Report on Business Studies: Collaborative Practices and Impact Factors

This report provides an overview of essential concepts in business studies, focusing on the importance of market analysis and strategic development. It emphasizes collaborative working practices, highlighting their role in enhancing business operations and achieving goals. The report explores va...Read More

Introduction
to Business
Studies

TABLE OF CONTENTS
Introduction
Understanding of collaborative working practices
Internal and external factors which impact business
Conclusion
References

Introduction
In order to develop and maintain a successful business
it is essential for their manager or leader to
conduct proper market or environment analysis
and then develop strategies accordingly. It is so
because through that manager able to determine
factors that can be internal as well as external
which will directly or indirectly impact on the
business operations and functions of a company.

Understanding of collaborative
working practices
In current time almost every company is adopting collaborative working as will
help them in conducting work or business operations in most effective manner
through which they able to attain their desire goal and objective successfully.
Moreover, conducting work in collaborative manner leads to accomplishment
of work faster. It is mainly considered as process by which a group of people
fruitfully discover its ideas or thoughts that leads to power to determine a ways
out that is more extended as compare to one’s own narrow vision.

Cont…
There are numbers of collaborative working practiced which a company may
adopt in order to promote collaborative working at workplace, from which some
are mentioned below:-
Develop clear and compelling cause – In order to promote collaborative
working at the workplace it is essential for manager to have a convincing reason
in order to encourage encouraging employees to be a part of company vision
together. It is considered that when the reason is more compelling as well as
exciting the mission then it is easier to inspire team.

Internal and external factors which
impact businesses
A company is directly or indirectly gets impacted through several factors
that can be internal or external. So it is essential for a company management to
understand those factors and develop strategies accordingly as that leads to
growth of businesses successfully. Internal factors are those factors which are
present inside the organization on the other hand external are those who impact on
business operations as well as function from outside. Below some of the main
internal as well as external factors are given that directly or indirectly affect
businesses:-

Cont…
Internal factors which impact business
• Capital resource – It is one of the main resource which is required by a
company management in order to accomplish a project in effective manner.
• Structure of organization – Another major internal factor which impact on the
business operation and function of a company is organization structure.
• Employee’s capabilities – In order to conduct any practices or adopt change or
technology it is essential for a company to understand their employees
capabilities as they are the one who conduct work for grow business.

Cont…
External factors which impact business
• Government laws or legislation – The standards and guidelines from
neighborhood government assume a fundamental function in the improvement
of the organization.
• Customers demand and perception – It is another main external factor which
impact on the company operations and function from external side.
• Change in technology – The next major external factor which affects a
business directly is situation in which a company needs to change their
technology related to working.

Conclusion
By conducting evaluation of above discussed topic it can be summarized for
every company management it is essential conduct market evaluation as that
will aid in determining the factors which impact on business. These factors
can be internal or external so in order to avoid and overcome it, manager
need to develop strategies accordingly. Internal factors can be human
resource, innovation, capital resource, organization efficiency and many
more. On the other hand external factors are laws develop by government,
customers demand, trends, and competitors and so on.

References
• Mikalef, P. and et.al., 2020. Big data and business analytics: A research agenda
for realizing business value. Information & Management. 57(1). p.103237.
• Kurt, Y. and et.al., 2020. The role of spirituality in Islamic business networks:
The case of internationalizing Turkish SMEs. Journal of World Business. 55(1).
p.101034.
• Sharma, P. and et.al., 2020. Managing uncertainty during a global pandemic: An
international business perspective. Journal of Business Research. 116. pp.188-
192.

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