Finance for Business - Report on Team Dynamics and E-Commerce Strategy

This report, prepared for a Finance for Business course, analyzes a team meeting held by Apparel Brand Pty Ltd to discuss the development of an e-commerce platform. The report details the preparation for the meeting, including goals, current status, and responsible parties for various tasks such as hiring consultation services, increasing customer referrals, and conducting training sessions. It includes meeting minutes, highlighting attendees, agenda topics, and action items. The report also explores team performance evaluations, techniques for resolving team issues like lack of coordination and conflict, and identifies unresolved issues along with proposed improvements. The report references several academic sources to support its findings and recommendations, focusing on team effectiveness, leadership styles, and the adoption of digital business practices.

Running head: FINANCE FOR BUSINESS
Finance for Business
Name of the university
Name of the student
Authors note

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Table of Contents
Assessment task 2:...........................................................................................................................1
Preparation for team meeting:.........................................................................................................1
Minutes of meeting:.........................................................................................................................3
Participate in an observed team meeting:........................................................................................4
Submit meeting notes:.....................................................................................................................6
Reference and Bibliography list:.....................................................................................................8
Assessment task 2:
Preparation for team meeting:
Goal activity Current status Person responsible Comments

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Hiring consultation
services
Red IT department of
company
The consultation
services are required for
developing and
designing the websites.
Assigned with the task
of increasing customer
referrals
Amber Marketing and sales
manager
This can be done by
advertising online.
Assisting employees
with adopting them to e
commerce platform
Green Upper level and senior
management
Conducting training
sessions for making
them acquaint with the
knowledge.
Promoting the business Amber Sales manager Distribution of
pamphlets
Sourcing of different
sources by proper
recognition
Red Senior level
management and chief
financial officers.
Conducting research for
sourcing business
requirements will
require people of
business to engage
themselves thoroughly
(Mahembe and
Engelbrec 2014).
Identification of issues creating problems:

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Lack of training- Management of Apparel might not posses enough knowledge to
influence required knowledge for making existing employees aware of the digital business.
Resources- Apparel Brand limited is identified with lack of resources in term of its
employees and physical assets for initial online platform.
Lack of technological knowledge in existing employees- Existing employees of
company is not aware with latest technical knowledge that is required to deal with consumers
shopping online (Friedrich et al. 2017).
Security issues- Apparel brand is required to have networking security system that is not
possible with existing resources.
Resolution of identified issues:
 Providing technical training to employees for handling digital business
 Hiring employees for handling digital business
 Gathering resources by management
Development of meeting agenda:
 Informing employees about the way digital business is conducted
 Listing all the business requirements for embracing e commerce opportunities
 Making employees aware of the need to embrace digital knowledge
 Listing various sources that would provide input to business development
 Conducting customer mapping
 Developing product portfolio
 Development of ways for promoting and advertising the online business

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Minutes of meeting:
Call to order- A meeting of Apparel brand Pty Ltd was held on office premises of headquarter on 3rd
February 2018 that was attended by 5 team leads with their respective head of departments.
Attendees- 5 team leads and 3 senior level management along with General manager of company
Members not in attendance- Sales and lower level management
Agenda topics- Development of e commerce platform of business
Time allotted- 1 hour and 20 minutes
Conclusive closing-
Action item: Person responsible: CEO of Apparel Brand Pty Ltd
Deadline:
Announcement-
Adjournment-
Participate in an observed team meeting:
Asking questions and encouraging team members to contribute to meeting:
Some of the questions that attendees were asked during meeting are listed below:
 Will the existing team members will be able to promptly embrace the change of adapting
to technical platform?
 What are the current technical capabilities of employees?
 Do they require enhanced training in advancing their technical knowledge?

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 What is the wide range of products that should be incorporated in online product
portfolio?
Team performance evaluations:
Group behavior to build team cohesion- For the profession and personal settings,
working in-group is regarded as key activity. Creation of supportive environment will help
organization in team building.
Supporting team members through coaching, training and mentoring- Apparel
Brand ltd has the plan of employing expert coaching techniques that helps in enhancing their
knowledge and make team members appreciated and valued. One of the vital steps to successful
leadership is effective mentoring that help employees in realizing their potential and upgrading
their skills to new environment (Curral et al. 2017). This will help in retention of employees and
overcoming the barriers, they face.
Resolution strategies- Apparel brand Limited has developed strategies that will help
them in promoting team development and overcoming barriers faced in adapting new selling and
cultural of doing business environment (Choi et al. 2017).
Techniques for resolving team issues:
Issues Solution Technique used for finding
solution
Lack of coordination Agree to a cooperative process Seek guidance and advice from
team members.
Conflict between team members Efforts should be taken to spot
the signs of conflict.
Developing conflict management
skills within team members

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Miscommunications Management should employ the
right media for communicating
information.
Providing training for
development of skills that helps
in active listening.
Identification of performance problems:
 Lack of motivation
 Resistance to change
 Reluctant to adopt changing culture of conducting business
Listing of unresolved issues and way of improvement:
Issues that are not resolved mainly pertain to unwillingness of employees to change, lack
of cooperation between team member and lack of technological knowledge. Some of the ways of
improvement are as follows:
Coaching- Coaching is about day-to-day interactions between individual employees and
helps in providing. An effective tool helps in deployment of efforts and helps in improving skills
of employees (Luciano et al. 2018).
Training- Training is an important input for the development of skills among employees
and updating their knowledge.
Development of effective communication tools- Communication tools helps employees
to enhance their communication skills and promoting skills that leads to avoidance of conflicts
among team members.

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Submit meeting notes:
 Designing websites
 Making customer referrals
 Conducting training sessions
 Product portfolio designs

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Reference and Bibliography list:
Choi, S.B., Kim, K. and Kang, S.W., 2017. Effects of transformational and shared leadership
styles on employees' perception of team effectiveness. Social Behavior and Personality: an
international journal, 45(3), pp.377-386.
Curral, L., Leitão, P., Gomes, C., Marques-Quinteiro, P. and Lind, P., 2017. How complexity
leadership and cohesion influence team effectiveness. Revista Psicologia Organizações e
Trabalho, 17(4), pp.243-251.
Friedrich, A.L., Ulber, D., Fraccaroli, F. and Sverke, M., 2017. Why Are We in a Team? Effects
of Teamwork and How to Enhance Team Effectiveness. An Introduction to Work and
Organizational Psychology: An International Perspective, pp.212-232.
Luciano, M.M., Bartels, A., D'Innocenzo, L., Maynard, T. and Mathieu, J., 2018. SHARED
TEAM EXPERIENCES AND TEAM EFFECTIVENESS: UNPACKING THE CONTINGENT
EFFECTS OF ENTRAINED RHYTHMS AND TASK CHARACTERISTICS. Academy of
Management Journal, pp.amj-2016.
Mahembe, B. and Engelbrecht, A.S., 2014. The relationship between servant leadership,
organisational citizenship behaviour and team effectiveness. SA Journal of Industrial
Psychology, 40(1), pp.01-10.
Tasheva, S. and Hillman, A., 2018. Integrating diversity at different levels: multi-level human
capital, social capital, and demographic diversity and their implications for team effectiveness.
Academy of Management Review, pp.amr-2015.