Report On Business Decisions
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Added on 2020-02-05
Report On Business Decisions
Added on 2020-02-05
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MANAGING COMMUNICATION KNOWLEDGE ANDINFORMATION
Table of ContentsINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................11.1 Different decisions to be taken to start a new business....................................................11.2 Information and knowledge required to make decision in relation to business start-up. .21.3 Internal and external sources of information....................................................................31.4 Recommend improvements in the method used in the needed information selection andanalysis for new business.......................................................................................................32.1 Stakeholders who actions may influence the new business decision making process.....42.2 Contacting with identified stakeholders...........................................................................42.3 Plan to involve identified people in decision making process.........................................52.4 Strategy for future improvement in this procedure..........................................................5TASK 2......................................................................................................................................63.1 Existing process of communication in the start up...........................................................63.2 Different communication process that may be appropriate to grow the business............73.3 Improvements to ensure greater integration of communication process to support futuregrowth.....................................................................................................................................73.4 Personal plan to improve own communication skills.......................................................94.1 Existing approaches to collection, formatting, storage and dissemination of knowledgeand information in business....................................................................................................94.2 Appropriate changes to improve the above process.......................................................104.3 Implement a strategy to improve access to systems of information and knowledge.....10CONCLUSION........................................................................................................................11REFERENCES.........................................................................................................................12
INTRODUCTIONThe present business organisations rely more on the information control, whetheroperating the infrastructure’s hardware or directing figures and facts at the right time to theright personnel. The manager should control messages and direct information in a range ofsettings by utilising a huge assortment of tools. It is because an effectively managedcommunication enables employees to remain connected and keeps an organisation runningproperly in the market. In this regards, the report is briefing about range of decisions that is tobe taken by the owner while setting up a business. Here, the plan is to open a shop for sellingfoods of high quality and the owner is required to decide about adequate source of financeand stakeholders that will be involved in business decisions. The paper will evaluateknowledge and information from both internal and external sources are required by theentrepreneur to make productive decisions and make development in the existing businessoperations. TASK 11.1 Different decisions to be taken to start a new businessIt is not easy to start a business, as it require an owner to make several main decisions.The initial stages of any business are often most complex, hence an entrepreneur is requiredto ensure that the business will be carried on correct path. Such decision will include how tofund the operation, how much capital will be required to survive and location of the firm’sfacility. The following are some of the decisions that should be taken by the entrepreneur atan initial level:Savings – Businesses in several cases, do not get enough profit initially or the entrepreneurmight not be able to save some amount for her/himself. Hence, a carefully developed budgetand business plan should indicate whether the business savings will last until the businessbecome productive (ABOUELNAGA, 2014).Strategic decisions – The firm by such decision can be influenced in long-run that needs highcompetency and skills. For example, potential expansion in business and in product range ofthe proposed food outlet. Tactical decisions – These decisions are taken on medium term to make successful executionof decided strategy and get desired outcomes from it. For instance, marketing decisions ofnew firm to aware the customers about its offerings and grab the more market share (Baron,2003). 1
Programmed decisions – Such type of decisions are taken on routine basis, which are made instep by step manner as well as noted to be followed by others.Non-programmed decisions – These decisions are taken as per the existing situations thatdoes not have any connection with other cases of business. Operational decisions – These are considered as short-term decisions that are taken in relationto execute decided management methods and strategies in the business. In the present case ofopening new business outlet, the operational decision can be related to items to be displayed,distribution of pamphlets and sourcing of raw materials from the local grocery shops on dailybasis (Berger, 2011). 1.2 Information and knowledge required to make decision in relation to business start-upIn the present business era, the knowledge and informations plays an important role inthe business success. With an increase in business process complexity, high competency,skills and knowledge is required by people to undertake their job effectively. The businessrequires a proper and adequate knowledge and information to deal with changing andcomplex market trends. Every job level in a business has some definite responsibilities and tomake decisions about their regular work they need to have sufficient information andknowledge. To identify the current knowledge level of business is very difficult, as it differsas per the explicit and implied knowledge of every person. Moreover, it is impossible to findand select the type of knowledge that is most valued for the business (Castells and Cardoso,2006). According to CIMA (2007), the business entrepreneurs tends to apply new techniqueson time to anticipate the changers in spite of responding to changes in decision making ofbusiness. The information and knowledge a business is having must be managed adequatelywith the techniques of knowledge management in the areas of enhancing the current businessprocedure, new services and products development and improvement of strategic position(Choo, 2002). It can be attained by unique knowledge development, apply it in businessinnovation, strengthening competitive position, improving flexibility, safeguarding businesscontinuity, enhancement of employees knowledge and the development of attractive andflexible working environment. In addition to this, knowledge and information is veryimportant for the new business start up to design different departments and itsresponsibilities, such as administration, human resource management, marketing and sales(Davis, 2014). 2
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