A well written business report can help avoid semantic and perception barriers. A well written business report eliminates the possibility of misunderstanding and misinterpretation. In writing messages, it is necessary to be precise, making the meaning as clear as possible so that it accomplishes the desired purpose. The language used should be simple, as it will be lost if the words used are complex and do not lend to clear single meaning. Vagueness destroys accuracy which leads to misunderstanding of the meaning or intent of the message. Accordingly be specific and to the point.
There is great importance of timing in Business communication. The communication should not only be timely so that the decisions and actions can be taken in time and when necessary but also the timing of the message and the environment setting in which the message is delivered and received is equally important. An important message delivered at he wrong time or in a non-conducive environment may lose its effectiveness.
Business communication must pass through the proper channels to reach the intended receiver. The communication flow ant its spread must avoid by passing levels or people. When these concerned levels are omitted or by passed, it creates bickering distrust confusion and conflict. Accordingly the established channels must be used as required.
Unless it is one-way communication that is simply meant to inform al business, communication needs a follow up to ensure that is was properly understood and carried out. A verbal communication may need to be followed up by written confirmation. The response and feedback to the communication would determine. Whether the action to the communication has been appropriate and accurate.
Business communication should be complete so as not only to meet the demands of today but should also be based on future need of the organization as well as individuals. A reasonable projection and assessment of future needs environment both work and be incorporate when planning and executing communication.
The typical business firm usually considers three types of strategy: corporate: business and functional.
Corporate Strategy:- It decides a company’s overall direction in terms of its general attitude towards growth and the management of its various business and product lines. Corporate strategies typically fit within the three main categories, of stability, growth and retrenchment.
Business Strategy:– usually occurs at the business unit or product level, & it emplhasizes improvement of the competitive position of a corporations’ products or services in the specific industry or market segment served by that business unit.
Functional Strategy:– is the approach taken by a functional area to achieve corporate & business unit objectives & strategies by maximising resource productivity. It is concerned with developing & nurturing a distinctive competence to provide a company or business unit with a competitive advantage.
Business firms use all three types of Strategy Simultaneously. A hierarchy of Strategy is the grouping of strategy types by level in the organization.
This hierarchy of strategy is a nesting of one strategy within anther so that they complement & support one another. Functional strategies support strategies, which, in turn, Support the corporate Strategy (ies).
A Policy is a broad guideline for decision making that links the formulation of strategy with its implementation. Companies use polices to make sure that employees throughout the firm make decisions & take actions that support the corporations’ mission, objectives and strategies.
Strategy implementation is the process by which Strateges & polices are put into action through the development of programs, budgets & procedures. This process might involve changes within the overall culture, structure, & or management system of the entire organization. Except when such drastic corporate-wide changes are needed, however, the implementation of strategy is typically conducted by middle & lower level managers with review by top management. Sometimes referred to as operational planning, strategy implementation often involves day-to-day decisions is resource allocation.
A program is a statement of the activities or steps needed to accomplish a single use plan. It makes the strategy action oriented. It may involve restructuring the corporation, changing the company’s internal culture, or beginning a now research effort.
A budget is a statement of a corporations programs in terms of dollars. Used in planning & control, a budget lists the detailed cost of each program. Many corporations demand & certain percentage return on investment often called a “hurdle rate”, before management will approve a new program. This ensures that the new program will significantly add to the corporations’ profit performance & thus build shareholder value. The budget thus not only serves as a detailed plan of the new strategy in action, but also specifies through pro forma financial statements the expected impact on the firms financial future.
Procedures, Sometimes termed Standard Operating Procedures (SOP), are a system of interface have not been effectively reduced. Since it is not possible to privatize a large component of the public sector, it would be advisable to reform it.