Communication & Knowledge Management

Introduction1

1.1 Decisions in Starting a New Business1

1.2 Information for Decision Making2

1.3 Internal and External Sources of Information3

1.4 Recommendations in Information Selection & Analysis3

2.1 Stake holders4

2.2 Developing Business Relationships with Selected Stakeholders5

2.3 Involving the Stakeholders in Decision Making Process6

2.4 Future Improvements7

3.4 Improving Communication skills10

4.3 Improving Access to Systems of Information and Knowledge11

References14

Communication & Knowledge Management

Introduction

This report aims to serve two parts. Firstly it assesses the role of decision making and stakeholders' involvement while starting new businesses. It explores the information that is vital in decision making process and methods that can enhance the role of stakeholders in decision making processes. It also recommends improvements and innovative methods that can be adopted by the business owners in this regard.

The second part discusses a case study regarding organisational communication. The report analyses the gaps of communication in given organisation and proposes improved ways of communicating and managing knowledge in the voluntary organisations.

1.1 Decisions in Starting a New Business

One of the most important decisions before starting the business is to clearly identify the type of business that an individual wants to start. It also includes deciding about the nature of business. The decision should be made after thorough analysis of the skills of individual. It should be clear that the business is best for the entrepreneur. Other key decisions in starting the new business are

Easy Accessibility: The easier it is to locate your business, the higher the chances of good patronage. Thus, conscious efforts should be made to ensure that customers can easily get to business premises without too much stress (PR Pundit 2006).

Safety and Security standards: At the start of business it is very important to decide what will be the safety and security standards that the business will be following.

Target customers: one of the most important decisions is to define the target market. This is important than any other step as it will also help in setting the business location. Setting a higher visibility and easy access is possible if the target market is defined clearly and correctly.

Location of competitors: It is important to keep an eye on the locations of competitor businesses. This helps in deciding the location of own business. It will also help in positioning the business and will enhance the capability of the business owner to perform better. It also helps in gaining competitive advantage over the rivals.

Debt Implications: The decision of willingness of individual in debts is another important factor. The starting of new business requires taking many business loans that help in expansion of funds. Loans and debts also improve profit ratios in the start of operation. It will also help in improving the cash returns. However, this debt will be considered as personal debt and the business owner needs to guarantee the loan that can increase pressure on the entrepreneur (PR Pundit 2006).

1.2 Information for Decision Making

The information required to make the decision before starting the new business is the assessment of knowledge about the business and skills of the ...