SITXMGT002 project

Name of first business: Wedding Supplies Website link: https:ci industrial-chic-wedding another option. Delivering gift cakes by mail is a viable business. Providing gourmet cakes to restaurants on a wholesale basis is another alternative. The swirl cake company provides all these services. The pricing structures are listed below: $150-$300 This is for the custom cake and for the birthday’s cakes. $300-$500 These are for the special occasions. With a slightly larger budget, we can create something that is more specific to consumers vision and event. $500+ These are for the special wedding events. If a consumer has a photo of the cake they like and they want the same cake, they can also order to make cake in this pricing. What memberships or associations does the business have? The cake business is more than just an outlet for creativity – it is another outlet to positively impact the lives of others. SWIRL is active in the Calgary community, encouraging young pastry chefs to pursue internships within their kitchen. SWIRL Custom Cakes & Desserts is active in charity work, sponsoring several charity events as well as the arts and entertainment scene in Calgary and surrounding area. A philanthropic approach to business is strong part of our business model and we encourage our staff to take part and give back to the Calgary community. List any marketing and or purchasing activities that you could offer other businesses to promote collaboration. The marketing or purchasing activities that the company could offer other businesses to promote collaboration is sponsoring several events and doing the best in them. Use the following tables for the businesses that you will meet with.

Part of low turnover rate is because they allow their employees to work from anywhere. That's right— anywhere! So, w

In what way could you engage regular contact with the business based upon their current networking approaches? I can engage my regular contact with any of thesources of media I like. The professional way of engaging in regular contact would be through mails, linked in and their sites. Also, my business profiles or accounts can have professional talks with them through Facebook and other social networking apps. Include any further information that you think will support your understanding of the business and that you can use to make viable proposals or agreements for collaboration. Further information about that I think will support my understanding of the business are the information about the reviews from the clients that would help me know better about how clients like their work. I would also like them to provide information on what companies they are collaborating with in the upcoming days. This would also help me make quick decisions to the agreements for Name of second business: Catering Services Website link: https:// www.ecocaters.com/blog/what-does-a-catering-company-do/ What is the main industry sector for this business? The catering services being involved with food and drinks, the food industry is the main industry sector for this business Explain the industry structure and how this business fits into it. Catering services coordinate the preparation, creation, delivery, and presentation of food for clients. If we’ve ever attended a wedding reception, fundraiser, bridal shower, rehearsal dinner, or bar mitzvah that had delightfully prepared and presented food, chances are that event was catered. Additional responsibilities of event catering company, often include the rental, set-up, and clean-up of decorations, tables, chairs, music and lighting (we’ll talk more about these non-food related responsibilities down the line). Hence, this business fits perfectly according to its Do they have any current relationships or links with other businesses? They have current relationships with the industries providing organic foods. They reach out to their organic, local growers and reserve the seasonal fruits, vegetables, and produce for the events. Eco Caters is proud to participate in the communities in meaningful ways through collaborations with organizations such as Kid Power, Make-a- Wish, TAPS, and Food Rescue US.

SITXMGT002 Establish and conduct business relationships 1 1 With regard to your business, what are their c From the initial client-caterer meeting to the big day, catering involves a lot of planning, preparation, teamwork, creativity This includes discussing staffing, scheduling, presentation, contractual expectations of both the wedding couple and the

Section 2: Outcomes from networking event Use the tables below to record information discussed with the two business you met with and reflect on the way the agreements will be formed. Name of Business: Industrial-chic Wedding Supplies and Decors Briefly summarise how you think the meeting went. What were the key takeaways? I think the meeting went pretty well. We discussed about the main industry sector of the business, how the business fits into the industry structure and today’s world as well. The relationships that the business have with the other companies and how can my business be benefitted by collaborating with their business. The key takeaways were: • The main industry sector of the business and how does it fit into the industry structure. • The opportunities to work with their business. • Benefits of making agreements with the business like theirs to my business. • The long-term visions of the business and the collaborated companies with their business. • The professional networks that I can engage on getting contact with them are their own sites and their accounts on the social medias. • The relationships with the other companies and the reason they are maintaining or continuing Outline the outcomes agreed (this must relate to marketing or purchasing activities): 1. They agreed on making my business a part of their events as well. 2. They agreed on giving me possible opportunities and maintain good relationship with my business. Explain how each outcome will benefit your business. Outcome 1: My business will flourish more widely if I get to participate on every event they organize. I would be meeting a lot of people and if people like my cake, they would definitely choose me for special occasions. I might get chance to meet managers from different hotels, food companies, etc as wedding supplies business has great connections with many places and people. My business will certainly reach to another level. Outcome 2: My staffs along with me can learn about a lot of things if we get to participate on the events of the wedding supplies business. Outline the specifics of how each benefit will work (for example a discount, links to the website, a Outcome 1: Having good relationships with the business would certainly be helpful in every way. We would definitely choose each other if needed and we can make better deals and discounts working for

Briefly summarise how you think the meeting went. What were the key takeaways? I think the meeting went pretty well. We discussed about the main industry sector of the business, how the business fits The key takeaways were: • The main industry sector of the business and how does it fit into the industry structure. • The opportunities to work with their business. • Benefits of making agreements with the business like theirs to my business. • The long-term visions of the business and the collaborated companies with their business. • The professional networks that I can engage on getting contact with them are their own sites and their accounts on th

SITXMGT002 Establish and conduct business relationships 2 0 active on its own site. I can communicate with them through their website as well. What further networks can you be part of that will support the business relationship? Apart from the social medias and the professional networks, I think my business can collaborate with their website and be a part of their website too. This would help me be get updated about every ongoing project they have been working on and it’s easier to be in contact that way. I would also try to link up with their Include any further information that you think will support maintaining the business relationship. Communication is key for maintaining relationship with any business. Apart from communication, there should be mutual understanding and trust between the companies to take their business into new level. To maintain the trust, I think we should both try to be open about even the smallest details and keep each other updated about every single thing we do through the use of networks

SITXMGT002 Establish and conduct business relationships 2 1 Name of Business: Industrial-chic Wedding Supplies and Decors List the key outcomes that must be included in the contract: The key outcomes that must be included in the contract are as follows: • My business should be updated about the all the events that the wedding supplies business would be participating. • Maintain good relationship with each other and any kind of dispute being solved through mutual understanding and un • Maintain Regular Contact • Promoting each other’s businesses • Compensation and benefits • Confidentiality agreement. • Termination terms and conditions Section 3: Contract information Use the tables below to record information researched on key components that should be included in a contract/agreement for each business.

Research the nature of agreements and contracts in the industry sector and their key role. List any features and inclusions that should be included in a contract of this nature as well as the need for specialist advice or not. Contracts may follow a structure that can include, but are not limited to, the following items: • details of the parties to the contract, including any sub-contracting arrangements • duration or period of the contract • definitions of key terms used within the contract • payment details and dates, including whether interest will be applied to late payments • key dates and milestones • required insurance and indemnity provisions • guarantee provisions, including director’s guarantees • damages or penalty provisions • renegotiation or renewal options • complaints and dispute resolution process • termination conditions • special conditions All business contracts should include the fundamentals such as:

S I • The names of all parties or entities involved. • Payment amounts and due dates. • Contract expiration dates. List the key components that you will include in the contract that is relevant to the industry and state. Include: ● terms and obligations of contract ● methods of contractual agreement ● exclusion clauses ● dispute resolution clause ● termination of contracts • terms and obligations of contract 1. Offer 2. Acceptance 3. Valuable consideration, mutuality of obligation, and, in many cases, a writing 4. Both the parties must have legal capacity to contract o 18 years or older o Mentally competent 5. Lawful subject matter 6. Mutuality of Agreement 7. Payment: One party (the buyer) is usually legally bound to provide payment for the sale of goods or services. The contract terms may state obligations regarding payment amounts and the deadline for payment 8. Delivery: The seller is usually bound to provide delivery of the goods or services. Again, the contract may state specific obligations in terms of delivery dates, method of delivery and other terms 9. Quality of Goods: The seller may also be bound to provide goods of a certain quality. This may be specifically described in the contract • methods of contractual agreement The three most important contractual elements are offer, acceptance and consideration, and they all must be present whether the contract is oral or written in nature. • exclusion clauses

S I TXMGT002 Establish and conduct business relationships 23

SITXMGT002 Establish and conduct business relationships 24 It would state that a party has no liability if the contract is breached or, alternatively, seek to limit the range of remedies available or the time in which they can be claimed.

dispute resolution clause Both the parties shall attempt to resolve any dispute arising out of or relating to this contract through negotiations betwe termination of contracts If a party wants to get out of a contract, it just contacts the other party involved and negotiate an end date to that contra List any other legal requirements that may impact on negotiations that you may have with the business (for you • Be clear about confidentiality. • Ensure I am not disclosing business sensitive information. • Beware bribery in all its forms. • Do not exaggerate or mislead. • Beware the risk of entering into a contract by mistake.

Name of Business: Eco Caters Catering Services List the key outcomes that must be included in the contract: The key outcomes that must be included in the contract are as follows: • Job information. • Compensation and benefits • Confidentiality agreement. • A technology privacy policy. • Termination terms and conditions. • Employee Classification • Promoting each other’s businesses

Research the nature of agreements and contracts in the industry sector and their key role. List any features and inclusio Contracts may follow a structure that can include, but are not limited to, the following items: • details of the parties to the contract, including any sub-contracting arrangements • duration or period of the contract • definitions of key terms used within the contract • payment details and dates, including whether interest will be applied to late payments • key dates and milestones • required insurance and indemnity provisions • guarantee provisions, including director’s guarantees • damages or penalty provisions • renegotiation or renewal options • complaints and dispute resolution process • termination conditions • special conditions All business contracts should include the fundamentals such as: • The date of the contract. • The names of all parties or entities involved. • Payment amounts and due dates. • Contract expiration dates.

List the key components that you will include in the contract that is relevant to the industry and state. Include: ● terms and obligations of contract ● methods of contractual agreement ● exclusion clauses ● dispute resolution clause ● termination of contracts • terms and obligations of contract 1. Offer 2. Acceptance 3. Valuable consideration, mutuality of obligation, and, in many cases, a writing 4. Both the parties must have legal capacity to contract o 18 years or older o Mentally competent 5. Lawful subject matter 6. Mutuality of Agreement 7. Payment: One party (the buyer) is usually legally bound to provide payment for the sale of goods or services. The contract terms may state obligations regarding payment amounts and the deadline for payment 8. Delivery: The seller is usually bound to provide delivery of the goods or services. Again, the contract may state specific obligations in terms of delivery dates, method of delivery and other terms 9. Quality of Goods: The seller may also be bound to provide goods of a certain quality. This may be specifically described in the contract • methods of contractual agreement The three most important contractual elements are offer, acceptance and consideration, and they all must be present whether the contract is oral or written in nature. • exclusion clauses It would state that a party has no liability if the contract is breached or, alternatively, seek to limit the range of remedies available or the time in which they can be claimed. • dispute resolution clause Both the parties shall attempt to resolve any dispute arising out of or relating to this contract

through negotiations between senior executives of the parties, who have authority to settle

SITXMGT002 Establish and conduct business relationships 3 0 the dispute. termination of contracts If a party wants to get out of a contract, it just contacts the other party involved and negotiate an end date to that co List any other legal requirements that may impact on negotiations that you may have with the business (for your state a • Be clear about confidentiality. • Ensure I am not disclosing business sensitive information. • Beware bribery in all its forms. • Do not exaggerate or mislead. • Beware the risk of entering into a contract by mistake.

SITXMGT002 Establish and conduct business relationships 3 1 Section 4: Negotiation process Use the table below to record the negotiation process that you will follow. Principles of negotiatio n • Know what am I trying to accomplish. • Develop a game plan before negotiations start. • Study and understand my counterpart. • Work towards a win-win. • Avoid negotiating with myself. • React strongly to an untrustworthy party at the negotiating table. • Remember that it takes two parties to negotiate or renegotiate a deal. Negotiation techniques that you can apply 1. Be prepared. 2. Listen and understand the other party’s issues and point of view. 3. Ask right questions. 4. Keep the negotiations professional and courteous. 5. Understand the deal dynamics. 6. Always draft the first version of the agreement. 7. Avoid the bad strategy of “negotiating by continually conceding”. 8. Keep in mind that time is the enemy of many deals 9. Don’t fixate on the deal in front of you and ignore alternatives. 10. Don’t get hung up on one issue. 11. Identify the real decision maker. 12. Get the help of the best advisors and lawyers Effective communication skills to use when conducting formal negotiations Skills for speaking Skills for listening Speak to be understood Aggressively listen by focusing. Speak only with purpose, not to fill the space. Give confirmation that I am heard and Be specific Do not interrupt Reflect and restate Provide Eye contact Speak about myself, not the listener Allow empty air before speaking in order to formulate the reply rather than doing while listening Use images Curb my emotions so that they don’t interfere while listening.

Focus on their interests, but speak in terms of Be aware of terms that might need to be clarified

myself. High-level communication and relationship building skills • Listen actively • Appreciate others • Be Positive • Avoid Gossiping • Manage my boundaries • Focus on my emotional intelligence • Develop people skills. Clear stages to follow in the negotiation process • Preparation and Planning • Definition of Ground Rules • Clarification and Justification. • Bargaining and Problem Solving. • Closure and Implementation What are you willing to concede during the negotiations? I am willing to concede the elegant negotiables first. When I make concessions, first I’ll try to give up things that have high value to the other party, but which are low cost to me. These “elegant negotiables” are a magic bullet for making effective concessions that move the negotiation in a positive direction. Before going into the negotiation, I’ll try to identify negotiables that meet the other party’s need and then prioritize those that are of low cost to me What are your ‘non- negotiables’ that you want to stand your ground on during discussions? The non-negotiables that I want to stand my ground on discussions are respect, courage and gratitude. Respect pertains to being thoughtful, to listening, and to considering the effects of words and actions on co- workers and customers. Gratitude is readily showing appreciation and returning the kindness of others. It is the medley of humility, grace, and delight of working together in “the bowl” (the expression we use to describe Fishbowl). Courage is the ability to face and push through hard challenges. It is the willingness to accept tasks that are “above you” and to do what is necessary to carry them through.

Section 5: Contract negotiation outcomes Use the tables below to record the outcomes from negotiations. Name of business: Industrial-chic Wedding Supplies and Decors List of changes suggested The only change suggested in the contract negotiation is to amend the unilateral business confidentiality contract into the mutual confidentiality contract/agreement. List of changes to be made The change to be made is to make a mutual non-disclosure agreement occur when each party complies with the contract. The agreement also has to make things clear about cancellations and refunds. Reasons for changes The reason for this change is to avoid the future disputes and to maintain good relationship with the business. Changes completed YES/NO The changes are completed Any comments or issues during negotiations? No. The negotiation went pretty smooth. Name of business: Eco Caters Catering Services List of changes suggested The change suggested in the contract negotiation is to amend the unilateral business confidentiality contract into the mutual confidentiality contract/agreement. List of changes to be made The change to be made is to make a mutual non-disclosure agreement occur when each party complies with the contract. The agreement also has to make things clear about cancellations and refunds. Reasons for changes The reason for this change is to avoid the future disputes and to maintain good relationship with the business. Changes completed YES/NO The changes are completed.

Any comments or issues during negotiations? No. The negotiations went pretty well.