Rules and Policies for Management

 Rules and Policies for Management

-Dr. Lalit Kumar Setia

The businesses took place in various forms of business organizations such as sole proprietorship, partnership, cooperative societies, companies, etc. In each form of business organization, there are set objectives determined to be achieved. I have been invited as Guest Speaker in a seminar on “Democratic System, Business Management, and Right to Information Act” organized by HARCOFED, Panchkula. The cooperative societies are promoted by HARCOFED by visiting schools, colleges, and industrial training institutions and organizing various types of events for the students and youth.

During my lecture on “Business and Financial Management for Cooperative Societies”, I explained how rules and policies make an impact and facilitate the management to run multiple branches of an organization. 

The big corporate players are successful by enabling automation nowadays, earlier they were dependent upon the Chief Executive Officers, entrusted to follow the policies and rules formed to run the business in standard forms as per the desire of the owners, the big corporates.

Need of professionalism in Work:

Cooperative societies have an acute need for professionalism in work and due to lack of professionalism, there are huge losses in managing the affairs of cooperative societies. Instead of democratic control and specified bye-laws; the businesses are facing losses.

There are various mantras of success in modern businesses and I explained with examples and practical question-answers to make the session interactive.

Capacity Building of Officers to comply with Rules:

Each Organization is expected to comply with the financial rules, policies formed by top management, and instructions issued from time to time. In inspecting the financial records, annual accounts, and administrative reports it is generally observed that even the previous year's audit observations are not sorted out. 

Group Dynamics and Change in Environment

Since there are a lot of financial irregularities in the accounts of the organizations and the use of technological tools in competitive organizations poses a new challenge to be dynamic and innovative; the decisions are being taken to follow the Standard Operating Procedures (SoPs), adopting software in functions, and use of social media platforms for marketing of goods and services. The political scenario is also changed from time to time and the innovations required to be further updated with the use of IT and new technological tools as per the change in the business environment.  

Course with New inputs

It is natural when the business environment is changing and organizations are adopting new software, revising Standard Operating Procedures (SoPs); the course is also revised with new training inputs. 

Training of Officers/Officials on ensuring compliance with rules and policies of management is a must for performing well and resolving the audit observations. I am proud of my sincere participants to stay punctual always and take a keen interest in learning new ways to deal the practical problems. 

Taxation and Procurement Procedures

For most of the Officers, the taxation procedures are challenging to deal with the amended provisions, rules, sections of acts including income tax and GST. The courses in Taxation and Procurement procedures include e-TDS, e-filing Income Tax Return, e-Procurement, and use of systems including Integrated Financial Management System (IFMS). With an opportunity to learn financial inputs, each course is a boon for a solution-finder to sort out the practical problems with face-to-face interactions. 

Assignments and practical orientation in Whatsapp Group:

For each course, a WhatsApp group is created for discussing and interacting with the practical issues and at the end of each day of training, the participants get the opportunity to attempt an assignment for practically revising the key learnings of the course. 

Updates to prepare for upcoming challenges

The too much change after every 15 days, in taxation and procurement procedures, is really a challenge for the officers and auditors to re-build the capacities. 

 *Copyright © 2017 Dr. Lalit Kumar. All rights reserved. 

This article is written by Dr. Lalit Kumar Setia; a renowned author and trainer. He completed his Doctorate in Commerce from Kurukshetra University Kurukshetra and MBA in Information Technology from GJU, Hisar. He also wrote two books, 15 research papers, and organized more than 200 Training Courses during his working period since 2006 in Haryana Institute of Public Administration, Gurugram. The article was firstly published on 18th October 2021 and last updated on 30th October 2021. The writer can be contacted on lalitkumarsetia@gmail.com 

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