This Sample Effective Knowledge about the Internal and External Sources of information
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In every business organisation effective information and knowledge within workforce plays a very crucial role so as they can improve their quality of working. In this manner effective communication channels so as they can share their knowledge, information and message related to business. Corporation required to adopt effective medium and channels of communication so as each functional department can connected with each other and also stakeholders can get touch with business entity. In a simple word it can be said that communication is a process under which sender send their message and information to receiver and they can decode the information in their own meaning (Zimmerman and Shelley, 2016.). Communication management is a systematic planning, implementing, monitoring and revision of all channels of communication within an enterprise. The following project report provides a depth knowledge and understanding about the management of communication, knowledge and information within the organisation. In addition to this, in order to operate new food business in Germany, owner required effective internal and external sources of information and understanding. Thus, this project report provided effective knowledge about the internal and external sources of information and recommendation for improvement needed for start up business has been also addressed in this report. At the end of the project, various approaches to the collection, formatting, storage and dissemination of information and knowledge in the business has been also discussed in this report.
1.1 Discussion about the range of decisions to be taken within the new start-up
Five-star Food restaurants are newly start-up business in Germany which delivers the high quality of food product and services to customers. Its major aim is to attract large numbers of customer and gain effective market share in the Germany market. While owner of Five star Food restaurant starts the business then he/she required to take various kind of business-related decision. In order to take effective decision for the firm, owner required an effective source of communication and highly relevant information. Following are some decision which have to take the Five star food restaurant-
Strategic Decision- In order to attain the business objective within a time and gain effective brand image in the market, corporation required to develop impressive strategy. Thus, in this strategic decision company required to consider effective policies, practices, strategies, tactics for the business. It is a long term decision under which firm involves with huge investment of funds (Chien and et.al., 2015). Generally top management takes such kind of decisions related to business strategy, policies and practices.
Operational Decision- This kind of decision is related to day to day operation within the functional department of business entity. This decision can take for the implement the strategies and activities within the business firm. This decision generally taken by the lower and middle level management. Five start restaurant can take the decision related to the production , procurement, location of plant, distribution etc.
Marketing Decision- In this includes the decision related to promotion, advertisement etc. In order to publicity about the food product and services in the Germany market marketing manager of cited venture can consider on this decision.
Programmed Decisions- These decisions are taken by the lower level department in the corporation. In this manner, various decision can be taken such as raw material, granting leave to an employee, supply of goods and implement to personnels.
1.2 Examine the information and knowledge required to ensure effective decision making
As per the above discussion, it has been ascertained that in order to establish the new start-up Five-star food restaurants in the Germany market, the owner required to take various kind of decisions related to business. In this manner, the company has to consider various kind of knowledge and information. Following are some information and knowledge which cited venture required in the business-
Customer taste and preferences related knowledge and information- As Five-star restaurants are the food restaurant company which based on the customer demand and taste hence company required to identify the customer taste, preferences, choice, and culture so as it can deliver an effective food product and met their expectations (Hawkins and Tredgett, 2016).
Technological knowledge and information- Technology is essentially required in the business and it adopted in every functional department like finance, marketing, human resources, etc. In order to gain speed up business performance in the market, the firm required the latest technology. In this manner, a firm should regularly maintain an update of the technology.
Market knowledge and information- In order to smooth functioning of a business, corporation required to conduct market research so as it can identify the appropriate knowledge and information about the market. In this manner knowledge related to currently available competitors in the market, pricing strategy, economic condition, political forces related knowledge is essentially required.
1.3 List internal and external sources of information and understanding
In the context of Five-star food restaurant company, the owner can collect the information and knowledge from various internal and external sources which are as follows-
Financial Information- In this section cost of products, profit and loss, salary, tax rate, interests rates related information are includes. Finance related information assists in taking the decision related to the allocation of fund, reducing the risk etc.
Marketing information- In this source all marketing related knowledge and information are included such as advertisement, promotion, distribution etc. In the context of Five star restaurant, marketing manager required to identify the information related to distribution, promotion, advertisement etc (Harrison, and Van der Laan Smith, 2015).
Manufacturing information-In this section, material of cost, supplier detail, manufacturing expenditures, labour wages etc information are included. In the five star food restaurant, owner required to collect the information related to supplier cost, cost of raw material, equipment of production etc.
Government Agencies- In order to smooth functioning of business, company required to identify the legal and lawful information. Company needed to use legal information so as it can consider all legal and ethical aspect in the business unit.
Private Information Providers- This sources provides the information related to the sales figure in the market and other similar company's performance. This kind of organisation supply the information related to current market trends and environment which assists to the five star company in developing effective business decision.
1.4 Recommend any improvement in the method used in the selection
As per the above discussion it has been ascertained that information and knowledge about the business is very important for the Five star restaurant. In order to improve the knowledge and information cited venture should consider following recommendations-
Computerized decision support system- This is very effective strategy to improve the information and knowledge about the business. In this manner, all information and knowledge about the business are analysed and interpret with help of computer system. Company should use the effective and latest computer technology so as it can improve the speed of information and knowledge and all functional department can easily connect with each other (Doney, Cannon and Mullen, 1998). By this computer system, user can also analyse and present the data so that users can make decision more effective manner.
Competitor intelligent system- In this system , information and knowledge can gather, analyse and distributes intelligence about product, customers, competitors ad any aspects of the environment needed to support executive and manager making strategic decision for an enterprise.
Customer support- In this system company should use customer support under which firm can identify the customer feedback and review about the product and services. It easier manner to solve the queries of customers and make appropriate way to find the feedback information about the product and services.
2.1 Identification of various stakeholders and their actions
Stakeholders are those people in the business enterprise who are directly and indirectly influence from the business activities and functions. They are interested to know the business information and decision thus firm should always consider then at the time of business decision making. In the context of five star restaurant major stakeholders are employees, customer, government, supplier and investor. In order to smooth functioning of business, cited venture required to make satisfied these stakeholders and deliver them effective business related information.
Following are some stakeholder of the cited venture-
Employees- The business success and effective performance largely depend upon the working of employees. In order to make them satisfied, firm should render effective monetary and non monetary rewards. They desire effective salary packages, reads, effective working condition and policies (Kreuter and McClure, 2004). Company should make them always satisfy by fulfilling their requirement related to business. Their effective performance can assist form in attaining the business objective within a time and develop competitive advantage in the market.
Customer- Customers are those stakeholders who required high quality of food product and services. Company's profitability and success is largely depends upon the customer satisfaction level thus firm should always maintain healthy relationship with them by providing effective information about product and deliver high quality food in the reasonable prices. While company takes nay business related decisions then they have to consider customer choice preferences and taste.
Suppliers- Suppliers are those people who delivers raw material, semi finished good to company. Five star food restaurant is food manufacturing business which delivers high quality of food to customers. In order to produce high quality of food, firm required effective suppliers thus it is very important to maintain healthy relationship with them by make regular payment and make effective order (Gudykunst and et.al., 1996). Suppliers required to know the financial condition and profitability of firm thus company should always consider their demand and requirement in the business.
Government- Government involvement in the business is high and it is a body which develops taxation policies, practices, rules and regulation. Company should always consider these practices and regulation while it operates business in the market.
2.2 Explanation about the strategies and methods to maintain business relationship with individuals
As per the above discussion, it has been ascertained that there are various kinds of stakeholder in the Five-star restaurant whose directly and indirectly influenced by the company's decisions. In addition to this corporation is also required to maintain an effective and healthy relationship with stakeholder so as they can satisfy from the business. It is very important for the company to keep satisfied all stakeholder so as the determined objective can easily attain within a time period. In order to maintain the health relation, cited venture needed to consider the following strategies and methods-
Identify Stakeholder- In this first stage, the company required to develop an appropriate target of communication. In this stage, company identity from which stakeholder it desires to maintain the relationship. It is important to stage to get the detail about the interest.
Priorities- After selecting the stakeholder, in the nest stage corporation required to set the priorities through which it can identify the need and requirement of various stakeholder.
Understand the Needs- In this stage, the company required to identify the need and requirement of the stakeholders and identify the information which is necessary for the stakeholder.
Engaging- In this stage, the company should require to develop an innovative way of communication system so as it can maintain effective communication with all stakeholders (Theories on Communication in Organizations. 2016). In this manner, the cited venture can use the collaborative software package so asd they can maintain regular communication with them.
2.3 Design the strategies for future improvement in this process
In order to manage the stakeholder within the five-star restaurant, the company can adopt various strategies-
For customers- Customer required high quality of food product and services from the cited venture in the reasonable price. In this manner, the firm needed to identify the customer need and wants related to food product and set an effective pricing strategy which can afford by customer. Furthermore, effective customer support system, delivery, distribution can also make them satisfied.
For employees- Employees required effective salary, wages, rewards system, working policies and environment. In order to make them satisfied, corporation required to adopt effective working practices and reward system, In addition to this, firm should take their participation in the decision making process so as they can get highly satisfied.
Government- In order to make government satisfied and manage them, company required to follow all regulation, rules, taxation policies and legislation which has been developed in the UK government.
For Suppliers- In order to manage the relationship and satisfied supplier, cited venture should make regular and timely payment to them.
3.1 Explanation about the business communication process
As per the given business scenario, Five-star food restaurants is going to expand its business in Germany and it is going to buy a well-established cafe. In order to expand the business in the Germany market, the firm required to communicate with each stakeholder about the business expansion strategy, policies, structure, etc. Following are a systematic communication process which can be adopted by the cited venture-
Sender- Sender is very important person in the communication process who generate the idea and information for convey to receiver. He/she generates the idea by his attitude, skill, experience and knowledge. In order to communicate with receiver, sender can use various methods like word, spoken, written, gestures etc. Owner of the Five star cafe can communicate the information about the business expansion to all stakeholder by use of word and written method.
Illustration 1: Communication process
Encoding- In order to convey the information and message to various stakeholder manager of the cited new venture required to encode the whole message. It includes symbol, phrases etc. These term can assist receiver to easily understand the message.
Transmission- In order to convey or transfer the message and information to the receive, company required to select the medium of communication. Either they can use oral or written communication channel. In the context of oral communication, cited venture can use phone, mobile, face to face interaction, open session, team meeting etc. On the other hand in the context of written communication business letter, email, notice, fax, application can includes (Chang, and Bazarova, 2016.).
Decoding- Once the message arrive to the receiver then he/she understands the meaning and objective of message in their own languages.
Feedback- Once the information arrived to receiver then receiver can send the feedback again to the sender. The feedback is important part of communication through which receiver ensures that he/she understands the message and objective of communication effectively.
3.2 Explanation about different ways to improve the communication process
In order to improve the existing process of communication in the new five star cafe, the owner have to consider on the following strategies-
Repeat the message again and again- In order to improve the communication process in the cited venture, an individual should repeat the important message and information again and again. In addition to this, the sender should also repeat the message and information before sending to receivers.
Effective listening and reading the message- This is another major strategy to improve the process of communication in the organization. In this manner, the individual should consciously listen to the word of another person and read the message consciously before sending to another one.
Encourage information sharing- In the new five star Cafe, the company should promote the stakeholder for sharing the information at large extent so as everyone can aware about the information of new business expansion. In order to improve the communication process, it is a very important strategy through which everyone gets aware about the information.
Create open dialogue- In this strategy, management should always keep employees ware about the changes, progress, and future plans. In addition to this, they should invite the employees in the business decision-making process so as they can ware about the business policies, strategies, and tactics for new business expansion.
3.3 Implement improvement to ensure greater integration of systems of communication
As per the above discussion, it has been ascertained that there are various ways to improve the communication process. In order to implement these strategies in the business entity, management required to adopt effective planning which is as follows-
Understand and analyze the current situation- In order to implement the effective communication improvement strategy within the business enterprise, a firm should understand the actual current situation of a business. In this manner, the corporation should understand the internal and external business environment of an organization. In the context of Five-star cafe, management requires understanding the actual business environment like employee's behavior culture, structure, functional department, etc. According to the internal business environment. Communication strategy can be implemented in the organization.
Communication Strategies- After analyzing the internal and external business environment, in the next stage, the company required to develop an effective communication strategy. In this stage, they decided to develop a new communication strategy through which various functional department can easily communicate with each other.
Evaluation- At the last stage, after implementing the communication strategy, management required to evaluate and control the process of communication within the various department of a corporation.
3.4 Ways to improve own communication skill
As per the given scenario, I am leader of the news expand business of five star cafes in the Germany I have various roles and responsibility like mange the team member, Maintain coordination, support individuals so as determined objective can easily attain. In order to fulfil there purpose in the company, I required to improve my communication skill. Following are some effective ways to improve my communication skills-
Effective Listening- This is the best strategy to improve the communication skill under which I should effectively listen the word of another so as I can effectively understand the meaning of another.
Positive Attitude- In order to improve communication skill, I should have required to adopt positive attitude through which I can impress the listeners.
Use Gesture- This is another effective way to improve communication skill under which I should use gestures. Gestures can help to understand our feeling in front of another person.
Eye Contact- Eye contact is another major strategy to improve communication. I should use eye contact while I communicate with other people.
Attend personality development and seminar- In order to improve my communication skill, I should attend the seminar and personality, development classes. In these classes, I can get the opportunity to speak in front of others and face many audiences.
Self-Learning- Self-learning can aid me in improving my self-confidence of taking in front of another people. In this strategy, I can improve my body language by practicing by my own and confidently looking at the mirror and I can also prefer to speak in front of may friends and family.
4.1 Existing approaches to the collection, formatting, storage and dissemination of information and knowledge
As per the above discussion it has been concluded that there are various kinds of strategies to improve the communication process in the organisation. By use of these strategies firm can able to improve its communication process. In the five star cafe, manger can use various strategies to expand the business enterprise. In order to collect, formate, store and disseminate the information and knowledge, company can use following phases-
First Stage- In this stage, management uses particular information against the company objective and using social and cultural backgrounds. As per the objective and company requirement, various types of information such as statistical, referral and statistical information can be considered.
Second Stage- In this stage, the information should be formulated according to the company requirement. In this stage information can abstract, consolidating and necessary formatting can be made.
Third Stage- After abstract, consolidate and format the information of business, in the next stage relevant and update information should be stored ion the venture. This process can be done in the documentation form or ion online form.
Forth Stage- Sat the last stage, the dissemination of information should be sone and should firstly verify the appropriate receiver of the information. Then the appropriate media of dissemination of information should be selected.
4.2 Carry out effective changes to improve collection, formatting, storage, and dissemination of information and knowledge
After identifying the existing approach of collection, formulating, storage and dissemination of information and knowledge , firm required to adopt the various strategies of communication-
Proper Capturing of Information- In this method information and data can effectively collect, store and disseminate by using the content oriented and problem oriented information. In this manner both kind of innovative and traditional approach can used by the organisation.
Collection of Content-Oriented Information- After proper capturing of the information, company required to collect the content of data. Under this playing various criteria can be used to store information such as library catalogues, specialized databases, digital libraries, web resources etc. Captured information can be stored in database which is easy to retrieve according to the required purpose (Harriso and Van der Laan Smith, 2015). Data bases such as electronic databases, digital libraries and web resources can be used.
Creating a Database in an Effective Manner- Sat this last stage, management create the data bases it should efficiently and effectively organise and store according to the purpose of the dissemination.
4.3 Implementation of the strategy to improve access to the systems of information and knowledge which can be used to strengthen of business enterprise
In order to better implement the information and knowledge system within the company, firm should consider on various strategies-
Define the goal- In this stage, management required to analyze the business environment and determine the objective of the business.
Target audience- After analyzing the business environment, in the next stage, the management target the audience. For this listening and analysing each group in business is important.
Coordination- In this stage management requires to conduct the proper coordination among the various department of firm (Gong, Intel Corporation, 2015)
Handle communication issue- In this stage manager identify the communication-related issue and problem. Problems such as conflict, misunderstanding, cultural differences and dealing with difficult people can be arisen.
Support of senior manager- In this stage, company required to support the senior manger so as information and knowledge should be kept up to date and methods of collecting information and knowledge.
Information and knowledge management strategy- At this last stage management required to adopt effective knowledge and information related strategies in order to mange the large number of information and knowledge.
From this entire project report it has been concluded that communication is a very essential process in the every business organisation through which various functional department and stakeholder can get touch with each other. In order to improve the communication skill individual can use various strategies like eye contact, gestures, self learning, attending seminar and personality development classes, positive attitude etc. From this report it has been also concluded that In order to smooth functioning of business, cited venture required to make satisfied these stakeholders and deliver them effective business related information. From this report it has been also concluded that in order to improve the communication in the organisation collection, formatting, storage and dissemination of information and knowledge is very important so as information can easily maintain and stored in the organisation.It has also concluded that Captured information can be stored in database which is easy to retrieve according to the required purpose. Data bases such as electronic databases, digital libraries and web resources can be used.