Establishing Effective Business Relationships: Key Strategies

1 | P a g e SITXMGT002 - ESTABLISH AND CONDUCT BUSINESS RELATIONSHIPS Student Name: MANDEEP KAUR Student Number: 12268467 Assessment 1: Short Answer Questions 1. What services do professional networking associations provide? Members of professional networking groups may take use of a range of services, such as: - Networking opportunities: Members may meet other professionals in their industry at events, seminars, and meetings hosted by these organisations. This makes possible the sharing of information, the exchange of ideas, and possible economic collaborations. - Education and training: To assist members in developing their knowledge and proficiency in their specialised professions, a large number of professional networking organisations provide training courses, conferences, and seminars. This might include access to resources and research, credits for continuing education, or qualifications unique to the sector. - Advocacy and representation: Networking networks typically act as a voice for its members, taking to industry stakeholders, governmental bodies, and regulatory authorities with their interests and concerns. They could also provide members with resources and assistance in handling industry regulations and compliance requirements. - Resources and information: Members of professional networking groups often have access to papers, publications, studies, and statistics that are industry-specific. Members may use this content to remain up to date on market insights, industry trends, and best practices.

2 | P a g e 2. Explain how to use below opportunities to maintain regular contact with customers and suppliers? - Association membership Companies may attend industry events, network with other professionals, and get access to tools and information by joining relevant industry associations. Engaging in association events on a regular basis gives you the opportunity to network with potential suppliers and customers. - Cooperative promotions Maintaining contact with suppliers and customers may be facilitated by working together with other businesses on joint marketing or promotional initiatives. Companies may reach a wider audience and improve their ties with current suppliers and consumers by pooling their resources and using one other's clientele. - Industry functions Businesses may connect with suppliers and customers in a formal environment by going to conferences, trade shows, and seminars. You may engage in conversations, market your goods and services, and make new or improve existing relationships at these events. - Informal social occasions Making personal ties with suppliers and customers may be facilitated by participating in business dinners and networking events. These gatherings provide a more laid-back and informal environment for forming connections, which may enhance loyalty and trust. - Program of regular telephone contact Maintaining ongoing connection with customers and suppliers may be facilitated by scheduling frequent phone calls. This might include keeping in contact to talk about any problems or opportunities, checking in on a regular basis, or providing information on new goods or services. - Social media

3 | P a g e Businesses may find it easier to maintain contact with suppliers and customers by using social networking sites like Facebook, Twitter, and LinkedIn. Companies may continue to build connections and stay visible online by interacting with followers, contributing to industry debates, and regularly posting helpful content. 3. What are the six stages in the negotiation process? What negotiation techniques that can be applied? Identify and describe each one. There are six steps to the negotiation process: 1. Preparation: During this stage, you will gather facts, set goals, and devise a negotiation strategy. It entails analyzing both parties' needs and interests, finding potential points of agreement and disagreement, and determining the intended objectives. 2. Discussion: At this point, the parties engage in open discussion to exchange information, explain their viewpoints, and consider alternative solutions. It entails actively listening, asking questions, and seeking common ground. 3. proposition: At this stage, each party makes their proposition or offer. This may involve suggesting terms, conditions, or price schemes. The proposals may be updated and enhanced after more debate. 4. Bargaining: This stage comprises back-and-forth negotiations and concessions. It necessitates excellent communication, strong reasoning, and the ability to reach mutually advantageous conclusions. Compromise, trading, and seeking creative options are all possible approaches. 5. Agreement: Once the parties have reached a mutually acceptable solution, they document their agreement. This includes outlining the terms and conditions, defining obligations, and explaining any exceptions or restrictions. 6. Implementation: In the final stage, the agreed-upon terms are implemented and fulfilled. It entails monitoring performance, addressing any difficulties or disagreements that may emerge, and guaranteeing compliance with the terms of the contract.

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4 | P a g e Various negotiating strategies can be used throughout these stages, depending on the situation and the parties' aims. Some popular negotiation methods are: - Distributive negotiation: This technique takes a competitive approach in which each side seeks to maximize their personal gains while minimizing losses. It frequently includes establishing a fixed pie in which one party's gain is seen as the other party's loss. - Integrative negotiation: This strategy focuses on finding solutions that benefit both sides. It requires a collaborative approach in which all stakeholders work together to produce value and achieve a win-win outcome. - Principled negotiation: This strategy, also known as interest-based negotiation or merit negotiation, focuses on both parties' underlying interests and needs. It focuses on fair and objective standards for reaching an agreement. - Persuasion and influence: These tactics rely on effective communication, logic, reasoning, and emotional appeals to persuade the opposing party to accept a proposition or solution. - Active listening: This method entails paying attentive attention to the other person's concerns, interests, and wants. It aids in understanding underlying reasons and establishing common ground. 4. What are lease agreements? Why might an organisation enter into a lease agreement? Consider the nature of agreements and contracts and their key role, features and inclusions. Lease agreements, which outline the terms and circumstances under which a property is leased, are legally binding contracts between a landlord (lessor) and a tenant (lessee). In a lease, the lessor grants the lessee, in return for rent payments, the right to use the property for a certain amount of time. Organizations may enter into leasing agreements for a variety of reasons. 1.Flexibility: Leasing frees enterprises from the long-term financial burden and commitment of ownership by allowing them to access and utilise a property.

5 | P a g e It gives you the flexibility to respond to shifting market circumstances or company demands. 2. Cost-effectiveness: If the organisation doesn't desire a permanent residence or doesn't have the funds to make a sizable upfront investment, renting a property via a lease agreement may be less costly than buying. 3. Location: With lease agreements, businesses may have a presence in desirable areas without having to invest a large amount of resources. 4.Maintenance and administration: The landlord is often named as the party in charge of maintaining and managing the property in lease agreements. This might free up funds and administrative burdens associated with property management for the organisation. 5.Important details included in lease agreements include the length of the lease, the rent amount and terms, the security deposit requirements, the maintenance schedule, the termination clause, and any unique guidelines or limitations pertaining to the usage of the property. 6.A lease agreement's contents may change based on the kind of property and the specific needs of each party. Rent escalation, renewal options, subleasing rights, insurance requirements, and dispute resolution procedures are examples of common components. 5. There are 5 key components of contract law at an overview level. Describe each one. - Terms and duties of contract: These are the precise clauses and specifications that the parties to the contract have decided upon. These conditions set out the obligations, rights, and responsibilities of each party and govern the performance of the contract. - Contractual agreement methods: This section covers the several ways that a contract may be established. It includes elements like the parties' capability, the aim of establishing legal relations, offer and acceptance, and

6 | P a g e consideration. Forming a valid and binding contract requires an understanding of contractual agreement procedures. - Exclusion clauses: These are terms included in contracts that aim to restrict or eliminate responsibility for certain types of damage or loss. These sections outline the degree to which a party may be responsible for damages or losses brought about by the agreement. It's essential to comprehend exclusion clauses in order to assess the extent of a contract's obligations and associated dangers. The term "dispute resolution clause" refers to the section of a contract that describes the procedures and approaches that will be used to settle disagreements that may develop between the parties. It could list techniques like arbitration, mediation, or negotiation. To make sure that any disputes or conflicts may be settled fairly and quickly, it is crucial to comprehend the dispute resolution provision. Contract termination: This section covers the conditions and processes that must be met in order for a contract to be terminated or ended. It takes into account things like mutual consent, contract violations, dissatisfaction, or reaching the goal of the agreement. Knowing when and how a contract may be legally cancelled is crucial for understanding contract termination. 6. Why do employees need to understand legislative requirements such as contract law? For a variety of reasons, workers need to understand statutory obligations, including contract law. - Protection of rights: Knowing contract law guarantees that workers are aware of their rights and responsibilities as specified in their work agreements. With this knowledge, individuals will be able to safeguard their rights and ensure that they get fair treatment.

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7 | P a g e - Legal compliance: In order to sign legally compliant contracts or agreements on behalf of their firms, employees must have a solid understanding of contract law. This lessens the chance of fines and other legal repercussions. - Effective negotiation: Employees who are knowledgeable about contract law are better equipped to negotiate and understand the terms and circumstances of contracts. In commercial negotiations, this may help individuals protect their interests and negotiate better terms. - Dispute resolution: Employees who comprehend contract law are better able to comprehend and engage in dispute resolution procedures. This may assist individuals in resolving conflicts in a just and lawful manner. - Risk management: Employees who are aware of contract law are better equipped to recognise and control any risks associated with contracts. This entails being aware of any prospective duties, responsibilities, and restrictions under the contract as well as the consequences of breaking or terminating it. Observation Forms Student Name: Mandeep kaur Student Number: 12268467 Workplace Name: McLean care Workplace Address: 63 killean st nsw Workplace Number: 0746317777 Contact Person: ema Danie The tasks listed in the observation forms will provide performance evidence. If performance of particular tasks cannot be observed, students might be asked to explain a procedure or enter into a discussion with the assessor.

8 | P a g e In some instance, tasks might relate to the whole process. Although it might not be possible for the assessor to observe the total process, the end product of work/ documents can provide evidence of performance. If assessors are not able to directly observe performance due to the complexity of the tasks or to the need for tasks to be repeated or observed over time, evidence collected by a third party might supplement the assessment. SITXMGT002 - ESTABLISH AND CONDUCT BUSINESS RELATIONSHIPS 1 Build business relationships If a specific volume or frequency is not stated, then evidence must be provided at least once Notes/ Comments Satisfactory (Please tick) Establish and maintain business relationships with at least two of the following:  co-operative partner with organisation  contractor  customer  networks  supplier This can be done:  through networking activities  by making initial contact by phone  by organising a face-to-face meeting These are some strategies for creating enduring business partnerships in the modern workplace. - Show Your True Nature. Determine common objectives and values. - Grow to Respect One Another. - Share Some Vulnerabilities. "I Have Your Back"... - Create Deeply Meaningful Connections to Help People Network with One Another. - Be More Personable. - Arrange an Enjoyable Activity for the Both of You. Use a range of communication skills to build relationships, including:  appropriate questioning Gain the Capacity to Hear. Listening is one of the most often disregarded areas for

9 | P a g e  active listening  assertive communication  sharing information improvement. - Looking into and Valuing Nonverbal Communication. - Management and Emotional Intelligence... - Capacity to Question. - Make regular contact with customers and suppliers by:  phone  email  letter  meeting  sending newsletters  attending functions - Recognise the needs of your supplier. What matters to them? ... - Be a first-rate customer. Think about the qualities you value in customers, then extend that thinking to your suppliers. -... - Fast response times. - Pick suppliers that agree with your values. - Faithfulness. - 2 Conduct negotiations If a specific volume or frequency is not stated, then evidence must be provided at least once Notes/ Comments Satisfactory (Please tick) Conduct a six step negotiation with a customer or supplier (eg negotiating prices of supplies, - Welcome and information collection

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10 | P a g e negotiating package deals etc) in relation to two relationships . - A defiant mindset... - New strategies are being developed. - Making decisions and negotiating are both challenging. I agree. There's a follow-up after that. - Overcoming culture shock. - Ask colleagues for feedback about your negotiation skills and write a reflection about how you could improve your negotiation skills in the future. - Acknowledge the need of careful planning. - Approach negotiation training with initiative. - Expect to make errors. - Communicate the results of negotiations to colleagues and stakeholders by:  sending emails  writing and distributing reports  organising meetings All parties involved in a communication must exchange messages since it is a two-way street. The goal is to facilitate the other party's understanding of one's own proposal or point of view, which calls for effective communication. Reaching negotiating goals and settling conflicts need effective communication. 3 Make formal business agreements

11 | P a g e If a specific volume or frequency is not stated, then evidence must be provided at least once Notes/ Comments Satisfactory (Please tick) Confirm agreements in writing in the form of:  a formal contract  a lease agreement  a purchase agreement  a service agreement  a management agreement A formal written contract outlining various terms and conditions between a landlord and tenant is called a lease agreement. In its most basic form, lease agreements ensure two things: the lessor, who is the property owner or landlord, will receive payments from the tenant, and the lessee, who is the tenant, will have access to the property. In the world of real estate, a lease purchase agreement is a rent-to-own arrangement that allows the renter to acquire the property from the landlord at a later date. Obtain approval for agreements in writing from the appropriate people (eg the relevant manager, CEO etc). Although certain forms of permission letters may still need a professional tone, the writing style should be informal and welcoming overall. If suitable for the situation, begin with the approval's confirmation and, if necessary, provide

12 | P a g e the reasons behind it. Ask for specialist advice (eg about the prudence of the agreement or the legality of the agreement) about business agreements from:  legal experts  financial experts None 4 Foster and maintain business relationships If a specific volume or frequency is not stated, then evidence must be provided at least once Notes/ Comments Satisfactory (Please tick) Ask those in relationships for information about:  their satisfaction with the relationship  other ways you can work together  their satisfaction with communication processes Review and analyse the information and write a report about ways the relationship could be improved/ changed. Research has used several terminology to describe relationship satisfaction, including relationship quality, adjustment, spousal satisfaction, and happiness. Knowing your objectives is half the fight when working together. Establish a shared aim and strategy. Knowing your goal makes cohesiveness simpler. information exchange between a corporation and a client to meet demands. Such contact happens when a consumer requests product information, buying advice, or

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13 | P a g e complaint resolution. Carry out those parts of an agreement that are your responsibility (eg authorising payments etc). Contracts are made up of three basic parts – an offer, an acceptance and consideration. The offer and acceptance are what the purpose of the agreement is between the parties. Review an agreement and determine and state whether it is meeting agreed performance indicators; suggest action to be taken if the performance indicators are not being reached. Customer Satisfaction, Internal Process Quality, Employee Satisfaction, and. Financial Performance Index. Make adjustments to agreements in writing (eg changing order size, changing payment method or date etc). None Use interpersonal skills to nurture relationships by:  speaking in an appropriate tone  using appropriate body language  demonstrating concern for the other party ’ s situation Maintenance of relationships Set limits. Practice active listening. Treat others with respect always. Stay optimistic. Let constructive criticism and feedback in without becoming emotional.

14 | P a g e Assessor ’ s Comment: Final Outcome: Satisfactory/ Not Yet Satisfactory Assessor ’ s Name: Assessor ’ s Signature: Date:

SITXMGT002 Assessment.v1.0 mandeeep kaur 12268467

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