Building Business Relationships

This assignment focuses on the importance of building and maintaining strong business relationships. It outlines strategies for effective communication, negotiation, contract management, and continuous improvement in client and supplier interactions. The text emphasizes ethical practices, win-win outcomes, and the use of various techniques to foster trust and collaboration within the business environment.

Establish and conduct business
relationships

1.1 To maintain an adequate relations with suppliers Sepia restaurant need to give their payments
to them timely and in addition provide quality foods and beverages to customers.
1.2 To keep up respect as well as trust in business relationship, it is must to be polite to all
clients. It is essential to follow up on entire things to know that, company is providing each
products to people as per their promise because this will assist in trust building (Ferraro and
Briody, 2017).
1.3 For maintaining continuous contacts with suppliers and customers, organisation will utilize
some techniques, such as parties, meetings, association membership, advertisement, promotions,
social sites etc.
2.1 With assistance of negotiation enterprise will reduce their clashes. For this, firstly it is must
prepare facts about the another party. Know about the targets and sort out small problems.
Prepare some notes and utilize adequate questions and statements to resolve troubles. Do not
force the decision on party and try to attain win-win results.
2.2 For marketing focus, primarily each and every employee of Sepia restaurant need to know
about targets which they want to achieved and in addition know the target market. Therefore,
they will fulfil all commitment which is made by them with customers.
2.3 There are many techniques of negotiation will be used by company to provide maximum
advantages to entire parties (Vitasek, Manrodt and Kling, 2017). For this manager has to give
attention to all details, leave attitude, possess listening abilities, compromise, offer and
accomplish commitments, follow principles etc. All this will aid firm to establish a long term
relations with clients.
2.4 Feedback need to be accurate, brief, positive, clear and understandable. It has to be based on
facts; thus, acquired results will be positive.
2.5 Negotiation results need to be communicate to stakeholders and colleagues through phone, e-
mail and reports within limited period of time.
3.1 To make contract valid, it has to be written. There are some elements of it, i.e. agreement,
legal relationship, consideration, capacity, terms, objectives. Of any one is not present then, it
will be void, voidable or illegal. A valid statement can also be present in front of court (If dispute
arise).
3.2 A formal contract is approved if it is signed by appropriate authority (Belle, 2017). In Sepia
restaurant, approval will be provide by manager, finance division and Executive Chef.
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3.3 Company needs advice in relation finance; therefore, by using fund appropriately they will
purchase raw material properly. It can related with loans, credits, investment, expansion of
business etc. This all will aid firm into their growth and development.
4.1 It is must to seek, act and review information as this aids to keep up an effective relations.
Info will be acquired with help of newspaper, magazines, internet etc. Apart from this, company
will conduct research to know about needs and wants of individuals; therefore, they will
accomplish it.
4.2 As responsibility, an individual need to explain about his joining, growth, understand about
work etc. Thus, by completing task within time, he will accomplish needs and wants of clients
adequately. It is must to cater goods and services at moderate prices. Manager has to done entire
activities in an ethical manner. Key performance will be associated with services, conditions,
payment date (Leonidou and et. al., 2017).
4.3 Alterations in agreements need to be done if there is any change in need of clients and
suppliers and after this, approval need to be taken by requisite authority. Furthermore, everything
needs to be share with co- workers within limited time duration.
4.4 With assistance of effective communication style manager will maintain continuous contacts
with customers. This will aid to accomplish their needs and wants in a proper way and help to
compete competitors at marketplace.
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REFERENCES
Books and Journals:
Belle, S. M., 2017. Knowledge Stewardship as an Ethos-Driven Approach to Business
Ethics. Journal of Business Ethics. 142(1). pp.83-91.
Ferraro, G. P. and Briody, E. K., 2017. The cultural dimension of global business. Taylor &
Francis.
Leonidou, L. C. and et. al., 2017. Antecedents and consequences of infidelity in cross-border
business relationships. Journal of International Marketing. 25(1). pp.46-71.
Vitasek, K., Manrodt, K. and Kling, J., 2017. Vested: How P&G, McDonald's, and Microsoft are
Redefining Winning in Business Relationships. Springer.
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