Foster and Maintain Business Relationships - Conduct Negotiations - Management Assignment Help

Assignment Task:

Students must accurately reference all their external sources of information  

The written activity is a stand-alone activity that is assessed separately to the activities that form the evidence portfolio. The written activity will allow the learner to display required knowledge and skills that are essential when contextualising overall competency.

For this assessment the student must complete the following written activity.

One of building blocks through which the foundation of a successful business is built is the professional business relationship you have. Leaders must have the skills and knowledge to establish and manage positive business relationships. Leaders are required to use high-level communication and relationship building skills to conduct formal negotiations and make commercially significant business-to-business agreements. Networking in your industry is vital. You need to build trust between yourself and the leadership within the other organisations that you work with. There are four tasks within this assessment. You are required to address each element:

Task 1: Build business relationships

1. Provide two examples of how you could establish relationships in line with organisational requirements and protocols.

2. What are effective communication skills, how can these techniques be utilised to build business relationships?

3. Nominate two examples of proactively identifying and taking up opportunities to maintain regular contact with customers and suppliers.

Task 2: Conduct negotiations.

As a Leader you need to be a role model not only to your own team members but in all your dealing with suppliers and customers as well. You have only one chance to make a good first impression. The unfortunate truth is that if you have an unhappy customer they are generally not like to say anything to you (there is always the exception). We find that people instead tell their friends about the poor customer service. Can you imagine if a customer who experienced poor customer service from your organisation told ten friends and those ten friends told another ten each before too long over one thousand people would know about your poor customer service. This is also made so much more relevant with Facebook, Twitter and social media platforms. You must address the following elements about the importance of negotiating with honesty and integrity at all times:

1. Why is it vital to use negotiation techniques in line with professional and organisational protocols in all negotiations?

2. How can we incorporate feedback and input from colleagues into negotiations?

3. Why is it vital to communicate results of negotiations to appropriate colleagues and stakeholders in a timely manner?

Task 3: Make formal business agreements.

There was time in earlier years that a handshake was better than a contract; nowadays contracts aren’t worth the paper they are written on. This makes it so crucial that we build strong relationships within our team and with suppliers. Yes, we do encourage all agreements to be in writing but this is to remove any misunderstanding or any ambiguity. On the rare occasion you may need to refer matters to the experts in their field. Complete Task three by addressing the elements:

1. Why are we encouraged to confirm agreements in writing according to organisational requirements, using formal contracts where appropriate?

2. Why do we obtain approvals for all aspects of formal agreements according to organisational procedures before implementing the agreement?

3. Why may you need specialist advice?

Task 4: Foster and maintain business relationships.

Never take your team or your clients for granted. We must deliberately decide to work toward an ongoing healthy relationship with clients and your team alike. We are talking about internal customers and external customer needing to be treated with respect and honesty at all times, looking to grow the relationship. Choose to role model to all key stakeholders and team members alike that they are important. Answer the final elements in Task 4:

1.  Proactively seek, review, and act upon information needed to maintain sound business relationships.

2. Honour agreements within scope of individual responsibility, complying with agreed terms.

3. Take account of agreed performance indicators.

4. Why may we have to make adjustments to agreements in consultation with customer or supplier and share information with appropriate colleagues?

5. Nurture relationships through regular contact and use of effective interpersonal and communication styles.

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