{"id":3072,"date":"2019-12-17T14:25:52","date_gmt":"2019-12-17T14:25:52","guid":{"rendered":"https:\/\/commerceiets.com\/?p=3072"},"modified":"2019-12-17T14:25:52","modified_gmt":"2019-12-17T14:25:52","slug":"policies-in-business","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/policies-in-business\/","title":{"rendered":"POLICIES IN BUSINESS"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/policies-in-business\/#POLICIES_IN_BUSINESS\" title=\"POLICIES IN BUSINESS\">POLICIES IN BUSINESS<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/policies-in-business\/#FEATURES_OF_POLICY\" title=\"FEATURES OF POLICY\">FEATURES OF POLICY<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/policies-in-business\/#NEED_PURPOSE_IMPORTANCE_OF_POLICIES_IN_BUSINESS\" title=\"NEED\/ PURPOSE\/ IMPORTANCE OF POLICIES IN BUSINESS\">NEED\/ PURPOSE\/ IMPORTANCE OF POLICIES IN BUSINESS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/policies-in-business\/#MERITSADVANTAGES_OF_POLICY\" title=\"MERITS\/ADVANTAGES OF POLICY\">MERITS\/ADVANTAGES OF POLICY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/policies-in-business\/#DEMERITS_DRAWBACKS_OF_POLICY\" title=\"DEMERITS\/ DRAWBACKS OF POLICY\">DEMERITS\/ DRAWBACKS OF POLICY<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"policies-in-business\"><span class=\"ez-toc-section\" id=\"POLICIES_IN_BUSINESS\"><\/span>POLICIES IN BUSINESS<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p>Policies in Business are the general statements which are formulated by the organization for the guidance of its personnel. It is a guide to thinking and action on the part of the executives. Policies indicate the manner in which a particular situation should be handled.<\/p>\n\n\n\n<p class=\"has-coral-tree-background-color has-background\"><strong>ACCORDING TO EDWIN B FLIPPO<\/strong><\/p>\n\n\n\n<p>\u201cA policy is a man \u2013made rule or a pre-determined course of\naction that is established to guide the performance of work towards the\norganization objectives.<\/p>\n\n\n\n<p class=\"has-coral-tree-background-color has-background\"><strong>ACCORDING TO GEORGE A. STEINER, JOHN B MINER and EDMUND R. GRAY<\/strong><\/p>\n\n\n\n<p>\u201cPolicy is the management express or implied intent to\ngovern action in the achievement of the company\u2019s aims.\u201d<\/p>\n\n\n\n<p class=\"has-coral-tree-background-color has-background\"><strong>ACCORDING TO JAMES B BOM<\/strong><\/p>\n\n\n\n<p>\u201cPolicies are the statements of the organization\u2019s overall\npurposes and its objectives in the various areas with which its operations are\nconcerned personnel, finance, production, marketing and so on.\u201d<\/p>\n\n\n\n<p class=\"has-coral-tree-background-color has-background\"><strong>ACCORDING TO LM PRASAD<\/strong><\/p>\n\n\n\n<p>\u201cA policy is the statement or general understanding which\nprovides guidelines in decision-making to members of an organization in respect\nto any course of action.\u201d<\/p>\n\n\n\n<p class=\"has-coral-tree-background-color has-background\"><strong>ACCORDING TO DALE YODER<\/strong><\/p>\n\n\n\n<p>\u201cA policy is a pre-determined and accepted course of thought\nand action that is defined and established as a guide towards accepted goals\nand objectives.\u201d<\/p>\n\n\n\n<p class=\"has-coral-tree-background-color has-background\"><strong>ACCORDING TO NEWMAN, SUMMER AND WARREN<\/strong><\/p>\n\n\n\n<p>\u201cA policy may be specific and broad in nature, deal with one\nor many aspects of a problem or situation, place wider or narrow limits within\nwhich action is to be taken, specify the steps to be taken when a decision is\nto be made.\u201d<\/p>\n\n\n\n<p class=\"has-coral-tree-background-color has-background\"><strong>ACCORDING TO KOONTZ AND O\u2019DONNEL<\/strong><\/p>\n\n\n\n<p>\u201cPolicies were identified as a guide in thinking in\ndecision-making. They assume that when decisions are made, these will fall\nwithin certain boundaries.\u201d<\/p>\n\n\n\n<p class=\"has-coral-tree-background-color has-background\"><strong>ACCORDING TO GEORGE R TERRY<\/strong><\/p>\n\n\n\n<p>\u201cPolicy is verbal, written or implied overall guide setting\nup boundaries that supply the general limits and direction in which managerial\naction will take place.\u201d<\/p>\n\n\n\n<p>Thus, policies in business are those principles that provide rules for action for achieving the organizations\u2019 specific <a href=\"https:\/\/commerceiets.com\/objectives\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"objectives (opens in a new tab)\">objectives<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"features-of-policy\"><span class=\"ez-toc-section\" id=\"FEATURES_OF_POLICY\"><\/span>FEATURES OF POLICY<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The following are the features of the policies in business:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It is a standing plan which can be put into use\nagain and again.<\/li><li>It gives guidelines to the employees for taking\nthe decisions.<\/li><li>It restricts the freedom of the employees while\nmaking decisions as all the decisions should be taken in the purview of the\npolicy formulated by the management.<\/li><li>It is framed on the basis of objectives of the\norganization.<\/li><li>These are designed and formulated by all the\nmanagers in their respective areas.<\/li><li>It is a predetermined course of action.<\/li><li>These are generally expressed in qualitative,\nconditional or general way.<\/li><li>These are the recognized intention of the top\nmanagement.<\/li><li>These are the models of thought and principles\nunderlying the actions of the organization.<\/li><\/ul>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"need-purpose-importance-of-policies-in-business\"><span class=\"ez-toc-section\" id=\"NEED_PURPOSE_IMPORTANCE_OF_POLICIES_IN_BUSINESS\"><\/span>NEED\/ PURPOSE\/ IMPORTANCE OF POLICIES IN BUSINESS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Policies in business are regarded as most important for the realization of objectives. They also ensure coordination of efforts and activities in the enterprise. The purpose of formulating policies and its importance is as follows:<\/p>\n\n\n\n<p><strong><em>ACHIEVEMENT OF OBJECTIVES<\/em><\/strong><\/p>\n\n\n\n<p>Policies are used as guidelines to do a work and achieve the overall objectives of an organization. So, policy enables the employees to concentrate and increase their efforts to achieve the objectives.<\/p>\n\n\n\n<p><strong><em>CLEAR THINKING<\/em><\/strong><\/p>\n\n\n\n<p>The top executives may be well aware of the gaps,\ncontradictions and vagueness in the current policies. The identified gaps,\ncontradictions and vagueness are to be set with the clear thinking.<\/p>\n\n\n\n<p><strong><em>UNIFORMITY<\/em><\/strong><\/p>\n\n\n\n<p>Decisions are taken uniformly by following the guidelines\ni.e. policy. Line managers are taking a decision by keeping in view the\npersonnel policies uniformly in their respective departments. If a person is\ntransferred and another person takes the charge of the office, the decisions to\nbe taken by the new staff members are very similar to those of the previous\nstaff due to the predetermined policies of the organization.<\/p>\n\n\n\n<p><strong><em>NO EXPLOITATION<\/em><\/strong><\/p>\n\n\n\n<p>There is no personal bias while taking a decision. So, there\nis no possibility of the exploitation of the employees. Policies minimizes\nfavoritism.<\/p>\n\n\n\n<p><strong><em>CONTINUITY<\/em><\/strong><\/p>\n\n\n\n<p>Written policy transfers the heritage of the company from one\ngeneration to another. There is continuity in following the policy by more than\none generation. The top executives of an organization may retire, die or resign\nbut the policy adopted by those persons is to be continued to be adopted by\ntheir successors.<\/p>\n\n\n\n<p><strong><em>DELEGATION OF AUTHORITY<\/em><\/strong><\/p>\n\n\n\n<p>Policy enables the executives to delegate the authority. Delegation\nof authority is to be done without consulting the superiors every time.<\/p>\n\n\n\n<p><strong><em>STABILITY<\/em><\/strong><\/p>\n\n\n\n<p>Continuity of policy promotes stability in the organization.\nThe succeeding employees can understand the bitter experiences and achievements\nof their predecessors. In this way, stability is to be maintained.<\/p>\n\n\n\n<p><strong><em>BETTER CONTROL<\/em><\/strong><\/p>\n\n\n\n<p>Policies specify the relationship between management and\nemployees and the employees inter se. so, there is possibility of conflicts in\nthe implementation of the policy of both management and the employees. Policies\nare served as standards or yardstick. Thus, policies provide better control.<\/p>\n\n\n\n<p><strong><em>ORIENTATION<\/em><\/strong><\/p>\n\n\n\n<p>Orientation is given to the new employees of the\norganization. The policy of the organization helps the new entrants to\nunderstand the way of functioning of the concern.<\/p>\n\n\n\n<p><strong><em>EFFICIENCY EVALUATION<\/em><\/strong><\/p>\n\n\n\n<p>The efficiency of the employees is evaluated in the light of\nthe policies followed by them. Actual performance of the employees is assessed\non the basis of results achieved. The existing policy many be amended or a new\npolicy is to be framed by considering the extent of efficiency shown by the\nemployees.<\/p>\n\n\n\n<p><strong><em>TEAM WORK<\/em><\/strong><\/p>\n\n\n\n<p>Well structured policies enable the employees to know the\noverall picture of the organization and know how their contributions are\nresponsible for the achievement of the organizational goals. In this way, team\nwork spirit is developed among the employees.<\/p>\n\n\n\n<p><strong><em>MOTIVATION<\/em><\/strong><\/p>\n\n\n\n<p>Policy of the organization guides the workers in achieving\nthe objectives. Policy gives a kind of motivation to the workers. If the\nworkers are motivated then predetermined objectives can be achieved without much\neffort. <\/p>\n\n\n\n<p><strong><em>LOYALTY<\/em><\/strong><\/p>\n\n\n\n<p>Participation of employees in policy formulation increases\nmutual understanding between management and employees. Mutual understanding\nstimulates the employees to work with loyalty to achieve objectives.<\/p>\n\n\n\n<p><strong><em>QUICK DECISIONS<\/em><\/strong><\/p>\n\n\n\n<p>Carefully designed and briefly defined policy enables the\nmanagement to take valuable and quick decisions. This system avoids wastage of\ntime and energy.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"merits-advantages-of-policy\"><span class=\"ez-toc-section\" id=\"MERITSADVANTAGES_OF_POLICY\"><\/span>MERITS\/ADVANTAGES OF POLICY<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A well formulated policy helps an organization to be\nattributed with the following merits:<\/p>\n\n\n\n<p><strong><em>GUIDE TO THINKING<\/em><\/strong><\/p>\n\n\n\n<p>Policy helps the manager to take valid decisions. Thus a\npolicy serves as a guide to think and take a decision.<\/p>\n\n\n\n<p><strong><em>UNIFORMITY<\/em><\/strong><\/p>\n\n\n\n<p>Policy ensures uniformity in the treatment of employees\nthroughout the organization. Policy avoids favoritism and minimizes\ndiscrimination.<\/p>\n\n\n\n<p><strong>CONSISTENCY<\/strong><\/p>\n\n\n\n<p>Policy provides the basis to management executives to take\nthe decisions. Following the policy regularly ensures the consistency in the\ndecision making in the organization.<\/p>\n\n\n\n<p><strong><em>APPLICABILITY<\/em><\/strong><\/p>\n\n\n\n<p>A policy is formulated only after considering the pros and\ncons and evaluation. Practical problems in the implementation of policy is also\ntaken into consideration while its formulation. Such formulated policies are\npractically applicable.<\/p>\n\n\n\n<p><strong><em>CONTINUITY<\/em><\/strong><\/p>\n\n\n\n<p>Well formulated written policies are used by the organization\nfor more than one generation. Such succeeding generations can derive good experience\nfrom implementing the policy. This type of policy could be followed for long\nenables to maintain stability in the organization.<\/p>\n\n\n\n<p><strong><em>BUILDS CONFIDENCE<\/em><\/strong><\/p>\n\n\n\n<p>Readymade answers are made available in the well formulated\npolicies. So the management executives can meet the challenges with confidence.\nBesides, if the management strictly adheres to the policies, they need not to\nworry about the results. All this creates confidence among the management\nexecutives.<\/p>\n\n\n\n<p><strong><em>SECURITY<\/em><\/strong><\/p>\n\n\n\n<p>Management executives have a sense of security by adhering\nto the policy. Nobody gets any punishment if an organization incurs a loss due\nto the implementation of improper policy. As a result there is sense of\nsecurity among all the personnel working in the organization.<\/p>\n\n\n\n<p><strong><em>QUICK DECISION<\/em><\/strong><\/p>\n\n\n\n<p>Manager has to take decisions on routine basis and of\nrepetitive nature. Policies once formulated provide the direction and the basis\non which the repetitive issues should be settled and decisions should be taken.\nThis helps in not wastage of time and facilitates quick decision making. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong><em>DELEGATION OF AUTHORITY<\/em><\/strong><\/p>\n\n\n\n<p>Policy helps the manager regarding the delegation of\nauthority. Subordinates are ready to accept responsibility and assume\nauthority. The reason is that the policy indicates the expectation of the subordinates.<\/p>\n\n\n\n<p><strong><em>CONTROL<\/em><\/strong><\/p>\n\n\n\n<p>Policy is used as standard or yardstick to measure the\nperformance of the activities. In case of any inefficiency, it becomes easy to\nidentify deviation and its correction.<\/p>\n\n\n\n<p><strong><em>ORIENTATION AND TRAINING<\/em><\/strong><\/p>\n\n\n\n<p>Policy can be used as orientation and training to new\nemployees. New employees can understand the outlook of the top management\nthrough the policies designed.<\/p>\n\n\n\n<p><strong><em>TEAM WORK<\/em><\/strong><\/p>\n\n\n\n<p>A well designed policy gives a clear picture of the\norganization. It stimulates the employees to extend their cooperation and it\npromotes mutual understanding. In this way, team work is easily built up in the\norganization. <\/p>\n\n\n\n<p><strong><em>LOYALTY<\/em><\/strong><\/p>\n\n\n\n<p>There is no possibility of favoritism. Management could\nmaintain fair treatment to all employees at any cost by implementing the\npolicy. This creates loyalty in employees for the organization.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"demerits-drawbacks-of-policy\"><span class=\"ez-toc-section\" id=\"DEMERITS_DRAWBACKS_OF_POLICY\"><\/span>DEMERITS\/ DRAWBACKS OF POLICY<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are some demerits or drawbacks of policies which are\nas follows:<\/p>\n\n\n\n<p><strong><em>NO UNIVERSAL SOLUTIONS<\/em><\/strong><\/p>\n\n\n\n<p>Policies are framed under special circumstances to deal the\nspecific problems and issues. But in the changing business world, there are\nrapid changes in the economic, social, political, demographic and legal\nframework. The implementation of proposed policies in the same structure in the\nchanging situations may not give positive results. This hinders the utility of\nthe policies. <\/p>\n\n\n\n<p><strong><em>NO INSTANT SOLUTIONS<\/em><\/strong><\/p>\n\n\n\n<p>Policies do not provide instant solutions to the problems. These\nare only the guidelines for the decision-makers. The solutions are to be found\nby the executives themselves. Policies cannot replace human judgment in any\ncircumstance.<\/p>\n\n\n\n<p><strong><em>DAMPEN HUMAN INITIATION<\/em><\/strong><\/p>\n\n\n\n<p>Too many policies kill the initiative of the managers. They become\nhabituated to work according to the policies and do not try their judgment. Policies\nhave a little room for the individual initiative.<\/p>\n\n\n\n<p><strong><em>LACK OF FLEXIBILITY<\/em><\/strong><\/p>\n\n\n\n<p>The policies are made to make the system and functioning of the\nsystem more and more rigid and there is no flexibility in the operations. Managers\nat times may be required to judge things according to the prevailing\nenvironment. But policies leave no scope for such human judgment and\nflexibility.<\/p>\n\n\n\n<p><em><strong>LACK OF COMMUNICATION<\/strong><\/em><\/p>\n\n\n\n<p>No proper communication of policies in true terms leads to its improper implementation. Even the various employees understand the meaning of the policy as per their perceptions which make the meaning of policy different for different peoples. This becomes a serious limitation of the policies. \u00a0<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>ALSO STUDY:<\/strong><\/td><td><strong>ALSO STUDY:<\/strong><\/td><td><strong>ALSO STUDY:<\/strong><\/td><td><strong>ALSO STUDY:<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/management\/\">Management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives-of-management\/\">Objectives of management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/functions-of-management\/\">Functions of management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-management\/\">Process of management<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/management-is-an-art\/\">Management as an art<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/management-as-a-science\/\">Management as a science<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/management-as-profession\/\">Management as a profession<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/joint-stock-company\/\">Company<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/incentive-plans\/\">Incentive plans<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/14-principles-of-management-by-henri-fayol\/\">14 principles of management by Henry Fayol<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/principles-of-scientific-management\/\">Principles of scientific management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scientific-management\/\">Scientific management<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/what-is-work-study\/\">Work study<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/time-study\/\">Time study<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/motion-study\/\">Motion study<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/method-study\/\">Method study<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/planning\/\">Planning<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/importance-of-planning-in-management\/\">Importance of planning in management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/benefits-of-planning-in-business\/\">Advantages of planning in business<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-planning\/\">Process of planning<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/types-of-planning-in-business\/\">Types of planning in business<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/setting-objectives-in-management\/\">Setting objectives in management<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives\/\">Objectives<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/smart-test\/\">SMART test<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/management-by-objectives\/\">Management by objectives<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/policies-in-business\/\">Policies in Business<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/management-and-business-administration\/\">Management and business administration<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/functional-areas-of-management\/\">Functional areas of management<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/limited-liability-partnership\/\">Limited Liability partnership<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-llp-and-company\/\">LLP Vs company<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-llp-and-partnership\/\">LLP vs Partnership<\/a><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"152\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg\" alt=\"POLICIES IN BUSINESS\" class=\"wp-image-4836\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1.jpg 512w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/04\/cropped-cropped-Presentation-resize-1-300x89.jpg 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><figcaption>POLICIES IN BUSINESS<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>POLICIES IN BUSINESS Policies in Business are the general statements which are formulated by the organization for the guidance of its personnel. It is a guide to thinking and action on the part of the executives. Policies indicate the manner in which a particular situation should be handled. ACCORDING TO EDWIN B FLIPPO \u201cA policy&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/policies-in-business\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;POLICIES IN BUSINESS&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":3073,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[68],"tags":[],"class_list":["post-3072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-management"],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3072"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=3072"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/3072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/3073"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=3072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=3072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=3072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}