Establish and Conduct Business Relationships: A Comprehensive Report

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ESTABLISH AND CONDUCT BUSINESS RELATIONSHIPS
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Table of Contents
Introduction.................................................................................................................................................3
PART A.......................................................................................................................................................4
PART B.....................................................................................................................................................12
PART C.....................................................................................................................................................17
Conclusion.................................................................................................................................................23
References.................................................................................................................................................24
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Introduction
The purpose of this assignment is to ensure that an individual is skilled and takes the skills as
well as the knowledge needed to create and be able to manage positive corporate relationships. It
entails the skill to use sophisticated communication and relationship structuring skills to conduct
official conferences and create commercially important business-to-business contracts. Some
questions in Part A are answered about the importance of business relationships and building
trust in business, contract in the TH&E industry and clauses involved in a business contract.
In Part B three merchants of goods and services associated with the work area are discussed with
the associated KPI's. And in Part C the results are negotiated from the manager as per the
requirements.
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PART A
Question 1-List 3 key groups of people you may build business relationships within the
TH&E Industry.
• Employees
• Management
• Partners
Question 2- List 4 reasons business relationships are important.
1. It creates loyalty and trust
2. It creates business contacts so that people get aware of your business
3. It expands business on a wider level and grabs various business opportunities.
4. A business relationship enhances good communication skills.
Question 3- List 2 distribution, marketing or professional networks in your industry that
would provide opportunities to help build business relationships.
1. Promoters
2. Clients
Question 4- Why is building trust and respect in a business relationship not always easy?
According to the scenario today most of the business is carried out online which falls in the
circle of doubts and risks. Trusting someone needs reliability, which is somewhere vanished.
It may be due to barriers or gaps in communication channels. Teamwork is most important for
building trust in one another (Ayios, 2018).
Question 5- List 4 traits that can build respect and trust in a business relationship.
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1. Intellectual curiosity for learning new things and solve many other business-related problems.
2. To have an optimistic approach to the available opportunity.
3. Have trustworthiness and honesty in a business relationship
4. A positive attitude, helpful behavior, and confidence are the key traits in building a business
relationship.
Question 6- List 6 ways you can maintain regular contact with customers and suppliers.
1. By connecting them on a regular basis for feedback and suggestions.
2. By listening to them and prioritize customer service.
3. By establishing trustworthiness for all times.
4. By having good communication skills so that they have no doubts related to business.
5. By fulfilling all the expectations and needs of customers and suppliers.
6. Learn new skills and be updated to provide better services to both customers and
suppliers (Laudon & Laudon, 2016).
Question 7- List 2 methods of Networking. These may be formal or informal.
1. Conferences (Formal)
2. Meeting for coffee (Informal)
Question 8- There are several types of negotiations. List 3 different types of negotiations a
TH&E manager might be involved in.
1. Decision making
2. Deputation and authorization
3. Communicating about the contract, bargaining and the concessions.
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Question 9- Name 2 cultural differences you may need to consider when negotiating.
1. Difference between forms of agreement. It can be general or specific.
2. Difference between the attitude of a person among two cultures (Holliday, 2018).
Question 10- When going into a negotiation, name 2 things you can do to make a good first
impression.
1. Greet the party with a warm smile.
2. Confidence and body language.
Question 11- What should you do before going into a negotiation to make sure the outcome
is in the best interests of your company?
1. Research and be aware of the target to be achieved.
2. Watch out for the opportunity and the worst deal you can have. One should be prepared
for any outcome.
Question 12- If the negotiation becomes protracted, who should you inform? And how?
There should be a fair degree of flexibility while negotiating between two parties. If the
negotiation is protracted then one should reach out for the top level executive to come out for a
satisfactory conclusion not harming the cordial relationship beheld between parties in the
negotiation. It should be informed in a cooperative manner (Zartman, 2019).
Question 13- List 6 techniques to negotiate effectively.
1. Clear and effective communication
2. Teamwork
3. Ability to make decisions
4. To have clear goals
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5. Positive attitude
6. Optimistic approach
Question 14- How do open questions help a good negotiator gain information?
1. By gaining information and building interest on the subject matter.
2. Interactive participation makes a negotiator gain precise information.
Question 15- Give an example of a written contract you may enter into the TH&E industry.
Selling and transfer of real estate contract or contract to hire an employee or worker form an
example of a written contract we may enter into the TH&E industry (Patterson, 2017).
Question 16- ‘Obtaining organizational approvals’ is one of the nine steps of procuring a
formal business agreement. Name 3 others:
The other steps include:
1. Add the confidentiality clause so that information cannot be shared by other parties.
2. Make sure if the agreement is in accordance as per the relevant law.
3. Appoint a lawyer to review the business agreement and to ensure that the agreement is
inscribed as per the applicable law.
Question 17- Name 3 types of common clauses that might be included in a contract.
1. Indemnification Clause
2. Severability Clause
3. Acceleration Clause
(MICKLITZ, 2016).
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Question 18- What is the name of the clause which is designed to exclude or limit a person's
liability if they breach the contract?
Exclusion Clause
Question 19- What is the purpose of a dispute resolution clause?
The main purpose of the dispute resolution clause within a contract is to fix up the mechanism
for the perseverance of disputes among the contractual parties.
Question 20- Before formally making an agreement, what approval should you seek?
Approvals should be kept in mind before forming an agreement:
Intellectual property Agreement
Operating agreements to avoid any disputes between founding parties.
Non-disclosure agreement to protect the startup by ensuring employees ideas.
Shareholder Agreements to determine their rights.
Question 21- List 4 professional services you might employ to get specialist advice.
1. IT Consultant
2. Investment Manager
3. Accountant
4. Lawyer
(McMurray, et. al., 2016).
Question 22- If you were unsure of how to comply with consumer protection laws, who
would you consult to get professional advice?
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Lawyer
Question 23- List 4 specialist services an accountant may be able to assist you with.
1. Budgeting- to set financial goals and to measure performance.
2. Cash Flow forecasting to analyzing key expenses and plan and prepare for taxes and stock
control.
3. Succession Planning- to plan that allows a hustle-free consistent business.
4. Farm Accounting- involves taxation issues, understanding of business, as well as business and
financial issues.
Question 24- Once you have gained the confidence of a new business associate, what can
you build on that relationship?
Being reliable.
Being consistent
Being personal
Show appreciation
Act professionally in bad times
Try not to keep anything secret.
Question 25- If you have signed a contract that stipulates that you will be paying $5,000
property management fees per year for 5 years, but your business goes broke in its first
year, are you still liable to pay the money? Why/Why not?
Yes, it is possible to pay the money by selling the remaining properties.
Question 26- When setting KPIs in business agreements, why should KPIs be quantitative
rather than qualitative?
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Generally, quantitative KPI’s are considered as ideal as they do not require feelings or decisions
to measure them. It just requires mechanical approaches that are hypothetically expected to
provide the same outcomes. Qualitative KPI’s do not indicate numeric measures. (Kerzner,
2017).
Question 27- When should you review, negotiate and update your contracts?
An individual should need to review, negotiate as well as update a contract when there is:
1. Need to improve financial position in a business or need to eliminate falling victim to the
fiscal problems of its corporate partners.
2. Dissatisfaction with existing dealers and a corporate approach to renegotiating the value
or to withdraw from an unbeneficial agreement.
3. The need to attain cost savings by integrating its expenditure, benchmarking its
contractors.
4. There is a need to support contracts with authorized requirements as well as in the
business direction. (Stark & Flaherty, 2017).
Question 28- List 4 factors that could change over time which could affect terms and
conditions in your contract.
1. Government
2. International transactions.
3. Supply and Demand
4. Speculation and Expectation
Question 29- Name 2 legal requirements from your industry that you may impact
negotiations or agreements.
1. Tariffs and trade policies
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2. Sales tax
Question 30- You are looking at entering a 3-year lease agreement for a commercial
property. The contract states the lease payments will be $5,000 per month for the first year,
and then increase by 3.8% every year thereafter.
What will the total annual lease payments be for:
Year 1- $60,000
Year 2- $62,280
Year 3- $64646.64
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PART B
List the suppliers you have selected and describe the products or services they currently provide
you with
Supplier 1: Meeting and Events Australia
Product and services provided:
1. Create opportunities for business.
2. Plan professionals meetings.
3. Organize exhibitions and seminar
Supplier 2: Bunzl plc
Product and services provided:
1. Cleaning and hygiene.
2. Food processing and packing.
3. Catering hospitality.
Supplier 3: Tourism Australia
Product and services provided
1. Providing holiday packages.
2. Hosting international media.
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