Foundations of Business Management (Pass Criteria) - Desklib

This report focuses on the key issues and challenges faced by Original Creation and provides recommendations to develop growth and sustainability of business. It also assesses the author's skill development in communication, numeracy, ICT, problem-solving, and working with others.

of Business Management
(Pass Criteria)

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Executive Summary....................................................................................................................3
PART 1............................................................................................................................................3
Recommendation........................................................................................................................3
PART 2............................................................................................................................................5
Communication..........................................................................................................................5
Numeracy...................................................................................................................................5
ICT..............................................................................................................................................6
Problem solving..........................................................................................................................6
Working with others...................................................................................................................6
CONCLUSION...............................................................................................................................7
........................................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business management refers to as procedure that derives functioning and maintenance of
business function through achieving success of business (Zerbino, Stefanini and Aloini, 2021). It
helps in raising organization through implementation of strategy and deriving productive
approach for business. The report is based on Original creation is emphasizes dynamic culture
and the organization provides metal sculptures and other aspects that provides customer to
satisfy their needs and requirements effectively. In this emphasizes two part, in first part
determine about organization issues and also emphasize better goods to overcome issues
respectively. It helps in determining effective approach through providing justified solution that
reduces issues effectively. Further, also discussed recommendation for Original creation that
helps business to facilitating growth and development of products. The whole study of issues
and solution for business in determined in it. In part 2, assess my skill development through
describing various elements. These are communication, numeracy, ICT, problem-solving and
working with other that study about my perception that helps me in enhancing skills and
development that helps me in deriving employability development that determined in this report.
MAIN BODY
Executive Summary
In this report determines about key issue and challenges that faced by business, in order
to this by implementation of solutions helps in raising organization productivity (Cambalikova,
2021). The justified recommendation provided to develop growth and sustainability of business.
Also, determines my communication, numeracy, ICT, problem-solving and working with other
skills that helps me in deriving employability knowledge that boost my productivity and
efficiency in desired manner. By these helps me in achieving desired goals and solves issues by
working in effective manner through boosting organization performance.
PART 1
Reasons-
There are various types of reasons for company need consultancy in their business.
Outside eye : Often the problems that a company has to tackle are crucial, but they often don't
have the people to work on them. After all, companies should focus on their day-to-day

operations, and new initiatives sometimes need carried out workers' primary job functions.
However, because the majority of these projects are one-time, hiring new employees to fill these
vacancies does not always make sense. Company may struggle to assemble the teams required to
complete this critical task. A corporation engages consultants to gain access to certain specific
skills which may not be accessible throughout (Directors' duties, 2020 )
Extra influencing power: company have to highly qualified employees will not only be
expensive to hire, but the organisation have not enough work to keep them busy all year.
Business, however, may bring in such technical talents as needed thanks to consultants. original
creation While they are working on a tough issue or a difficult project, they may find it difficult
to make decisions or take proper action without being mired in emotions or politics. They
should, however, engage consultants to provide an unbiased assessment. original creation
Whenever they are working on a tough issue or a contentious project, it may be difficult for
them to make decisions or take proper action without being mired in feelings or politics.
Business, on the other hand, engage consultants to provide advice.
Specialized skills: Consultants can apply their impartiality to key creative ideas without being
bound by specific ways of doing things or a company's previous culture and activity. By having
to worry not whether their future work would be contingent on making deals with a company's
management, they are able to provide innovative insights and creative planning that contradicts
what a client may normally conceive about (Jaramillo-Vacio, Cruz-Salgado, and Ochoa-
Zezzatti, 2022).
Key Issues present at ORIGINAL CREATIONS
Growing revenue
Improving customer engagement and loyalty was critical to the company's continued success.
Original creation faces these types challenges here are several things to keep in mind when it
comes to client retention and relationship building:
 The challenges which they considered as and they have to avoid concentrating on a key
accounts and connections in order to reduce the danger and change the connection which
company has and this also diversify the stability, incentives, vale in the Original creation.
 Target market is also one of the challenge that company faces because they waste their
days of working in avoiding the socioeconomic and approaches. To target the market
organization does not need to have many social media appearance to attract the customer.

Company should select the outlet which target their audience in order to maintain and
sustain the company sustainability.
 Normally, the organization get direct manage to each customers connections but this type
of personal interaction is not that possible and it is quite semi successful for the original
creation. For their growth and maintenance.
 Company should know about their next 12 months plan by which they visualize easily
and enhance the organization. Hiring is a difficulty for small firms as they plan for
development while keeping overhead expenses under control. This issue appears to be a
stumbling block for company hoping to see a significant increase in income.
 Work experience and not actively searching should boost the quantity of competent
applicants. The top three ways are online job boards and interpersonal professional
networks. As a result, advertising firm through these channels increases organization's
visibility to possible eligible individuals (Freudenreich, Lüdeke-Freund, and Schaltegger,
2020).
 Professionals looking for new chances are unsatisfied with their existing positions. Small
businesses will need to compete with big employees. So, for coveted talent, build an
outstanding hiring process.
Increasing profit
Profit is also the issue that organization faces . Here are a few things to think about moving
forward:
 They should have to Develop a business plan. This is simple enough, but company be
amazed how so many businesses fail because they don't have a strategy for success.
Because time is money, establishing a plan of implementation is critical to streamline
the aims to generate profit.
 Cost leadership is a critical component of cash flow. The firm should do research on
how the competition prices their items in the market. Make a financial projection to
reduce the possibility of shortages. If price increases are required, doing that without
losing clients requires some judgement. Slowly raising the price may make the
adjustments more palatable. Make it a point to communicate the desired benefits to
clients as well.

 In today’s world, engaging in channels to improve your business is a necessary.
Consumers have higher expectations than ever before in terms of convenience and
service. It is critical to provide the appropriate avenues of engagement. Again,
identifying which channels to invest in and then managing the investment is difficult.
Resource management
 In Original creation the resource management is also the issue that organization
and as the money is the lifeblood of the business, they should have to focus and
manage their financial records. If the capital expenditure or the collection are
draining therefore company have to see the causes in their long run.
 Cash management is needed in the company especially during the recession,
when the flow of cash get slow in the company therefore it may be concerning
situation for the company as well. Managing accounting and taxation want skills
and professional assistance that indicates that company have to face the issue in
m order to find proper financial assistance for them. Hire the people with the
better skills and for the betterment of the company also get them a good
environment and profitability.
 In starting a company it is never been a easy task and get the people recognize
them which take a lot of time by this organization is also facing that type of issue
which they to focus and manage therefore, they need to enhance their domain
name and make people recognize that. As nowadays the online recognition is also
needed and maintain them into well organized way. Taking knowledge of the
business are considered to be time consuming but for the better fresh organization
has to manage all this. There is assistance available for beginning an internet
store, such as receiving business cards and marketing materials at a very low cost.
 Original creation has not specialised in their own field by making the devotion
towards the work and all of the rise in choices and target completion will make it
more challenging for the company and for the business to handle.
Marketing
 The issue in order to future customer by promote the company in social
through various channels and where they had a majority of target audience
and to identify the channels and the critical for the communication through

because it is also necessary to communicate with the customer perfectly in
order to concern and attract them. This also determine that how will
organization approach them and what type of message that they convey to
their targeted audience. Even though this also include the company size,
shape and location where they situated.
 • Consumer purchasing habits remain cautious, and so as a result, organic
growth between existing and new customers is not increasing as quickly as
corporations would want. Enterprises are putting in a lot of effort to figure out
how to go as far to keep existing customers while also figuring out how to
reach new customers expense – without competing just on price, which
generally results in a competitive market (Saggi, and Jain, 2018).
 • Uncertainty produces significant pain in company as well, particularly
business leaders. Because of global debt and economic issues, uncertainty is
more intense today than in the past. The sad fact is that uncertainty causes
people to focus on the short term.
 Original creation has to manage and for a long term planning and due to
strategies the plan and goals for the short term also in order to gain profit in
the short term. Organizations must have to strike a balance between the
requirement for a more responsive, short-term focus and the need for
educated, long-term initiatives. Uncertainty usually puts many people in a
state of general malaise, leaving them unable to get anything done. Everyone
is on edge because of the never-ending news cycle. Customers stop spending
and business owners and executives burrow down as a result.
To name a few, split R&D into fragmented independent teams, generate internal
entrepreneurial enterprises, build corporate endeavour arms, explore external
collaborations, embrace open innovation and crowdsourcing, connect with
consumers, and use fast prototyping (Wouters, and et.al 2021).
. None of these acts are intrinsically evil. The issue is that an organization's ability for
advancement is determined by an innovation system, which is a consistent set of interrelated
systems and practices that govern how well the business tries to search for novel solutions to
problems, summarise ideas into successful concepts and product designs, and decides which

initiatives receive funding. Individual best practises involve compromises. Implementing a
single practise, on either hand, frequently demands a flurry of complementary changes to the
group's innovation system. A firm would be unable to make commerce decisions and pick all of
the parts of the innovation ecosystem if it does not have an innovation strategy. Even if a
business goal is stated, without an innovation strategy, different divisions of a corporation may
wind up following conflicting agendas. Every day, sales personnel learn about the most pressing
demands of the most important consumers. Marketing may uncover opportunities to leverage the
brand by supplying comparable things or to enhance market share by establishing new
distribution channels. Leaders of business units are focused on their target markets and the
unique P&L challenges they encounter. New technologies frequently create opportunities for
R&D scientists and engineers. Diverse perspectives are required for good innovation. However,
in the absence of a strategy for integrating and aligning multiple points of view around common
goals, the potential of diversity is limited or, worse, becomes self-defeating
Recommendation
In accordance to business, by innovating products and services of organization helps in
making changes effectively through boost organization performance (He, Zhang and Li, 2021).
It helps in raising organization productivity through emphasizing effective role by reducing
competitors through implementation of effective strategy that helps business to grow and
conduct development of business. Through this helps in maintaining sustainability growth of
organization by working in effective manner through innovating services respectively. As it
takes place by generating idea, screening, testing nature and commercialize it by launching
innovative products. This helps in generating organization productivity through implementation
of ideas. In order to do this, by maintaining budget through estimation of financial aspects for
business effectively helps in securing business. By this maintaining forecast demand of business
through raising organization productivity and efficiency in desired manner. Through reaching to
forecast demand of raising sales of business and increases customer through promoting products
on different channels of medium (Trad, 2021). It helps in raising organization productivity and
boost performance through emphasizing growth of business in respective manner. By
conducting effective approach through innovating services that takes place in business by raising
organization efficiency by emphasizing smooth functioning of business respectively. This helps
in conducting systematic functioning of organization by raising organization productivity by

creating services that helps in maintaining sustainability growth of business. Through estimation
of these helps in conducting productive approach for business by motivating employees and
provides them satisfaction through emphasizing rewards to them. As this helps in maintaining
sustainability of business through improvising products and recommended this strategy that
helps in raising organization productivity in desired manner. This helps in conducting productive
approach for business through emphasizing growth and sustainability of business by facilitating
smooth functioning of business. By emphasizing effective tools and techniques that helps in
raising organization productivity and efficiency by working in respective manner. Through
focusing on market sector of business by implementing strategy that conducts smooth
functioning of business by raising organization productivity effectively. So, through
recommended this strategy helps in conducting positive approach for business through deriving
diversified culture in environment of business that helps in raising organization productivity in
effective manner (Siebold, 2021). By providing better culture in workplace of business and
improvising better environment that conducts productive approach through employees work in
respective manner and emphasize growth through working in respective manner. As this helps in
maintaining business function and overcome issues through providing better solution by
innovating services in effective manner.
PART 2
Communication
This is an important area onto which the keen focus has to be made. The effective
communication skills helps in the effective interaction in the classroom with the teachers and the
mates. I have analysed that throughout all the weeks the effectiveness in my verbal and written
communication has been increased. In the starting of the initial weeks, I felt less confidence in
front of my teachers and mates in order to share my opinions and thoughts. But, after taking part
in the large number of discussion in the classroom I realised that my verbal communication is
getting effective. And my written communication has become better by making notes of the
topic. The learning that has been made by me was related to the HR management and their
motivation strategies. In this I found, that in order to increase the effectiveness of the employees
working the effective communication in the organization is needed. This plays an important part
in making the interactions among the members of the organization. (Khan and et.al., 2017). The

communication skill helped me in order to create the interaction with my teacher. And this
results is clearing large number of my doubts that was related to my learning. I will use this skill
in future as well. It is important to make the effective interaction with the colleagues. As this
ensures the effective working. This skill enabled me in increasing my confidence.
Numeracy
I emphasize numeracy in consideration of business function as it helps me by deriving skills,
knowledge, action and constitution. This helps me by recognizing and understanding numeric
value by using financial skills effectively. By this I estimate financial aspect effectively through
considering elements that helps in raising organization productivity respectively. Such examples
of this are basic skills of numbers, estimating knowledge, forecasting etc. As this emphasize for
me to estimating and calculations of numeric value by facilitating my skills in respective manner
(Cappelli and Baten, 2021). It helps in deriving my understanding and knowledge that helps in
gaining sustainability and emphasize smooth functioning in desired manner. By numeracy of
estimating data I work in systematic manner through emphasizing financial aspect in desired
manner by deriving numeracy of data through solving issues effectively. In order to this, I
determine numeric value through forecasting data and evaluation of aspects in desired manner.
ICT
This refers to the information and communication technology. (Fernández-Gutiérrez, Gimenez
and Calero, 2020). This skill has helped me in handling the Microsoft programmes. During my
session, I learned the handling of the software and hardware in order to collect and record the
data. This leads to provide me the effective knowledge in relation of using the different
software. When I kept using the programmes again and again it results in increasing my
knowledge of ICT. And this leads to developing the information and communication skills in
me. I will use my this skill in my career. In my job, I need this skill. As for entering in business
organizations it is important to have the knowledge regarding the handling of the software. So,
the data can easily analysed and recorded.
Problem solving
I have capability to solve issues and problem effectively by deriving corrective measures that
helps in maintaining sustainability of business. As I solve problems easily by working in
respective through solving problem by considering solution such as derives result through

implementation of strategy of innovating services (Rochais, Schradin and Pillay, 2021). This
helps in facilitating my problem-solving skills that helps in deriving positive aspect as I solve
problem easily. In order to this, I work in systematic manner by finds solutions for problem of
organization in order to overcome issues by working in effective manner. I derive solutions for
problem of business through identifying issues, prioritized and selects the best alternative for
business in order to solve problem by implementation of strategy that helps in raising
profitability of business in respective manner. I have potentiality to solve problem by working in
effective manner through raising organization productivity by working in effective manner.
Working with others
I have learned the importance of team working throughout all weeks. The team working is an
essential component in order to complete team goal. During my session, there was a team work
has been given to me and my three mates. The group task consist of four members including me.
During that task, I found that the cooperation and coordination plays an important role in the
group work. Initially, no-one was cooperating. Afterwards, when we started cooperating each
other. Then the outcomes became effective. (Johnston and et.al., 2019). The roles and
responsibilities of each member was clear. The team development stages of the Tuckman's
model has been learned by me during my session and this provided me the guidance and ideas of
implementing the effective team. The cooperation among my team members resulted in the
effective outcomes. I will use this learning in my future. The team development stages will help
me in order to make the effective cooperation with my mates. It is important to understand and
providing values to the group members. This results in increasing the morals of the team
members. As a result, members cooperate with each other in effective manner. This skill of
working with other in effective manner has provided me the various benefits. I learned many
new creativity and skills from my group members. And this leads to added glory in my existing
skills.
CONCLUSION
The report has been concluded about key problems that has been developed in business
through determining solution also for this problem in order to resolve issues by working in
respective manner. It summarizes of justified recommendation for organization that helps in
raising organization productivity and efficiency by innovating services that boost business. Also,

studied my employability skills that emphasize by different elements that has been described in
this report. It has been helps in raising organization productivity through overcoming issues in
respective manner by implementing corrective measure that helps in raising organization
productivity. In accordance to this has been described each and every element that helps me in
raising my employability skills that helps me in raising knowledge by working in desired
manner. As this are communication, numeracy, ICT, problem-solving and working with other
knowledge that helps me in raising my skills. Furthermore, the whole assessment has been
determined in this report that helps in raising my skills and discussed issues.

REFERENCES
Books and Journals
Cambalikova, A., 2021. Modern Trends in Business Management in the Light of Globalization.
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term perspective (1730–1970). Journal of Development Economics. 150. p.102630.
He, W., Zhang, Z.J. and Li, W., 2021. Information technology solutions, challenges, andTrad,
A., 2021 suggestions for tackling the COVID-19 pandemic. International journal of
information management. 57. p.102287.
Rochais, C., Schradin, C. and Pillay, N., 2021. Seasonal changes in problem-solving in wild
African striped mice. Animal cognition. pp.1-13.
Siebold, N., 2021. Reference points for business model innovation in social purpose
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Zerbino, P., Stefanini, A. and Aloini, D., 2021. Process science in action: A literature review on
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Khan and et.al., 2017. Communication Skills of a Teacher and Its Role in the Development of
the Students' Academic Success. Journal of Education and Practice. 8(1). pp.18-21.
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Directors' duties, F.B.D.L., 2020. Directors' duties.
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Influencing for Reliable Electrical Power Transmission Design in Industry 4.0. In Technological
and Industrial Applications Associated With Industry 4.0 (pp. 217-230). Springer, Cham.
Freudenreich, B., Lüdeke-Freund, F. and Schaltegger, S., 2020. A stakeholder theory
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Wouters, and et.al 2021. Challenges in ensuring global access to COVID-19 vaccines: production,
affordability, allocation, and deployment. The Lancet.
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value-creation. Information Processing & Management, 54(5), pp.758-790.
Fernández-Gutiérrez, M., Gimenez, G. and Calero, J., 2020. Is the use of ICT in education
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