Academic Master

Business and Finance

Describe in 400-500 words four (4) of the techniques in which you can communicate effectively with both internal and external stakeholders.

Section 1 (Communication with Stakeholders)

Task 1 (Communication and Management Functions)

  1. Describe in 400-500 words four (4) of the techniques in which you can communicate effectively with both internal and external stakeholders.

Effective communication is the backbone of every successful organization. Communications with internal and external stakeholders help firms keep everyone on the track to achieve the ultimate goals. Managers focus on improving communication among employees in the organization and the stakeholders that include investors, shareholders, finance providers, directors and the government. The following are the effective ways to communicate the message to stakeholders, both internally and externally:


Workplace meetings, annual meetings, and business meetings are the most effective form of communication as it fast and clear. Both the sides can convey their messages and receive feedback without the problem of miscommunication or common errors in other forms of communication. Meeting with employees at the workplace, introduce new ideas to the firm to improve the productivity and efficiency. While annual meetings with shareholders and investors keep their trust in the firm. Meetings are verbal communication that includes body language and the tone of conveying a message. Moreover, meeting with customers and suppliers are also satisfying for the opposite party.

Visual and Written Information

Awareness about new business policies and strategies is crucial to be spread among the stakeholders through different forms of communications such as official written announcements, PowerPoint presentations, video campaigns and official e-mails. Information delivered through visual forums are more effective and helps the audience understand the business’s aims and goals. They are clear and expressive ways to display the ideas of the firm to appeal to its stakeholders such as the consumers, government, investors and the internal stakeholders.

Emphasize on Feedbacks

Feedback is one of the primary features of effective communication. It ensures that the message is sent to the receiver, as well as it confirms that the message was clear and comprehensible. It is important to appreciate feedback to encourage new ideas and alternative way to see a problem or business plan. Such as feedbacks from customers are crucial to the business to improve and thrive. Similarly, feedback from employees and shareholders helps the business generate new ideas and improve the efficiency. Moreover, it assures the firm that they are on the right track or alarm them if the firm is leading towards failure.

Create a Positive Culture

Creating a positive culture involves an environment that is appreciative and encouraging for employee and third parties to share their opinions. This way the feedback you receive is genuine and beneficial for the business to thrive. Creating a positive culture means that leadership styles are democratic and the employees are trusted and motivated. It is important to keep every stakeholder on the track of the firm’s goals and their intentions regarding a certain project or product.

  1. How would you ensure the above-mentioned techniques can contribute on a daily basis in monitoring effectiveness and quality service?

The techniques mentioned for effective communication are applicable on a daily basis to ensure that the firm is functioning efficiently and productively. Meetings and one on one conversations are carried every day with employees and customers to aid the firm in keeping the employees motivated and the customers satisfied. Visual information can be presented in the form of PowerPoint presentations or videos to portray your ideas and give it shape which interests the audience such as the investors and shareholders. Similarly, creating a positive environment and encouraging feedback ensures that the business is running efficiently with effective communication. Managers and leaders will have to be more positive and welcoming towards the employees so they are comfortable with sharing their ideas.

  1. Outline how you would be able to demonstrate professionalism when dealing with the following groups of both internal and external stakeholders:
  • Suppliers (Wholesalers who visit your agency)
  • Business associates (Legal advisors, accountant and professional bodies)
  • Employees (management and subordinates).

Professionalism is important for firms to function according to the codes and ethics of business. This aids the business to create a good image in the industry that attracts suppliers, customers, and investors to work with the firm. Hence, most managers require addressing the need for adopting a professional attitude and ensuring that every third party or internal stakeholders are dealt with care and consideration.


To show professionalism towards suppliers, the business requires to adhere to their ethics and address their requirements such as paying on time, reducing the credit time, offering a rate that is reasonable to both parties. Introduce the benefits of the business towards the community. Take the supplier on tour of the company and how the agency works to satisfy the needs of the customers. The travel agency needs to show how they provide their services and how efficient their employees are to ensure the success of the company.

Business Associates:

Business associates include legal advisor, external accountants and other professional bodies such as investors or partners. Showing professionalism towards business associates is crucial to the success and the reputation of the business. The agency requires maintaining transparency and complete honesty with a legal advisor and accountants to avoid being involved in form of fraud or immoral activity that might lead to the failure of the business. Moreover, investors require being assured that the firm is progressing and is working towards goals that will benefit the society on the whole. Investors are more concerned about the profits; hence, the agency requires to keep them updated on the firm’s activities and how much profit it is making.

Employees (Management and Subordinates):

Professional attitude towards employees ensures that they are motivated and dedicated towards the firm. Managers who hold personal grudges against certain employees create a negative energy in the business environment. It is demotivating for all the employees and affects the image of the agency. Hence, the professional way to approach employees of the agency is to treat them all equally without any discrimination or grudges. Moreover, they should be trusted with their work and treated like professional workers who can are aware of their responsibilities and duties.

  1. Using the table below, outline in detail your responses of how using the four management functions mentioned, would sustain a long-term relationship with the above stakeholders?
Management Function Action
Planning Planning for the future is an important function of management that helps the business prepare for the future and set out its goals and aims to the stakeholders. Planning involves the business strategies, operations, and future activities. The supplier should be updated on the plans for the business to know that the business will last long in the industry and has a successful future that will benefit them. They need to be assured of their long-term customer that won’t be failing in the industry easily. Moreover, legal advisors, accountants and other professional bodies such as investors should be aware of the planning of the agency and its prospects that will affect their profits. Maintaining a transparency with the legal advisors so they can warn them about any laws or regulations concerning the plans of the business. Similarly, the accountants look into the firm’s financial needs and the risk of possible frauds committed that might affects its image and ethical code.

Employees are motivated when they are a part of the planning process of the business strategies and approach towards a new project. Motivated employees last for long-term and contribute towards the success of the firm.

Organising Organising the firm’s activity is a function of the manager that is connected with operations which involve dealing with the supplier, who is concerned about the activities of the firms and how it will benefit them in getting paid earlier and have a long-term customer. On the other hand, business associates and their dealing should be managed efficiently, organizing their requirements, suggestion to the business and keeping a track of the firm’s operations. This will keep them updated and aware of how the business is run, which ensures the long-term relationship. Employees, on the other hand, are organized by the manager with a democratic style to make sure that they are motivated and feel trusted by the firm. Workers who feel valuable to the business adopt similar dedication towards the company.
Leading Effective leadership style is beneficial for the firm in several ways which ensure the success of the firm and maintain a good relationship with its stakeholders. The agency requires leading their employees and business associated with the process. They provide guidance to the supplier, investors, and workers regarding the firm’s plan. This keeps everyone on track and assures that they all work towards the ultimate goal.
Monitoring This function involves keeping a check on all the stakeholders that include the suppliers, business associates, and employees. The manager requires to assure the quality of the products the supplier supplies and check the market rate for other suppliers. This will keep the terms of the business and supplier good and clear. This reminds the supplier that the business keeps a track of their activities. Similarly, the legal advisors and accountant, as well as the investors’ activities should be considered and their agendas should be uninfluenced. Monitoring the employees is one of the most important steps as employees are the core of the agency and their productivity affects the business performance. This reminds the employees of how the firm values their performance and keeps a track, which motivates them to do better and work for long-terms.
  1. As a Manager what various constraints and sustainability practice would you have to consider for planning work schedules within the organizations to practice quality customer service and gain maximum efficacy.

To maintain efficiency and quality services provided to the customers, it is important for the employees to be motivated and work towards the firm’s goals like their own. Hence, employee motivation is crucial to the firm. The agency manager requires planning a work schedule that is suitable for the employee’s motivation. Moreover, financial benefits should be provided to them for meeting new milestones. Employee motivation should be the primary sustainability practice, and similarly, the customer’s will be satisfied with the service provided to them.

Section 2 – Decision-making process


TASK 2 Effective Process and Consultation resources

  1. Outline in 300-400 words how would you consult and assist Jane to determine which combination of decision-making tools/techniques would best suit as drawn in Scenario 1. Consider any innovative approaches that you could suggest to Jane that would improve her work performance efficiency and customer service levels. E.g. new technologies

Jane is inexperienced and lacks proper training to develop her skills. One of the most important features of a manager is to have the power over decision making and take effective measures under pressure and workload. Jane has failed to set her priorities which have led to the failure of the firm that damages the overall reputation of the agency and customer satisfaction. Moreover, Jane escapes from workload which shows that she is demotivated when it comes to working and taking responsibilities. On the other hand, she loves her job.

Firstly, the agency requires to address Jane’s requirements for proper training and learning the company’s procedures regarding different situations and dealings with customers. This will inform Jane about how the company functions and feel that she belongs to the firm and work towards its goals. This would require an on-job training where she is mentored under the leadership of other experienced managers. Jane will realize that the company is investing in polishing her professional skills and developing her career, which is motivating for her to dedicate her energy towards the firm’s ultimate aims.

Secondly, Jane requires adopting the decision matrix tool when making a decision and setting priorities. The decision matrix helps analyze the benefits and the costs of the decision and how each factor relating to it affects the firm’s performance. This sets out the priorities for the decision maker. When Jane is loaded with rush tasks to complete, and quick changes required to make, she will be able to use the tool to improve her decision-making skills and address every client’s issue and requirements.

Thirdly, another tool used by managers is the Pareto analysis, which helps in prioritizing workload during immense pressure and multiple tasks to address at the same time. Jane will require understanding the overall impact of every task and decision she takes on the firm’s performance. Such as, when Jane ignored Mr Smith’s request she didn’t realize its impact on customer satisfaction and the effect on the firm’s performance.

Fourthly, cost-benefit analysis is another way to consider when prioritizing work and making decisions. This will aid change in evaluating the advantages and disadvantage of the task and the factors surrounding the decision. Cost-benefit analysis aid the manager in making a decision that benefits the firm in various ways that ensure the success and development of the company.

  1. Discuss why these tools would be effective in this scenario.

Using decision-making tools help managers make better decisions that are beneficial for the firm and ensure long-term sustainability and success. A decision matrix would allow Jane to lay out the importance of each task and decision that would affect the business in several ways. She would have taken Mr Smith’s instructions seriously and paid attention to his problem as a valuable customer. Similarly, the Pareto analysis ensures that the tasks are evaluating with complete consideration of the impact on the business and how successful it will be. Using the Pareto analysis Jane would ensure that Mr Smith’s requirements were met considering the loyalty of the college and reputation of the business. This showed irresponsible and unprofessional behaviour, which is negative for the agency. Cost-benefit analysis is the ultimate tool for making a decision about a project. When prioritizing her work, Jane would analyze the cost and benefits related to each task and identify the importance of Mr Smith’s flight booking.

  1. What ways could you use to advise and encourage all other team members of these new approaches to incorporate into their daily work plans for better performance?

When employees are handed over certain responsibilities and decision to take, they are required to address each task and responsibility using the decision-making tools. This helps them become more professional and built a positive attitude. Decision matrix, Pareto analysis and cost-benefit analysis aid workers in prioritizing their work, which leads to the efficiency and productivity of the firm and workers increase.

Section 3 – Key Performance Indicators and Key Results Areas

TASK 3 Identification, monitoring and task delegation of KPI/KRA with management involvement

  1. Identify at least two (2) KPI and/or a KRA’s that would assist Jane in her ability to make appropriate and timely decisions to reach the necessary performance standard based on the issues raised in ACA Travel Agency Case Study and Scenario 1.

Jane would require to set out her goals and aims regarding the success of the firm to ensure her performance and the employees working in the agency. The Key Result Area is customer satisfaction of the ACA Travel Agency. The Key Performance Indicator, in this case, is the number of happy customers who give feedbacks and the customers who are loyal and keep coming back to the company.

  1. Outline the tasks that you would delegate to Jane in meeting those KPI’s/KRI’s and how you could use the monitoring procedure to determine if Jane’s performance is meeting the two (2) agreed KPI/KRA identified above or not.

Jane will be asked to sell maximum services to the clients and get feedback from customers who had already experienced the agency’s services. Jane will be asked to look into the issue of Mr Smith and ask her to convince him and apologize for the firm’s mistakes and explain the reasons for miscommunication. To monitor Jane’s performance, her number of sales and good feedback will be considered as a performance indicator of the writer.

  1. Identify and discuss the internal and external conditions that may affect Jane’s overall operational performance.

The type of environment provided and the co-operation showed by co-workers will affect the performance of Jane, as it will be demotivating or motivating for her to function in the office environment. Moreover, if she delegates another worker to take of a task and they fail to meet her requirements, this will result in a decrease in her efficiency and productivity. Similarly, external factors such as delay of supplies from the supplier’s end or miscommunication by the customer will lead to failure in operations.

  1. If Jane was not to meet the targets, who from management team would you address this issue and how? What alternative solutions could you consult with them?

The HR manager will be accountable for changes lack of performance and inability to meet the targets as they are responsible for the recruitment and training of Jane. However, this would involve the operations manager would need to consider the solutions for Jane’s failure and delegate the tasks to other employees.

Section 4 – Workflow Plan

TASK 4 Contingency Plan

  1. Discuss what monitoring systems would ACA Travel need to have in place to recognize problems which could adversely affect work operations?

The agency will require to monitor the activities of the employees and ensure their productivity and efficiency. When the employees are efficient, the firm will have extra time to deal with any breakdowns or problems. Planning ahead is crucial and creating a work plan that addresses the problem of customer disputes, unsatisfied clients, and delays in travelling in any form. This will ensure the customers that they are valuable to the firm and they are paying for services that will complete every requirement. ACA agency will require developing a small team of quality assurance that aids other team members in improving the quality of the services provided and the customer satisfaction.

  1. How could you as the manager benchmark the performance strategies to foster and maintain business relationships between ACA Travel Agency and Clarendon College?

The recent issue with Clarendon College has affected the image of the agency which requires being improved through compensations with free flight bookings or other services provided to Mr Smith or any other member of the college. Furthermore, the problem should be ensured that it is not repeated by any of the workers at the agency, with effective measures taken and always maintaining a contingency plan.



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