Legal and Risk Management Requirements of a Small Business - Assignment Example

Legal and Risk management Requirements of a Small Business Author’s Name: Instructor’s Name: Course Details: Institutional Affiliation: Date of Submission: Assessment Activity 1 1. Identify five questions you would ask another person at a networking event to begin to establish a relationship with them i. Which networking method do you use ii. How do you collaborate amongst yourselves to achieve the objectives of your organization? iii. Do you use social networking sites? iv. How would you like us to network so that collaboration between us is enhanced? v. Does the performance of your organization improve when you network? 2. Think about business relationships or friendships you currently have. How do you maintain those relationships? We collaborate in terms of sharing problems we experience such as transportation problems, facilities problems so that a business that has a solution can provide the solution. We also collaborate in design strategies to use so that competitiveness of our companies is enhanced. Assessment activity 2 1. The industry chosen is the real estate industry and the main businesses that are involved in this industry include: accountancy industries, procurement businesses, plumbing businesses, transport businesses and security businesses. The purpose for networking and maintaining contacts is that when a particular business has a client related to the real estate industry, one of the members of that network can inform another member so that the informed member does not lose a business opportunity (Delaney, 2013). In addition, through contacts, a business in this network would seek the advice from a member of the network regarding a problem encountered, reaching a solution to problems encountered at least cost or effort. 2. How would you record, store and categorize contact details of people you meet at networking events? Why would you use this method? Recording of contact details will involve recording of business name, telephone number, email, address and fax number as well as the telephone number of an agent of the business. I would also record the description of the business whose contact has been recorded and the location of the business. The storage will be done in a file that will be kept in the office in folders. A copy of these contacts will be stored in soft copy in computers in the offices of my business. This will be done so that contacts of people are not destroyed easily as a result of accidents that may occur or negligence in the office. Assessment activity 3 1. What do you consider to be the main reasons why you should network? i. Ensures customers are reached ii. Ensures the company shares information with other companies iii. Enables understanding of customer complaints iv. Enhances the relationship between the company, stakeholders and customers 2. What do you think is the most important benefit? Why? What do you think is the least important benefit? Why The most important benefit is ensuring customers are reached. This is because, networking enables business to convince customers to buy its products and services as well as creating awareness thus improving the main goals of any business of increasing sales. The least important is enhancing relationship between the company and stakeholders. This is because there are other methods that can be used to enhance the relationship between a business and its stakeholders such as meetings and seminars. Thus, networking is not an effective method in the effort to improve these services. Assessment Activity 4 1. Three professionals associations and what they offer to members in terms of professional development: in accountancy they include: Association of Accounting technicians (AAT): it offers a technician level qualification for apprenticeship and allows those who have completed its board exams work as accountants. Association of Chartered certified Accountants (ACCA): Aims at improving the level of accountancy in the world through improved research on best practices in accounting (Misner, DeRaffele & Walker, 2012). Institute of Certified Public Accountants in Ireland (CPA): they provide an examination that must be passed by those who have enrolled before they can be allowed to work as accountants. I would join the Institute of certified Public Accountants of Ireland. This is because, the body is collaboration on the accounting courses college students need to be provided with so that they can be qualified as accountants. They also administer examinations that can be done in particular dates as agreed through collaboration of its members. Assessment Activity 5 1. When I have made a new network contact and exchanged the relevant information I will go about developing a good relationship with the client by implementing the strategy of contact management for online company that I have used as a case study in this paper. First I will teach the customer how to use the networking method such as subscription and how to access products and services that are available in the network. This will be followed by informing the client about the functions of products and services in the web site and how customers can be convinced to buy them. Finally, I will ask the client to know how referrals are made by teaching him how a new member can be convinced to join the company. 2. While using the online networking site to network with clients, I will ensure I observe codes of ethics during online networking. The following is a code of ethics that I will ensure I comply with: a. I will include inspirational and objectives of the company whose networking is carries out such as ensuring networking is done with the focus on reaching a large number of customers at the least effort possible. I will also ensure the method of networking is focused on exclusively networking the information about the company and not involving personal information. b. There are also a number of rules and principles that will ensure the networking activity is carried out without violation of any rules that dictate marketing activities. For instance I will ensure that each client is allowed to volunteer to take part in the networking activity and those who are not interested will not be coerced to do so. In addition, I will ensure I do not make my clients incur other expenses apart from those required for subscription. Furthermore, I will ensure I do not disclose the respondents’ personal information without their consent. I will also not include information in the social networking process for personal gains but exclusively for the needs of the organization. Assessment Activity 7 1. Think about a time when you were faced with a problem. How did you solve that problem? How did you/might you have used collaborative problem-solving techniques to solve the problem? I was faced with a problem where I was tasked with the responsibility of finding the customer for a friend who was selling a mobile hand set and she needed a person who could buy the cell phone immediately. I collaborated with my friends through mobile contacts as well as those who were in social networking sites to establish who was able to buy the mobile handset. Through collaboration between me and my friends, we found the buyer for the handset. 2. Why is it necessary to use collaboration when negotiating a problem solution? It is important to use collaboration when negotiating a problem because a number of people are able to generate a large number of ideas towards a solution to the problem (Rezac, Thomson & Hallgren, 2005). This can result into a solution to the problem within the shortest time possible. 3. How might you communicate information regarding new networks and their benefits? Various methods will be used. For instance, I will use word-of-mouth to communicate to clients about the new networks, I will also use telephone conversation and social networking sites such as Facebook or twitter. 4. To whom should you communicate this information? The information will be communicated to existing clients of the business, those who are likely to need the products and services of the business, friends, colleagues at work and the general public (Townsend, 2011). Assessment activity 8 1. From whom can you seek specialist advice in the development of contracts? i. Web site developers ii. Public relations professionals iii. Online marketers iv. Cyber café operators v. Mass media organizations 2. Locate a specialist networking organization. What do they do? What networking specialist advice do they offer? How can you become a member or join the networking group? Do you think this organization could provide a valuable role in helping you to develop more contacts? Why/ Why not? Jomica Marketing Organization is an online networking company that recruits employees through online subscription. They offer networking services through advertisement of online books that are accessible one a person becomes a member. The membership is renewable and it takes place every month. Through networking, member gets points and commission. This ensures the business grow in terms of its customer base and public knowledge about its products and services. This organization acts as a good example that can be used in networking with my customers, clients and employees. This is because, all the networks are accessible to the organization and it is efficient in enhancing referrals during networking. This is because referrals are the most effective ways of networking with interested parties. Assessment activity 9 What strategies might you utilize to communicate the goals and objectives of a particular networking relationship to the management of the organization for which you work? I. The strategy of presentation: during presentation process, I would present the goals of a particular networking strategy to the audience by use of PowerPoint slides to explain the strategy II. The working principle of the technology: I would illustrate how the technology works and how a new user of the networking method can be trained to be competent in its use. III. The strategy of obligations: I would state the human resource requirements and financial obligations to implement the strategy IV. Technologies involved: I would state the technology involved in the networking strategy. Assessment activity 11 1. When making a verbal presentation you should if possible collect feedback from your audience in order to determine whether you presented the information clearly and whether the presentation material met the needs of the audience. What do you think are the best ways to do this? This can involve asking the audience to explain how they understood the presentation by elaborating toward the impact of the presentation on their life as employees of the organization. In addition, I would ask the audience to ask questions about areas of the presentation that they did not clearly understand so that a recommendation can be made on the exact mode of presentation which ensures they understand the concepts. 2. Design a set of questions that you might ask your audience to determine what they thought of the presentation (not the product or service offered) i. How would you rate your understanding of my presentation? ii. Does anyone have a question about the presentation? If yes, raise your hand and ask. iii. How has the presentation improved your understanding of the topic of discussion iv. What do you suggest should be done to improve your understanding of the presentation in future? 3. How would you go about making network contacts? Which of these methods do you think would bring you the biggest number of useful contacts? Explain your answer. The methods to be used in making network contacts would include: Use of inter-organizational communication Use of social media such as Facebook and Twitter Use meetings Seminars The biggest number of useful contacts will be inter-organizational communication. This is because, I will be able to communicate with other organizations involved in related businesses so that we can share ideas of leadership and management of activities as well as learn about secretes of success that can be useful for my business. 4. What sources of information can you refer to in order to keep up with challenges and trends in your industry? i. Information in mass media such as radio and television ii. Printed information such as journals and magazines iii. Public opinions based on surveys carried out by the company iv. Employee and customer feedback about the performance of the organization. Summary This paper explains various networking strategies that can be useful in maintaining a network with other businesses, customers and other stakeholders of a business. It shows that presentation is a way in which networking can be enhanced and ensure the public and employees are provided with useful information which keeps them connected to the organization. It also shows that various sources of information can be useful in enhancing networking activities. In addition, it explains how communication with the public and other employees should be carried out so that networking objectives are achieved. It also explains various characteristics of communication that should be implemented during networking such as body language and the use of gestures and being clear on the kind of information being conveyed. Finally, this paper shows that networking is an important tool that businesses should be used to cooperate with individuals and other businesses so that interests of such businesses and individuals are enhanced. References Delaney, D. 2013. New business networking: How to effectively grow your business network using online and offline methods. Indianapolis, Ind: Que. Misner, I. R., DeRaffele, F. J., & Walker, H. 2012. Business networking and sex: Not what you think. Irvine, Calif.: Entrepreneur Press. Rezac, D., Thomson, J., & Hallgren, G. 2005. Work the pond: Use the power of positive networking to leap forward in work and life. New York: Prentice Hall Press. Townsend, H. 2011. The Financial times guide to business networking: How to use the power of online and offline networking for business success. Harlow, England: Financial Times Prentice Hall. Read More