Internal and External Trends Impacting Business
|✓ Paper Type: Free Assignment||✓ Study Level: University / Undergraduate|
|✓ Wordcount: 2510 words||✓ Published: 19th Oct 2020|
It is important to recognize the key trends impacting business and how organizations effectively react to the changing landscape and those trends. As such, Topgolf is responsible for developing sustainable corporate performance essential to the long-term success of the business which is desirable to all key stakeholders. Highlighted below are the prominent factors impacting Topgolf’s business and how they relate to business activity from the vantage of corporate social responsibility, sustainability, and ethics. In that same spirit and gaining considerable momentum behind its cause, B Corporation is a special business certification illustrating and actively working to evolve how organization’s conduct their business. Their approach, deemed a Declaration of Interdependence, underscores their mission:
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“We envision a global economy that uses business as a force for good. This economy is comprised of a new type of corporation - the B Corporation - Which is purpose-driven and creates benefit for all stakeholders, not just shareholders. As B Corporations and leaders of this emerging economy, we believe: That we must be the change we seek in the world. That all business ought to be conducted as if people and place mattered. That, through their products, practices, and profits, businesses should aspire to do no harm and benefit all. To do so requires that we act with the understanding that we are each dependent upon another and thus responsible for each other and future generations.” (About B Corps, 2019)
Topgolf has a responsibility to their employees to create a positive and safe workplace environment. Employees are the lifeblood of an organization and as such, Topgolf strives to improve the quality of life for employees, customers, and communities where they do business. In this same spirit, their core values of ‘fun and caring’ details this broader mission. Therefore, creating a code of conduct that safeguards against discrimination, harassment and retaliation in the workplace is paramount to that goal. Topgolf institutes policies that ensure a safe workplace, one that is drug free, has violence prevention, background checks, prohibits weapons, anti-bullying policies, visitor guidelines, and health and safety measures.
Topgolf mandates compliance to affirmative action, Fair Labor Standards Act, reasonable accommodation to afford equal opportunity. Topgolf also prides itself on advancement opportunity and strongly encourages routine employee performance and goal reviews. Moreover, Topgolf offers a competitive 401K, benefit programs, health plans, holidays, and comprehensive protection and security for employees and their families as a result of the efforts and dedication of its staff. Lastly, Topgolf offers appropriate reporting channels and accommodations for their employees to ensure their voice is heard.
In turn, employees have a responsibility to the organization to protect intellectual property and strategy, safeguard company property and equipment, adhere to company policies, and model the ethical behavior outlined in the code of conduct.
Mission statement and core values
Topgolf acknowledges their simplified guiding principles with five influencing core values that take shape through activity, actions, and company direction. These principles set the tone for not only Topgolf key stakeholders but the communities in which they conduct business. This continued commitment aids in building trust and credibility to the global market they are working to reach and develop.
Topgolf recognizes the tremendous benefit of maintaining a strong HR department tasked with reliable recruitment for talented and skilled professionals, fostering impactful training programs, infusing motivation and positive attitude into the culture, to generate a strength rather than a weakness. When these practices are perceived as a value to the organization, there is a much higher likelihood of delivering on that goal.
Topgolf owes their key stakeholders a duty of working together to ensure the best use of company property, money, and other assets. As good stewards of the organization, leadership, employees, investors, franchise owners, and strategic partners are entrusted with company resources and are expected to make use of them efficiently and appropriately. Great care is taken to avoid loss, damage, waste, and improper use. It is worth noting that many of these internal and external factors are intertwined, and this is simply the first application of that ideology where nonadherence to sound management of capital resources could negatively impact other factors and cause a chain reaction.
As a lifestyle sports entertainment brand, Topgolf has numerous respective business segments and channels. The majority of Topgolf venue locations are franchise owned but adhere to the company model and policies. The vast majority of their other business segments are managed by senior leadership, with input and direction from franchise owners, to ensure transparency and alignment to the business model and mission statement. The franchise model infrastructure has proven successful for Topgolf as a method for standardization and shared risk with investors highly motivated to realize the aligned mission and goals of the organization.
Topgolf stresses the importance of effective communication between all employees for the continued success of the company. This includes, but is not limited to, newsletters, meetings, the Intranet, bulletin board postings, confidential channels, and voluntary open-door policy between management. Critical to communication is transparency and a united voice. Company policies indicate proper media contact and social media interactions by authorized individuals to ensure alignment to the brand image.
While all Topgolf employees are required to act with integrity, show respect and build trust, leaders, franchise owners and managers have special responsibilities. If you lead or supervise others it requires you to demonstrate ethical leadership and set the right tone by fostering a positive work environment in which only legal, ethical, responsible and appropriate behaviors are acceptable. Additionally, all business partners such as suppliers, contractors, joint venture partners, distributors, and consultants, should share these values and approach business in the same manner.
Brand and Corporate Image
Topgolf takes responsibility to preserve natural resources and support the local communities where employees live and work very seriously. Through the promotion and encouragement of a volunteer service time away program to give back to charity, environmental stewardship and working to minimize their environmental footprint through recycling and waste reduction, and being good stewards of the organization and communities where business is conducted, both the brand image and employee satisfaction are bolstered. This is considered a win-win.
Topgolf has developed loyalty amongst its customers through consistent delivery of a high-quality sports entertainment lifestyle brand. Their credibility has built trust amongst consumers and as a result, additional partnerships and cross pollination into other business segments. It is important to note that Topgolf institutes quality control measures and channels as a means to funnel customer feedback in the form of complaints, suggestions, or compliments. This mechanism acts as a way to improve but also offer the customer a way to be heard. Lastly, Topgolf ensures that they operate in compliance with FDA regulations and other industry respective governing bodies.
Topgolf welcomes a fair marketplace environment where pioneering innovation can propel the brand forward to meet the goals of continued advancement. Topgolf is of the mind that change is good and directly aligns with three of their five core values; one team, excellence, and edgy spirit.
Topgolf deals with many suppliers and must treat them all fairly and select suppliers on the basis of quality, service, and value creation. These relationships are based on lawful, efficient, and fair practices, including observation of human rights, obedience to applicable laws, protecting environmental quality, and providing products and services according to design and contract requirements. All interactions with suppliers must meet the highest ethical standards as the contrary may hurt company reputation and brand image and a loss of goodwill in the communities where they conduct business.
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Marketing, media, and public relations
Topgolf values its relationship with the news media, investors, and other key stakeholders, and maintains the policy of open communication with one united voice to all of them. Customers, employees, and investors deserve accurate, clear, complete, and consistent communication about Topgolf that adheres to their mission and vision and is aligned to the brand. Likewise, there are expressly authorized individuals who may speak on behalf of the organization as a means to remain compliant with business rules and laws. Topgolf also institutes strict policies around social media interactions and guidelines on how to handle IP, personal information, and promotional material.
As one of the most critical external elements to an organization, the economy has the ability to cripple or reward organizations through aspects such as interest rates, trade tariffs, inflation, recession, wages, and supply and demand (V, 2018). Topgolf operates in a global capacity however, as a franchise model they have partnered with knowledgeable experts in the respective geographies where they are commencing operations. This is certainly not infallible but has greatly enhanced their probability of success and those international locations continue to excel. One area of past and future concern is a capital pipeline to ensure growth. That being said, Topgolf has quickly begun to diversify their portfolio and gain independent revenue streams as a way to safeguard against economic downturn or recession.
Topgolf’s brand is directly linked to technological innovation and offerings, as part of their products and services portfolio. As such, it is leveraged and part of the corporate culture to enhance the brand, productivity and further develop strategic partnerships and expansion. Technology also carries the risk of far reaching implications like data breaches, confidential information, and operational inefficiencies. Whether technology poses a competitive or internal threat, clear and concise policies and procedures should be developed to mitigate misuse. Research and development and strong patent law will also serve as a means to protect future market viability.
A code of conduct is a necessary ethical foundation for business and a support system for established core values. The values transcend the company and employees to the customer and larger business community. These beliefs drive company personality, culture, and priorities. This is the framework for making decisions and define how employees are expected to conduct themselves in a professional and responsible manner. For Topgolf, their core values serve as a compass in how they achieve a “global sports and entertainment community creating great times for all (Vision & Mission, 2019).”
Law and regulations
Discrimination and harassment in the workplace continue to be a primary concern for organizations. As discussed earlier under business trends and employees, Topgolf must remain intolerant of behavior conflicting with their code of conduct. Policies and consistent reinforcement through training delivers the message throughout the organization but also safeguards against costly legal action. This methodology starts at the top with leadership. From the top down, training should be supplied to inform all employees of applicable laws, regulations, policies and procedures, anti-bribery, kickbacks, illicit payments, to list a few. It can’t be overstated that any divergent activity to the code of conduct, conflicts with Topgolf’s core values, contradicts business practices, and damages business and perhaps people.
As a manufacturer, provider, and distributor of technology, Topgolf is responsible for maintaining the highest quality standards. The quality and integrity of their products and services are critical to their success and essential in helping deliver safe and effective products and experiences to their customers. With strict global regulatory requirements governing business, Topgolf must be compliant and accountable, avoid fraud, waste, and abuse and ensure a safe and healthy environment for employees and customers alike.
Public relations, marketing, and legal teams are acutely involved in the management of brand image.
Social media has become mainstream for company marketing and promotional activity but has also opened the door to significant ethical implications and concerns when considering how employees discuss their workplace and share confidential information. “In order to avoid ambiguity, companies should create social media policies to elucidate what constitutes an infringement, especially as more states are passing off-duty conduct laws that prohibit an employer’s ability to punish an employee for online activities (The 5 Biggest Ethical, 2019).” Fundamentally, Topgolf should institute a policy whereby employees cannot engage in any communication in social media that would violate company policy.
- (2019, May 15). The 5 Biggest Ethical Issues Facing Businesses. Retrieved from https://www.floridatechonline.com/blog/business/the-5-biggest-ethical-issues-facing-businesses/
- (2019). Vision & Mission. Retrieved from http://press.topgolf.com/vision-and-mission
- About B Corps. (2019). B Corporation. Retrieved from https://bcorporation.net/about-b-corps
- V. (2018, November 29). What Are Internal & External Environmental Factors That Affect Business. Retrieved from https://www.mageplaza.com/blog/what-are-internal-external-environmental-factors-that-affect-business.html
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