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LESSONS & TOPICS

BSBTWK401 – 1. Establish business relationships

BSBTWK401 – 1. Establish business relationships

This chapter  will discuss the following points in detail:

Identify business development and networking objectives of the organisation and own role

Determine networking opportunities according to identified objectives and organisational policies and procedures

Confirm communication channels for information exchange with business contacts

Engage with business contacts using written and verbal communication to promote business opportunities

1.1 Identify business development and networking objectives of the organisation and own role

What is Business development?

Business development can be summarised as the initiatives, ideas and activities that help to improve businesses.It includes improvement in revenue, business growth, and increases in profit by building partnerships and making strategic business decisions.

What are business development objectives? 

Development of human resources

Productivity

Innovation

Profitability

Supply quality goods

Optimum use of resources

Creation of customers

Identifying objectives is crucial for any business in order to survive in this competitive market.  Your mission helps your organisation move in the direction you want it to and achieve the objectives you set. As a result, it’s crucial to spot those people as soon as possible. 

A business objective is a measurable outcome that an organisation is targeting to accomplish. Many organisations use the SMART goal method to form business objectives. The SMART strategy stands for specific, measurable, achievable, relevant, and time-based. It is crucial to identify and establish new business objectives to monitor employees’ performance effectively and ensure the business is improving and growing. Business objectives are the best way for you and your team members to identify the strengths and areas of improvement required. 

Once you have identified the required improvement area, you can implement the new strategies that will help enhance the performance, ensuring that the business is progressing and improving. 

Importance of business objectives

Business objectives always keep employees motivated and focus on growth. Setting business objectives is an important way to keep employees motivated and working towards a business goal.

When the workers have ideas and opinions about what the business expects to accomplish, it can be easier to organise daily activities and increase teamwork accordingly to meet these goals. 

The following are the important objectives of the business:

Innovation

profitability

Supply quality goods

Creation of customers

Optimum use of resources

Development of human resources

Productivity

Innovation

Innovation is all about changing existing business processes or creating more effective ideas and products. It always creates a culture of problem-solving and innovative thinking. Business innovation can be adapting changes in the current environment to provide better quality product or services.

Profitability

Profit is the positive financial gain your organisation achieves after all of its expenses have been eliminated. Your company’s ability to produce a profit is important to its success. It’s not just about making money; it’s also about having the funds to invest in and grow your business in the future.

Supply quality goods

The ability of a business is to provide goods or services that satisfy the expectations of its customers is referred to as supplier quality. Supplier quality management is defined as a system that controls supplier quality through a proactive and collaborative approach. This is considered one of the important objectives of the business.

Optimum use of resources

A business resource is something that will help you in running a successful business. The process of getting the “MOST” out of the resources available to you in order to achieve your goal is referred to as resource utilisation. 

Creation of customers

Customer value creation is the most crucial and important part of every business.  Management should develop a clear strategy for generating customer value, as this is critical in determining the company’s market share price. As a result, businesses are focusing more on offering customer value, which has become a crucial determinant in a company’s market share and shareholder value.

Productivity

Business executives must develop a plan to control resource costs while improving output in order to improve productivity. When productivity rises, either production or resource costs fall, or both. Productivity is critical to the success of a business and society. It’s important to measure it.

Development of human resources

Human resource development is a framework for assisting employees in developing their skills, knowledge, and capabilities, which increases the effectiveness of a business. Human resource development assists businesses in the development of their workforce through employee training and career development, resulting in increased organisational effectiveness and performance.

Economic objectives

Economic objectives of the business refer to the objectives of earning more profit and other objectives that contain the creation of customers, regular innovation, and available resources. It includes-

Profit earning

Profitability is one of the important objectives of the business. Without having a profit, no business can survive in the competitive market. Profit-making is the primary objective of the business. In order to achieve this important business objective, there are certain other objectives that also important to be pursued by the business.

Creation of customers

A business will not survive in the market unless clients or customers can buy the services and products. Subsequently, a business can earn profit by when they provide quality services to their customers. It is important to have more customers, and it can be achieved with the help of activities such as marketing.

Regular Innovation

Innovation means a change in the business by putting innovative ideas into the business to improve products and services. Business innovation can attract more customers and increase sales. Cost reduction and increase in sales can give more profit to the business.

Best possible use of resources A business should have enough capital and funds to run a business efficiently. Every business requires various resources for business operation such as machines, materials, money and human power. There is limited availability of these resources in the market. Every organisation should try to make the best use of these available resources. It can be achieved by employing efficient workers and reducing the wastage of raw materials.

SMART business objectives

A business is required to meet the SMART criteria for an objective to be considered effective. SMART stands for-

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time-specific

SMART Objectives

SSpecificThe objective should state exactly what is to be achieved
MMeasurableAn objective should be capable of measurement -so that it is possible to determine whether (or how far) it has been achieved.
AAchievableThe objectives should be realistic given the circumstances in which it is set and the resources available to the business.
RRelevantObjectives should be relevant to the people responsible for achieving them.
TTime-boundObjectives should be set with a time- frame in mind. These deadlines also need to be realistic.

SMART objectives provide your organisation with a structured approach. It helps an organisation to meet its current goals, by following the SMART standard, business and networking objectives should be-

Detailed

An individual required to provide a clear picture of what his organisation wants to achieve. It can be anything, such as any issues that the company need to overcome or any opportunity that your organisation can utilise. 

Quantifiable using metrics

It is important to identify tangible factors that will let you determine any improvements.

Realistic

Your business objectives must be achievable. If your objectives are not achievable, then it will difficult for the organisation to achieve its target. All the business opportunities will be agreed upon by all the parties involved.

Be consistent with your business plan

Your business and networking objectives must fit with your mission statement and business plan.

Limited time frame

It is important to set a reasonable deadline for the business objectives. You need to make sure that time frames are realistic and achievable.

Identifying business and networking objectives

Business objectives can assist an organisation to work towards its goal and provide a proper direction. It is essential to identify the business objectives as early as possible. An individual can identify business objectives in many different ways. Following are the basic business objectives that you can look after to achieve the business goals and to help your organisation to grow efficiently.

Identifying networking objectives will help any organisation to achieve its goals. It is important for any organisation to set networking objectives to enhance the performance of the business.  As a part of your networking strategy, you need to think about what you desire to achieve from networking and then make a list of networking objectives. Always think about why you are networking and what you want to achieve from it.

Following are a few networking objectives:

Make new opportunities and build a relationship with people.

Receive ideas or advice from others.

Build a network with supplier.

Enhance your skills

Meet people and be a part of a supportive network.

Make new opportunities and build a relationship with people.

It is important to engage with business contacts in order to create new business opportunities. Meeting with business professionals will create a strong relationship and lead to better opportunities. A business can create new opportunities by engaging with business professionals and participating in various events. 

Receive idea or advice from others.

Your network can provide you with new perspectives and ideas to assist you in your business. A crucial advantage of networking is exchanging information regarding challenges, experiences, and goals because it allows you to get fresh perspectives that you might not have considered otherwise.

Build a network with supplier.

Business relationship with suppliers matters a lot. Building a strong relationship with a supplier should be the goal for every business. Having a strong network will strengthen the business and it  is a continuous process for any business to maintain a good relationship with a supplier. 

Enhance your skills

Good networking with business contacts creates a strong relationship and enhances the skills of individuals working in the business environment. A business will receive a chance to experience different opportunities where they can improve an individual’s skills by setting successful networking objectives. 

Meet people and be a part of a supportive network.

Networking means creating opportunities to meet people for better business connections. Businesses should always become a part of professional network and association to create better network opportunities. It is crucial to attend the various business events and associations where individuals can meet business contacts and create a strong business relationship with them. 

Developing strategy for your business

Business objectives are nothing but the value that you will bring to the organisation. Your business objectives completely depend on your goals. Firstly, you are required to set goals for your company. Once you set or identify your company’s short-term and long-term goals, it will be easy for you to identify the objectives of your business. It is important to remember that you need to keep everything feasible when you are determining the business objectives. Always attempt  to make goals as realistic as possible. You are required to keep in mind the following-

  • Identifying business objects is completely dependent on your company’s goals: You are required to set your short term and long-term goals to identify the business development objectives. 
  • You can set business development and networking objectives based on how people respond: It is important to consider others’ opinions for better operations improvement. This will assist the organisation and improve the way your company runs. 
  • Your objectives can help identify important roles: When you know your business and networking objectives, you desire to be surrounded by the people who can help achieve those objectives. This may include your company employees, managers, consultants, contractors, or professionals who keep you going forward. 

Always make sure your business development objectives as realistic as possible. You will have no issue when your objectives are feasible.

1.2 Determine networking opportunities according to identified objectives and organisational policies and procedures

What is business networking?

Business networking is one of the important activities that every organisation should engage in. Business networking can help open the door for new businesses by meeting and talking to the right people. 

Business networking can allow you to know experts who range from clients to competitors and allows you to offer them something in return for their service, knowledge, recommendations or contacts. Business networking can help identify opportunities for partnership or new areas of business expansion. 

What are the networking opportunities? 

Networking opportunities are always changing from small events to industry-wide conferences. These opportunities are always useful for business promotion, collecting more clients, and meeting investors in the business environment.

Network opportunities are always critical to the success of your business. Empowering team members to network on behalf of the business is an excellent way to build team morale, enhance staff skills, and experience business from different viewpoints.

How to determine networking opportunities

Through the network, you can build new customers, discover new opportunities, and find new employees. Network options are changing. You are required to perform research on networking trends to find the best one for you.

Professional associations

Professional associations can open many new opportunities for your business. The industry association is a traditional networking opportunity and a standard approach to the network, such as communication around business-based issues, sharing business cards, etc.  There are many opportunities to exchange business cards and hear about potential job opportunities. 

Non-profit events

This is one platform that is effective  if your organisation is  looking to network with like-minded people from a similar industry without any business development pressure. Participation in non-profit events can result in unique sponsorship opportunities for the business that contributes to the organisation’s social responsibility measurement. 

Conferences

During the conferences, you may get a chance to meet hundreds of people who are all looking to expand their business. There are also various ways to participate in this kind of event, such as volunteering at the event, participating in the expo, and attending the conference. Most of the people who attend the conference to enhance their business networking. 

Online networking

There are many platforms available online to assist with improving network opportunities. Connecting with the industry can assist the organisation in keeping updated with events. Calculate the

time you require to dedicate to online networking and create an appropriate schedule. Your organisation will be able to reach a greater audience with traditional networking. 

Community groups and events

Your organisation can participate in many community events; where they may interact with many business professionals in the same area that will help your organisation enhance business networking. Professionals wish to form a connection with you because they know you are caring for the community, not only for yourself. 

Speed networking

Speed networking is the interactive session in the meeting lasting for three minutes. During the meeting, people will share their professional backgrounds and business goals. This is a valuable and important opportunity for those seeking exposure to new markets or expanding their business. 

Online forum

This is one of the platforms where organisations may participate, which will provide you with exposure, and people will get to know that you are a valuable person, which will provide opportunities to network with the professionals. 

Organisational policies, plans and procedures

A policy is a guideline or course of action that needs to be followed by the organisation. Moreover, the procedure is the action or what must be done to implement the policy. A policy is implemented from the outside by legislative or administrative entities and set the overall policy framework under which the organisation operates. Every company has its own written policy and procedures in different areas. Organisational policies and procedures are useful in making the workplace run more efficient, but they are only effective if you apply them. Each employee and related entities need to follow the policies and procedures set by the organisation. When the individual doesn’t enforce the procedure, the organisation will have risk. Formal policies and procedures are essential for any organisation to reach its potential. Creating and following policies can make a better environment for each entity that has a relationship with the organisation. 

The following are the policies relevant to business relationships-

  1. Customer relationship policy and procedure
  2. .Communication policy and procedure
  1. Customer relationship policy and procedure

This policy and procedure represent the commitment of the company to customer satisfaction. The customer relationship policy and procedure are implemented to establish and maintain a good business relationship with the customers. 

2. Communication policy and procedure The communication policy and procedures contain the various ways the company should communicate with the customers to establish effective communication.  It also outlines the

communication objectives on how to listen and respond to customers. The communication policy and procedures of the company demonstrate communication purposes, methods of communication, communication principles and communication evaluation. 

Following are the plans related to business relationships-

Operational plan

An operational plan contains the set of tasks that a business needs to perform in order to reach a certain business outcome. The main purpose of the operational plan is to improve business efficiency and team focus in order to achieve business goals. An operational plan will identify the following things-

Business Plans

A business plan is the foundation of any business that guides you through every stage of beginning and managing your business. A business plan is a tool that an organisation can use to convince people to work with and invest in your company.

Strategic Plan

A strategic plan is a document that outlines an organisation’s goals and objectives. Depending on the size and complexity of the business and activity, it can be a single page or a binder. A strategic plan can be beneficial to most managers. The process of creating a plan allows the management (and the team) to take a step back and assess where they are, where they want to go, and how they will get there. 

1.3 Confirm communication channels for information exchange with business contacts

Business Contacts

Business contacts are the centre of any business. Whether they are your supplier, influencers, investors or customers, business contacts can break and make you. Business contacts are those who work with and know the business and have a connection with them. Business contacts are the clients involved in the business process, and they can work internally or externally in your organisation.

Business contacts work with an individual in a specific field/interest, such as the individual who may provide mentoring, assistance, and services in the business environment. For example, a website development company can connect with web designers for service, advice, recommendations, tutorials etc. Following are the few best places to get business contacts when working in a business environment

Local industry meetups

Conferences

Introduction from existing contacts in the business

Local industry meetups

There are many local industry meetups when you can make business contacts. You can also consider talks from people in your industry monthly or host a regular meetup with industry professionals in your area for casual communication. 

Conferences

Conferences are a great way to meet people for exchanging business information. An individual can participate in conferences for better business opportunities. An individual can have a casual conversation with other speakers at the conference. 

Introduction from existing contacts in the business

You can ask for an introduction from people you already know. Most people will always be happy to introduce you to their connections when you have something valuable to offer them. 

Communication channels 

Communication channels are the platform where people in the organisation communicate and interact with each other. It is challenging to align an employee with the business goals and drive innovation without having the right communication channel in the organisation. Moreover, the communication channel you use at the workplace directly impacts the employee experience you deliver. It is important to have an appropriate communication channel to achieve company goals and objectives. 

Formal communication channels

Informal communication channels

Unofficial communication channels

The following are the different communication channels-

This channel includes exchanging information such as the organisation’s goals, policies, and procedures. Some examples of formal communication include annual reports, business plans, agreements, workplace safety guidelines and procedures. 

This is one of the platforms used to deliver official business messages. The basic example of informal communication includes work addressing team members’ issues at the workplace, lunchtime conversations, and continuous collaborations among team members. 

These channels come in an unofficial mode of communication, and this mode of communication is quite common in the workplace. This communication includes communication that is not related to your work. 

Following are the tools and channels the employees use to communicate with each other-

    Digital communication channels include various online tools that help everyone to stay connected and keep up with business updates and news. Digital communication channels are the popular and most used channels in the workplace, such as internal communication, e-mail, and other employee collaboration software.

    Face-to-face communication is basically verbal communication and plays an important role in the organisation. They are considered the most important type of communication. Many situations happen in the business where the leader or responsible person is required to undertake face-to-face communication.

    This type of communication is used in the business when letters, memos, emails, policies, and important announcements are communicated to the employees.

    Internal communication channels

    Most of the organisations use digital communication channels to engage with their employees. These channels are considered as most productive means of communication in the organisation. Following are the different internal communication channels in the business-

    • Intranet
      • 2. E-mails
      • 3. Employee newsletters
      • 4. Video conferencing software 
      • 5. Employee feedback software
      1. Intranet

      Intranet is one of the channels used for internal communication. This channel always keeps all employees informed about current what is happening in the company and collaborates information with them. 

      2. E-mails

      E-mails are one of the most popular means of communication in the business environment. Loss of productivity is one reason why most companies are replacing e-mails with another modern communication channel. E-mails can focus on individual conversation, while the company will focus on collaboration and teamwork.

      How to Switch Email Services Easily & Keep All Your Mails, Contacts -  SiliconANGLE

      3. Employee newsletters

      Newsletters are usually sent through e-mails, which is one way to inform employees about what is happening in the organisation. This is a great way to engage with employees and keep them updated.

      4. Video conferencing software

      Every company uses video conferencing software. Video conferencing can assist an organisation to connect with remote employees. This software is one of the popular ways to reduce travelling time and other business costs. This tool can help to ease conversation among the team and keep engagement with the employees.

      5.Employee feedback software

      Feedback is one of the important factors of every employee’s life cycle, and it is also one of the ways to spread positivity in the organisation. It also helps to build trust among employees. 

      Employee Feedback Software | Best Employee Feedback Software | SurveySparrow

      How to choose the best communication channel

      It is essential to choose the right communication channel inside and outside of the organisation. A business will achieve more benefits by choosing the right platform for communication in the business environment. 

      Following are the recommendations that you can consider in choosing the right communication channel for your business messages-

      1. You must be familiar with your team

      The right channel of communication always depends on the preferences of your team. It is essential to know who they are and what channel they usually use for engaging with others. Do they use text messages, telephone calls or other forms of communication?

      You can easily get to know this but conducting the employee engagement survey or using employee engagement apps. Being familiar with your team will ensure you are using the right communication channel to talk to them. 

      2. Consider the type of message you want to send

      The type of message is another important thing that you need to consider when choosing the communication channel. You must ask yourself-

      Is the message formal or informal?

      Do you need to include visuals or text?

      Is the message time-sensitive?

      For example, suppose you are delivering a presentation. In that case, you might want to take benefit of video conferencing software that has a feature of screen sharing so that you can share various types of material. 

      3. Have a look at your budget

      Your communication channel will depend on your budget because you are required to spend money to get your message across. You are required to ask yourself.

      Is the communication channel affordable?

      What are the tools available for each channel?

      How much money will you spend on the communication channel?

      1.4 Engage with business contacts using written and verbal communication to promote business opportunities

      Communication is one of the key elements to maintain business relations. People who work in the business environment must have excellent communication skills to make a better relationship. There are three types of communication such as verbal, non-verbal and written. 

      Communication plays an important role and impacts every aspect of the business. There are various communication techniques to engage with business contacts to promote business opportunities. It is essential to exchange information with all the business contacts to promote opportunities in a business environment. 

      In the business environment, there are many forms of communication to engage with business contacts. This includes face-to-face conversation, verbal, and written communication. All the communication strategies are good for building relationships with the business contacts. Effective communication can help create good work relationships among the company and its staff, resulting in moral improvement. 

      How to engage with business contacts using verbal and written communication

      Verbal communication uses spoken words to communicate any messages in the business environment. This type of communication is an oral form of communication, but listening is also an important skill for this type of communication. Verbal communication often ranges from informal office discussion to public speeches with businesspeople. 

      Improving verbal communication can help to enhance the network with co-workers and maintain the network with business contacts. All the consultants in business need to have effective communication skills so they can meet with new business contacts and exchange business information. 

      Written communication usually applies when discussing and sharing statistics and other data. Written communication always needs to be clear and concise in order to convey the information efficiently. A well-written report must be grammatically correct and precise. 

      A relevant person can have verbal communication with the business contacts in the form of presentations, speeches and discussions. Written communication is one of the oldest forms of communication. Any written and documented messages by the sender are considered written communication. 

      Examples of written communication include memos, letters, research papers and reports. 

      Remember the following elements to create effective verbal communication-

      Always ensure that the words are appropriately framed.

      Consistently ensure that you are engaging with the right pitch and tone.

      Must have brevity, clarity, and precision in having a conversation with business contacts. 

      Always avoid complicated sentences and jargon.

      Establish the appropriate body language and eye contact with the receivers

      The following are the elements that need to be followed when having effective written communication-

      ★ It is important to have accuracy in the written form of communication

      ★ Clarity, completeness and correctness are important factors in written communication

      ★ Always keep the communication clear and convey the information. 

      Best communication strategies to promote business opportunities

      There are multiple channels available to promote business opportunities. To develop an effective communication strategy, it is worth using offline and online communication methods. 

      Online communication strategies

      Invest in social media

      Social media plays an important role to promote business opportunities. A business consultant must treat this communication as a real-life networking event. You must always listen, respond, provide interesting conversation and content and be yourself. Ask yourself the following questions-

      • Whose goals do you want to achieve? 
      • What exactly is the point of using social media? 
      • Which platform is best for your company and target audience? 
      • What kind of content are you planning to share? 
      • How would you interact with your audiences? 
      • What criteria would you use to determine success? 
      • Who will oversee the social media accounts?

      Start blogging

      Blogging is one of the effective communication platforms to include in your communication strategy to promote business opportunities. This is an effective way to communicate with your business contacts, share insights into your business and create a good relationship with your business consultants. It is also essential to create quality content in order to engage with your target audience.

      A blog may involve-

      • Your business story.
      • Your success story.
      • Information on industry news and trends.

      Offline communication strategies

      Network opportunities

      By attending network opportunities, an individual can make business contacts, make a connection in your industry, promote the organisation’s business and find new clients. Networking is one of the best tools for business because you will direct access to influential people in the industry.

      Following are the recommendations to assist with making  the networking events more productive:-

      • Have a network with all the potential clients
        • Attending the network with all potential clients of the business and customers can be a good initiative to promote business opportunities. Always avoid events that are not related to your field.
        • Create a network with confidence
        • Always take the first initiative for the event and be confident. It is always easy to have a discussion with a large group than having a discussion with a small group of people. Always take time to listen to other people and ask questions about their business. This is one of the ways to evaluate what they require for your services and business.

      Speak at events

      Speaking at networking events and at conferences is one of the excellent strategies for your business. This is the best way to promote your business and create business relations with them.

      Know your target audience

      It is important to research your target audience before the meeting or communication. Without knowing the target audience, it is difficult to achieve the business goals of the company. Once you know the target audience, create a strategy for your business.