Report on Establishing and Maintaining Strategic Networks for Growth

This report comprehensively examines strategic networks, emphasizing their role in personal and business growth. It defines networks, differentiates between formal and informal networking, and highlights the advantages of strategic alliances. The report identifies stakeholders, both internal and external, and discusses communication methods and strategies. Task 1 explores the benefits of networking, while Task 2 presents a proposal to establish and maintain strategic networks within the Department of Treasury and Finance, outlining aims, objectives, benefits, strategic value, key stakeholders, and legal requirements. The report underscores the importance of effective communication and strategic planning for achieving organizational goals. The report also includes references and a conclusion to summarize the key findings.

ESTABLISH AND MAINTAIN
STRATEGIC NETWORKS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Network.......................................................................................................................................1
Strategic network .......................................................................................................................1
Advantages of strategic network.................................................................................................1
Formal and informal networking................................................................................................2
Stakeholders................................................................................................................................3
External stakeholders..................................................................................................................3
Three networks benefit of networking .......................................................................................4
Benefit of networking.................................................................................................................4
Communication ..........................................................................................................................4
Policies........................................................................................................................................5
TASK 2............................................................................................................................................5
Aims and objectives....................................................................................................................5
Objectives....................................................................................................................................5
Overview of the proposal............................................................................................................6
Benefits and outcomes................................................................................................................6
Strategic Value............................................................................................................................7
Key Stakeholders........................................................................................................................7
Communication methods and strategies......................................................................................7
Working in Victoria....................................................................................................................7
Legal and policy requirements....................................................................................................8
Key principles.............................................................................................................................8
Further Resources........................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Strategic network is a concept followed by associations, group of people and
communities for personal and business growth and exploring the business functions for
exchanging the views and knowledge (Zhang and Leung, 2015). A strategic approach is used to
determine the professional and personal goals. This report is prepared to general review on
strategic networks in private and public. A well organised strategic network is established and
maintained for accomplish personal and business goals.
TASK 1
Network
Network considered as a system or group of interconnected communities and people.
used in technical aspect to connect communities in a single format. It provides a structure or
platform to share view, ideas, thoughts of different communities at particular network. It is
considered as a place where flow of information found in particular direction or area.
Strategic network
Strategic network is known as a strategic network which remain valuable of information
and expertise and competitive advantages for organisations (Cwalina, Falkowski and Newman,
2015). It is important for personal growth, development of business, sustainable development
and growth of business, transfer and exchange of information. This helps by developing personal
skills and improvement of business management structure by implementing strategic tools and
techniques.
Strategic network plays vital role in small scale investitures and start up projects.
Strategic networking is a combination of collaborators, competitors, influencers, suppliers,
champions, new clients. This network collaborates with these member’s subject to develop
business and professional goals.
Advantages of strategic network
There is type of benefits of strategic network are defined as follows;
 It brings opportunities to connect with more people and motivated groups. Opportunities
comes from strategic networking in form of joint venture, business partners and client
leads.
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 It delivers great source of connections which opens opportunities and door to talk to
highly task to or find.
 It provides expertise which not only beneficial to grow business operations and functions
but also helpful in developing personal skills and management.
 It helps in solving the strategic decision and make strategic plans for development of
business structure.
Formal and informal networking
Formal networking
Formal network is mainly associated with communication networks that present pattern
and structure of communication for example formal communication facilitated for better
opportunity and development. It makes smooth and simple formal communication network and
helps in resolving conflicts which occurs in communicating information and ideas directly to
users. Wheel network, chain network, circle network, free flow network and inverted V
communication networking are main parts of formal networking.
Benefits of formal networking
Formal networking help in connecting with users and communities directly without
having help of any third party (Bader and Schuster, 2015). Direct flow of information mainly
used which reduce lagging period of executing information and details to users. At formal level
networking helps to correlate main functions in more significant manner.
Informal Networking
these are networks remain less rigid and do not retain strong ties or contracts obligatory.
Informal networks follow assumption of sharing information and knowledge and are bifurcated
by asynchronous relation.
Benefits of Informal networking
It helps to correlate information and details by general conversation and discussion. It
usually helps in directing and connecting unintended offense or misinterpretation. This also helps
in connecting relevant culture of connecting with communities with informal way and formation.
A formal procedure is not used subject to analyse aspects for developing business sections.
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Stakeholders
These are considered as an independent parties and authorities with contributes
something in particular association and organisation to gain personal benefits. A person mainly
concerns in something, specifically a business.
Internal stakeholders are part of internal networking and network analyse. This mainly
associated with designing usefulness and network strategy for research organisation. Internal
stakeholders affect the internal strategic planning and network analysis. Internal stakeholders are
defined as follows:
Internal parties as group of union: se are considered as lower level staff which
engaging in manufacturing and utilise physical capacity under group of union (Suess-Reyes and
Fuetsch, 2016).
Employees: these stakeholders retain large number of share in an organisation and plays
vital role in creating ethical network. A wider strategic network is required to create an ethical
format and managing operations for developing structure and managing manpower management.
Managers: These stakeholders remain part of management team, strategic networking
associated at small level and managing market strategies and plans. Management of business
mainly associated with determining key development and growth plans.
Owners: These are considered main parties who form basis organisational structure by
contributing capital, finance and money.
External stakeholders
Media, local groups, communities and associations, religion and churches, schools, trade
unions, social movement and advocacy groups, suppliers,
Government: this is considered as a legal authority which controls legal actions and
provides provisions for better strategic planning and strategic management.
Creditors: These are outer stakeholder who provides external helps association and
organisation in terms of monetary elements and source materials.
Shareholders: These stakeholders retain some certain shares of company and ownerships
for organisation (Gregory, 2015). It also considered as an owner of organisation but lack of
enough amount of ownership separate them.
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Customers: These are considered more essential aspect in terms of business growth and
development. A better customer network helps in coordinating operations in more specific and
significant manner.
National NGOs and international NGOs: National Government organisations are
authorities works for underprivileged communities and societies. re are some certain rules and
regulations are made knows as corporate social responsibilities and ethical standards which make
organisation liable towards These communities. Strategic networks are considered in this
context.
Three networks benefit of networking
Personal networking: network which mainly associated with connecting communities
for personal growth and development. Main objective of personal networking helps in
developing personal growth and development structure.
Operational networking: To make ethical operational structure and network operation
are used in this context. This helps to connect and relate tasks and normal routine task in better
manner (Harwood, 2017).
Strategic networking: This mainly helps to control outsiders and it enables to connect
organisation objectives and suggestions.
It includes formal and informal structure of business, circulation list, e-network, bulletin
boards, virtual communities, mailing list to build an effective network.
Benefit of networking
Type of advantages of networking are defined as follows;
 It helps for start-up organisations and own business
 It helps in build strong base of career ladder
 Networking simplify long term and short term investments in terms of building effective
structure and path.
 It encourages business models and schools
 It leads lifelong friendships and management teams.
Communication
It is important to maintain the communication level in all the three groups of networking
as
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Personal networking: at personal level informal communication network remain more
effective and beneficial because it enhances the common understanding and concept with more
brief and strategic form.
Operational networking: there is a combine efforts are required to putted in networking
for developing effective structure. Informal and formal communication to develop the viable
structure of business (Zheng, Singh and Mitchell, 2015).
Strategic networking: It is required to follow formal communication network to build
strong strategic management network in and establishing the networks in various forms.
Policies
There are few policies are required to communicate as
 Making effective communication channels to exchange strategic information for the
mutual benefits of network members
 A viable path and platform to interact and consult with the key stakeholders used to
anticipate developments that impact on the organisation and required a strategic approach
to dealing with them.
 Misunderstanding and conflicts situations are required to sorted out separately and a well
organised format must be formed to identify the principles and conflict resolutions.
TASK 2
Part A: Reference Document
Aims and objectives
Aim: “Establish and maintain strategic networks with in Department of Treasury and
Finance”
Objectives
 To create personal strategic network for identifying individual conflicts, interest and
requirements
 To establish an operational network for smooth operations and functioning of Department
of Treasury and Finance
 To build a strategic relationship by establishing strategic networking
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Overview of the proposal
Appropriate communication networks and mediums are essential for addressing the task
and project in accurate manner. Strategic network is formed in both the private and public aspect
to overcome the challenges and barriers occurred in communication. Department of Treasury and
finance is an association work for corporate governance and administrate the legislations and
rules related to finance in Australia. It is seen that there are type of barriers and conflicts occurs
while addressing and communicating the rules and the legislation regarding corporate
governance and finance rules in Australia. The core operations of Department of Treasury and
Finance is to administrate the budget and financial management for corporate parties and small
and medium size scales, providing information on government business and the corporate
governance framework, guidelines and board appointment arrangements. Purchasing policies and
the procedures regarding management and property disposal (Whyte, Stasis and Lindkvist,
2016).
It is very important to provide material information and aspects to internal and external
stakeholders of this association. Without an effective communication network and path, it is
difficult for organisation to execute this information to stakeholders. By considering this subject,
need of strategic networking occurred and tactics are used to establish strategic networking in
association.
Benefits and outcomes
For self
 It will explore the personal growth and development that are required for successful
completion of task and projects
 It will help in focusing the essential things like talent, time and money allocated to those
activities.
 Strategic networking helps in identifying the poor performing areas that can be identified
and eliminated.
For the organisation
 It will provide opportunities to connect organisation with its key stakeholders and
communities.
 New connections and bonds will be created by strategic networking and establishing
effective communication network.
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 Reviews and suggestions form stake holders be able to communicated with the
organisation
Strategic Value
Strategic values are defined as follows
 Association's performance benchmarking is counted as measurable for effective
performance
 Transparent of strategic/operating/micro-process benchmarking which managers need to
understand.
 Effective strategic management helps in creating moral values that helps in exploring and
enhancing business strength for process capabilities.
Key Stakeholders
For internal stakeholders
Treasury officers, accountants, legal advisors and advocates, committee members,
legislative offices, speaker are the key internal stakeholders found in Department of Treasury and
Finance.
For external stakeholders
There is a panel of 300 stakeholders form more than 200 organisations are considered in
as external stakeholders. National insurance brokers association, Northern Territory Police
Force, Oliver Wyman, Prtre Clare and Piper Alderman are the main external stakeholders of
Department of Treasury and Finance.
Communication methods and strategies
Formal communication network is required to execute the information and details to
external stakeholders regarding procedures, policies and plans.
Informal communication network should be implemented by organisation to execute and
spread information with in internal areas.
Working in Victoria
Victorian Public Service Commission (VPSC) is an association which contain multiple
departments and administrate in Australia. This particularly helps in building the sector
efficiency, effectiveness and capabilities related to collecting data reporting on whole of the
government data. Collecting and reporting on whole of government data. It conducts enquires as
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directed under the Act which is published on website. Public sector bodies and agency public
department of economic development are considered by this association. It works for social
welfare by providing job opportunities, developing transport and resource department of
education and training department of environment.
Strategic network will execute the development and public sector for organisation and
will help public sector. This network will also help in preparing policies and plans under the
code of conduct for Victorian Public Sector employees (2007).
Legal and policy requirements
A Particular code of conduct is made which incorporate the details and information as
commission of inquiry, employment law, freedom of information, intellectual property, law
reform, legal documents, privacy and road rules. Laws and regulations as department of premier
and cabinet Victoria (Bryson, 2018). Common information act, commencement information
regulatory rules, Statuary rules, Cumulative acts reading public disclosure and improvement and
purchasing the legislations are considered while establishing the strategic network.
Occupational health and safety regulations act 2004 is also one of the legislative authority
which impact the strategic network. General responsibilities for individuals under common law
requirements are considered in this. Corporate mail, school update and health and safety hazard
and information alert.
Key principles
 There are interpersonal groups and association and inter agency communication are
defined are required to form correctly.
 The barriers that occurs while connecting with other department and association like
Victoria and tourism department, emergencies and safety, health and community,
business industry, employment workplace health and community, law and justice.
 Registration, public transport timetables, toll-ways, water safety, freight etc.
Further Resources
There are further resources like employer policies regarding private use of work
resources engaging in social media, policies in regards of efficient and effective use of public
resources and the foot prints are considered while strategic network framing.
PART: B Establish and Maintain Networks
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Network 1 (Social Media: Facebook)
User Name: James Thomas
User ID: 874925697
Password: jamesggt
Terms and Condition
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Conversation:
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Network 2 (Social Media: Twitter)
User Name: Ben Harper
User ID: 5897813
Password: Ben5002
Terms and Condition
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Conversation:
Ben: hello, how are you?
Parker: I am fine, thanks for asking. How are you doing?
Ben: I am doing great, can you please give me the status of our project, is it completed or not?
Parker: I have already mailed it yesterday while leaving the office.
Ben: Okay! but you haven't told me about it. I just checked my mail u did not receive any
document can you please send it me to again.
Parker: Sure Sir, sorry for the inconvenience. I'll send it again.
Ben: Alright than, thank you so much, have a great day.
Parker: You too. Bye.
PART: C Reflection
Form the above research, I found that earlier strategic network was used as a basic
communication and connecting tool. I have observed that Strategic network was used as building
connecting and communication network with communities, people and with general public. After
critical evaluation and measurement, I found valuable results and more exploring facts of
strategic networking. It not only used in connecting with people and communities but also helps
to build strategic relationship. As per my perspective it there are some key elements are required
to considered while establishing networks as connectors, mentors, industry or company expert,
and networking experts.
By practical implication of strategic network model, I would be able to create my own
strategic network to execute the further implementation. In above research I practically implied
the strategic networking terms and tactics with in government agency in Victoria that is
Department of Treasury and Finance. I analysed that there is key information are remain required
to execute to internal and external stakeholder of association. With effective implication of
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strategic network, I become able to understand the key dynamics used to management and
control in organisational context as public and private.
CONCLUSION
The above report is based upon the strategic network and practical of tactics and
principles for establishing networks. This report summarises the overall concept of strategic
network in two task. In first part the general discussion is made on strategic network and in
second part practical evaluation and overview done by undertaking research. Key findings and
learnings summarise the importance of strategic networking in better communication.
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REFERENCES
Books and Journals:
Zhang, Y. and Leung, L., 2015. A review of social networking service (SNS) research in
communication journals from 2006 to 2011. New Media & Society. 17(7). pp.1007-
1024.
Cwalina, W., Falkowski, A. and Newman, B. I., 2015. Political Marketing: Theoretical and
Strategic Foundations: Theoretical and Strategic Foundations. Routledge.
Bader, B. and Schuster, T., 2015. Expatriate social networks in terrorism-endangered countries:
An empirical analysis in Afghanistan, India, Pakistan, and Saudi Arabia. Journal of
International Management. 21(1). pp.63-77.
Suess-Reyes, J. and Fuetsch, E., 2016. The future of family farming: A literature review on
innovative, sustainable and succession-oriented strategies. Journal of rural studies. 47.
pp.117-140.
Gregory, A., 2015. Planning and managing public relations campaigns: A strategic approach.
Kogan Page Publishers.
Harwood, S., 2017. ERP: The implementation cycle. Routledge.
Clarke, W. S., 2018. Learning from Somalia: The lessons of armed humanitarian intervention.
Routledge.
Zheng, W., Singh, K. and Mitchell, W., 2015. Buffering and enabling: The impact of
interlocking political ties on firm survival and sales growth. Strategic Management
Journal. 36(11). pp.1615-1636.
Whyte, J., Stasis, A. and Lindkvist, C., 2016. Managing change in the delivery of complex
projects: Configuration management, asset information and ‘big data’. International
Journal of Project Management. 34(2). pp.339-351.
Bryson, J. M., 2018. Strategic planning for public and nonprofit organizations: A guide to
strengthening and sustaining organizational achievement. John Wiley & Sons.
Online
Department of Treasury and Finance, 2016. [online]. Available
through:<https://www.treasury.sa.gov.au/>.
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