Business Administration Report: Skills and Development Strategies

This report provides a comprehensive overview of business administration, focusing on personal and professional development strategies. It begins by comparing various sources of information relevant to professional growth and identifying market trends that influence development needs. The report then delves into the benefits of personal and professional development, emphasizing the importance of selecting appropriate development actions and addressing skills gaps. A detailed personal and professional development plan is presented, including SMART objectives, a budget, and a timeline. The report also explores the advantages of development opportunities, such as managed and design networks, and concludes with a discussion on setting SMART objectives and reviewing progress. The report provides a valuable resource for understanding and implementing effective development strategies within a business context, including the use of budget allocation and timescales for successful outcomes.

BUSINESS
ADMINISTRATION 2

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1.1 Compare sources of information...........................................................................................1
1.2 Identify trends and developments.........................................................................................1
1.3 Current and future personal and professional development needs........................................2
2.1 Benefits of personal and professional development..............................................................2
2.2 Selection of types of development actions............................................................................3
2.3 Current and future skills, knowledge and experience...........................................................3
2.4 Personal and professional development plan........................................................................4
2.5 Plan within agreed budget and timescale..............................................................................5
2.6 Advantage of development opportunities.............................................................................8
3.1 Setting SMART objectives...................................................................................................9
3.2 Feedback on performance from valid resources.................................................................10
3.3 Review progress towards personal and professional objectives.........................................10
3.4 Amend the personal and professional development plan....................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Business administration refers to overall management of business by applying more
effective as well as efficient strategies for welfare of the same. It involves different kinds of
policies, rules, practices and techniques which are appropriate to conduct operations in order to
attain desired goals of organisation (Caras and Sandu, 2014). Moreover, it includes all aspects of
overseeing and supervising business operations along with relevant areas such as accounting,
production, finance, human resource, research & development, marketing etc. The present report
will focus on sources of information with required skills or knowledge which is essential for
development in terms of achieving objectives successfully. It will also discuss about plan within
agreed budget and timescale through setting smart objectives.
MAIN BODY
1.1 Compare sources of information
The sources of information relevant to professional development trends include several
factors which are helpful to increase efficiencies for improving productivity. It include
educational sites from internet source and learning programmes including certain courses which
help to boost up skills. At the other hand, internet sources are helpful to provide knowledge
about every aspect of working whereas courses are for specific single ability to make individual
perfect in that field.
1.2 Identify trends and developments
There are different types of of market trends which influence needs of customers and
operations of organisation are responsible for influencing requirement of professional
development (Knott and Scragg, 2016). It include changing fashion of products and use of
advanced technology through software or applications. However, effective technology provide
support to carrying out various operational activities in proper manner through achieving better
outcomes. Introduction of advanced technology and improved trend of products motivate
organisations to develop their level for improving image of brand in market.
 The implementation of new technology is required to increase knowledge or skills of
employees by training so that they can operate the same properly to gain maximum
outcome.
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 Changing fashion of products encourage to improve efficiency of workers in terms of
increasing their capability to fulfil demands of clients more effectively.
1.3 Current and future personal and professional development needs
The current and future trends required to increase efficiencies in order to fulfil demands
of people to achieve growth of business (Moon, 2014). It includes the criteria of boost up
personal and professional efficiencies for completing requirements of people for maintaining
better profits share in market.
Basis Current development needs Future development needs
Role An individual is required to improve
their skills to fulfil their roles
appropriately and it is beneficial or
their personal as well as professional
development.
Future trends generate new
requirements or people to gain
knowledge about advanced technology
which is profitable for business
concern and personal career growth of
them.
Team Present skills of working together is
helpful to cooperate with team and
beneficial to improve personal and
professional growth in career
(Megginson and Whitaker, 2017).
Future development needs include to
boost up effectiveness of knowledge to
work in team putting efforts for
completing whole task to gain better
outcomes.
Organisation The current efficiency of an
organisation is to maintain previous
data which is helpful to gain
information about business needs or
employee's personal information for
specific requirement.
The future development needs are to
establish effective communication
system in organisation which is
helpful in achieving professional goals
along with conveying personal
information to higher authority for
taking desired advantage.
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2.1 Benefits of personal and professional development
There are various kinds of benefits of personal and professional development for an
individual which provide them opportunities for their future and increase their compensation as
well. Some of these profits are explained further -
 Personal development include to boost up skills and knowledge of an individual which
facilitate to gain several precious opportunities to make career in more better manner
with higher package.
 Professional development provide support to gain work experience and practical
knowledge of advanced machines, equipments or software which facilitate to increase
personal incentives and improve outcomes to achieve desired business objectives
successfully (Carpenter and Krutka, 2015).
 It is helpful to satisfy staff members by providing growth opportunities and motivating
them for attaining several achievements, recognition, responsibility, advancement and
personal growth.
2.2 Selection of types of development actions
The selection basis include several factors which facilitate to take appropriate actions for
welfare of organisation in terms of achieving set goals and objectives successfully. It involves to
determine strengths and weaknesses so that strong points can be utilised to improve profitability
and weak factors to reduce their negative impacts as well. Moreover, it is necessary for very
business organisation to determine changing needs of customer, strategies of competitive firms,
societal trends, threats and opportunities in accurate way. However, it will provide support to
take appropriate actions for improving efficiency of brand for gaining better profits share in
market by reducing issues in operations.
The developmental action are to apply new technique or equipments for improving
effectiveness of products and promotional activities by making employees trained properly. It
involves to make specific budget for conducting developmental steps in order to make people
more efficient as well as increase effectiveness of operational machines or equipments (Gaudin
and Chaliès, 2015). Meanwhile, developmental activities can include lectures, role playing,
external or internal courses, computer based learning, self instruction, mentoring, internships, job
rotation, team building exercise and many more to improve ability of workers and business
concern.
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2.3 Current and future skills, knowledge and experience
The skills gap can be described as different between required abilities of employees and
actual capabilities offered by them while performing tasks. It include the level o skills,
knowledge and experience of an individual which is responsible for their efficiency to perform
tasks more effectively.
Basis Current Future
Skills Present skill includes effective and
fluent communication level which is
helpful to convey information in proper
manner to complete task in desired
manner.
It is required to improve problem
solving and active listening ability
which is necessary to deal with people
and make correct decision on
contingency situations to avoid
negative impacts of the same.
Knowledge Present knowledge involves to work on
operational machines or equipments for
conducting production of required units
in specific duration of time to fulfil
requirements of clients properly.
Future requirements is to gain
knowledge about advanced technology
to work on effective software or
applications so that profitability of
business can be improved
appropriately.
Experience Present experience to fulfil changing
needs of different trends of market by
modifying product in order to maintain
profit share in market better than other
competitors.
Future experience involves to learn
about advanced techniques in terms of
becoming perfectionist so that minor
problem can be easily solved to reduce
its negative impacts on outputs.
2.4 Personal and professional development plan
Serial
no.
Learning
objective
Current
proficiency
Target
proficiency
Development opportunities Time scale
1 Decision
making skills
6.5 10 I have an ability to make
proper decision making by
3 months
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taking accurate duration of
time for analysing every
relevant aspect but it is not
possible for me to make
correct decisions
immediately. I can learn to
make quick decisions from
my superiors and situation
handling process.
2 Strong
Communication
skills
7.5 10 Effective communication
skills are required to express
actual views among people to
convey appropriate concept to
them and influence other to
obey instructions properly. In
contrary to this, I have much
efficient thoughts but not
capable to express them
correctly which impacts
negatively in outcomes.
Moreover, regular reading
newspaper and completion of
relevant course help to to
improve communication
skills appropriately.
3 months
2.5 Plan within agreed budget and timescale
The plan including required budget and time scale is necessary to be build up in order to
conduct every activity on time with attaining maximum outcomes. Budget is required to be
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distributed for different procedures so that they can be conducted in effective manner to
complete set goals successfully.
Budget -
Particulars Jan Feb Mar Apr May June July
Cash inflows
Investment 8000
Total inflows 8000 3000 3000 4500 1500 3500 4200
Cash outflows
Fixed : Training by professionals 2000 2500 1500 2000 1200 1500 800
Variable : Grooming expenses 300 300 200 300 150 500 300
Total outflows 2300 2800 1700 2300 1350 2000 1100
Net cash flow 5700 200 1300 2200 150 1500 3100
Opening balance 0 5700 5900 7200 9400 9550 11050
closing balance 5700 5900 7200 9400 9550 11050 14150
Time scale -
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2.6 Advantage of development opportunities
The professional networks and bodies are helpful in terms of providing several
developmental opportunities in order to gain better outcomes in personal as well as professional
career. It involves various chances of achieving advantages to gain desired benefits in proper
manner. Some of these opportunities are as under -
Managed networks – This involves the helpful aspect of management which facilitates
to implement fidelity fields quality at scale. It will provide support to boost up production at
specific standards which helps to gain better outcomes.
Design networks – The design networks can be consider as developmental opportunity
as it facilitate open innovation in terms of generating effective ideas or concepts appropriately. It
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will provide help to improve effectiveness of products which is beneficial for growth of an
individual and organisation.
3.1 Setting SMART objectives
The SMART objectives are essential to be set as they provides specific criteria of
attaining desired amount of outcomes through achieving goals of business.
(Source: SMART Goals, 2018)
Specific – The objectives are required to be specified and clear so that every individual
can easily understand expected productivity from them on regular basis to complete the same.
Measurable – The objective should be properly measurable as statistical amount of
outcomes is needed to be mentioned like improving sales of profits up to 10% in order to
measure overall success.
Achievable – This involves the criteria of establishing such objective which is possible to
achieved in specific duration of time through particular amount of resources (Bynum, 2015).
Realistic – This factors refers that objectives are required to be realistic and appropriate
to be apply at broad level to gaining better profitability.
Time Bound – The objective will also provide particular duration of time to complete the
same accurately.
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Illustration 1: SMART Goals

3.2 Feedback on performance from valid resources
The resources available at workplace to take feedback about performance are those
people who are working together and observe on regular basis. Some of them are given below -
Supervisors, managers and team leaders – This can be described about superiors
which provide correct views relevant to threats of performance along with effective techniques to
remove them for increasing regular productivity.
Peers – The peers are right people who will render correct opinions about team working
skills and coordination with colleagues to perform together.
Subordinates – This include the juniors working with an individual in terms of dealing
with them as superior and they will provide opinion about leadership quality in correct way.
3.3 Review progress towards personal and professional objectives
The set objectives are to improve communication and decision making making skills to
increase outcomes on regular basis while conducting operational procedures in correct manner.
The guidelines of superiors and going through course is helpful to boost up my capability to
communication as well as quick decision making accurately (Gonzales and Lambert, 2014). At
the other hand, previously I am not able to express my views properly and not capable to build
decisions immediately but after putting efforts for such goals are helpful to me. Now, my
communication level is much better in terms of clearly communicating my thoughts and my
quick decision making ability is also improved.
3.4 Amend the personal and professional development plan
The communication and quick decision making abilities are required to be improved by
learning about them and completing effective course of the same. It is necessary to amend
personal and professional plan by putting efforts individually to apply theoretical knowledge in
practical manner through instructions of superiors and perfectionists to boost up these abilities in
appropriate way.
CONCLUSION
From the above report, it is conclude that business administration an be described as to
manager overall business operations by applying more effective strategies for attaining desired
objectives properly. It involves personal and professional development plan for improving
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