Punctuality is being in particular place at the right time. It is being on time to perform a particular task without much pressure. Punctuality can also be defined as a habit of performing given tasks within a given period of time. Punctuality is essential in every thing you do and directly or indirectly affect the outcome of the job. Success in any organization depends on the punctuality of its employees on the tasks they are assigned. Many great men and women who have achieved in life have all been keeping time. Punctuality has therefore made them to be successful in life. In business, no successful business person can ever deny that punctuality has played a major role in the success of their businesses. For a business to thrive, one must be very punctual in carrying out the day to day duties of the business without compromising on the importance of time keeping and time consciousness (Gaints, 2009).
Most managers in various levels of the organization have made it a rule of the thumb that, time consciousness and time management be observed with a lot of caution. No manager will treat kindly the workers who are not time conscious as this may affect the performance and profitability of the business negatively. For instance, a manager of a family owned pizza restaurant will always make sure that, every worker assigned various duties and responsibilities performs these tasks within the stipulated time frame so as to avoid delays and inconveniences. For example, the manager will always make sure that, the suppliers of the commodities and food stuff used such as the grocery, cereals and dairies deliver them on time so as to ensure that food preparation is not delayed. The manager will make sure that the chefs and other cooks are there on time to prepare and ensure food is ready for the customers to be served.
It is the manager’s responsibility to make sure that the waiters are always ready to serve the customers with what they have ordered. The manager has to ensure that the cashiers are quick to receive the cash and issue the receipt to the customers showing the exact amount the customer has paid. Generally, the manager will make sure every worker does his or her own job without delay that may impact on the reputation and image of the restaurant negatively. In the long run, the customers are satisfied by the services offered. In a different example, an office manager in a dental office will give full attention to his or her client since he or she is important for his success as a dentist. This is important as it makes the difference between saving life of the patient and a success of his the dental clinic.
The manager will always ensure that all the patients are attended promptly by a professional dentist. Punctuality in hospital has no substitute as this determines whether the lives of patients who need immediate attention are saved or not. This therefore means the manager will always ensure that everybody play his or her role without negligence (Gaints, 2009). A director in charge of purchasing in a corporate office is also obliged to be very punctual when discharging his or her duties and responsibilities. For example, he or she must ensure that orders are made on time to allow the suppliers to deliver them on time. By not making orders earlier, the delivery process is bound to experience delays and inconveniences. Therefore, the entire procurement process should be made faster or business stands a chance of loosing on some opportunities. All the above illustrations shows the importance of punctuality as a major issue that managers should always consider in carrying out their day to day duties in order to experience a smooth running of their businesses.
Liquidation in business is a situation when a company cannot meet its cash obligations. Most companies invest majorly on fixed assets which cannot be converted easily to get the required cash leading to the liquidation of the company. The closure of a company due to lack of enough cash is known as liquidation. Liquidation is in different forms and types depending on the current state of the business. These may include voluntary and compulsory liquidation. Many businesses can cease their operations because of many reasons among them, liquidity problems, insolvency and profitability and as a result of the owners’ inappropriate decisions. The company through the board decides whether to close its operations or look for alternative sources of funding the business (Baruch, 1992).
During the financial crunch of 2007 that culminated into an economic crisis in the US, several companies and corporations were affected and many companies were affected by this economic crisis. Among these companies were the Lehman Brothers Holdings Inc and the General motors company. The Barclays bank acquired the company in the year 2008 when it was facing this financial crisis. In the case of the General Motors Corporation, in a board meeting and the prior meetings, the board of directors extensively reviewed the alternatives available to the corporation to its direct and indirect subsidiaries Saturn, LLC, Saturn Distribution Corporation and Chevrolet-Saturn of Harlem Inc filed a bankruptcy case in accordance to chapter 11 to allow them to preserve and maximize their shareholders value.
This therefore liquidated its assets and relieved the corporation of debt caused by the financial crisis. This was done through the sell of all the assets to Auto Acquisition Corp, newly formed entity by the United State Department of the treasury as stipulated by law by considering the interests of the corporation. This decision was arrived at due to financial position of company whereby the total assets on a consolidated basis of $82,290,000,000 against the total debt on a consolidated basis of $172,810,000,000. This shows that the corporation was facing a financial crisis that could only be solved by selling the assets of the company. The owners of the corporation in a board meeting opted to preserve and maximize their wealth through this major sell off of the assets. The company ceases to operate because its assets were disposed off.