also possible to interpret this concept extensively if we consider it from the position of employees who make a decision to work in a particular company. For them, business reputation will be considered from the position of the employer's attitude to the staff and the fulfillment of his obligations, including social ones [1, p. 15-25].

The composition of the elements of business reputation does not fluctuate, but most researchers in this category include in it: stability, trust and effectiveness of the firm's relations with other business structures (suppliers, intermediaries, buyers, etc.); business relations with representatives of business and authorities (local, regional and federal); organizational skills of the entrepreneur, company managers and management; availability of non-traditional assets (databases, unregistered trademarks, technologies used, etc.); business negotiation skills; the degree of protection of information and the storage of trade secrets; business culture; competence of managers, specialists and executors; the nature of communications with the external environment; breadth and quality of the customer base.

Reputation is the fulfillment by an entrepreneurial structure in full and on time of its obligations within the framework of established economic relations. It is these characteristics that determine the level of trust in the business structure and the willingness not only to continue, but also to increase cooperation with it, which translates economic ties to a qualitatively higher level. In this regard, business structures, regardless of their scale and history of work in the market, should constantly engage not only in maintaining, but also in improving their own business reputation. While one-time violations of contractual obligations by a well-known and long-working business structure can be "smoothed out" due to its formed image and reputation, for start-up, little-known companies during the spread of Internet technologies, this can become disastrous. From the beginning of their existence, all business structures should take care of the formation of a high business reputation, including in the field of agreements that are established within the framework of economic relations. All economic entities between which economic ties have been established are interested in improving their own business reputation, as well as in the business reputation of economic entities with which they maintain economic ties [2].

The result of active management activities in the field of business reputation should be the strengthening of existing economic ties and the establishment of new ones - with economic entities that are of interest to the analyzed business structure. Business reputation allows business structures to facilitate the process of obtaining the necessary factors of production and financial resources through the improvement of economic ties. In addition, against the background of improving business reputation, the level of security and sustainability of the business is increasing (as mentioned at the beginning of this paragraph), including by increasing market share in the interests of both own and economic relations partners.

While the growing business reputation has a positive impact on the process of finding and establishing economic ties with new economic entities, improving existing ties, the opposite process is also observed: high-quality and long-term economic relations have a positive impact on business reputation. This indicates the systemic nature of the managerial impact in this area and requires the strengthening of practical steps in the implementation of this task. building up business reputation becomes an extremely important task for creating strong relationships with foreign partners who continue to cooperate with business structures of Ukraine. This can also have a positive impact on the decision of foreign companies to establish new or restore previously broken economic ties.

In the course of the study, it was established that the mechanism for the formation of economic relations with a high level of business reputation is based on the following components: the business reputation of managers and managers responsible for these connections; business reputation of each business structure that participates in economic relations (bilateral and multilateral ties); business reputation of individual key employees of the business structure. The need to improve economic relations requires the entrepreneurial structure to take active steps to improve its own business reputation. This involves carrying out systematic work, which can be represented as a certain sequence of management actions.

References:

1. Gartner, W. B. (1990). What are we talking about when we talk about entrepreneurship? Journal of Business Venturing. Vol. 5. № 1. рр. 15-25.

2. Mitra, J. (2019). Entrepreneurship, innovation and regional development. URL : https: // www.taylorfrancis.com (дата зверенння: 05.08.2019).



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