UNIT16 Management communication knowledge and information
Report about open up a Breakfast shop
Table of Contents
LO 1.1 Range of decisions to be taken
To open up a Breakfast shop there is a many information and research that I have to do and decisions I have to make because there is many opportunity – from where to locate the shop to what kind of breakfast and coffee I will provide to the costumer. (Jones, 2003)
LO 1.2 Examine the information and knowledge needed to ensure effective decision taking The shop can be placed in local area where the rent will be lower but there might be threats that there I will not have enough costumer to increase my profit. Or If I want my shop to be placed in busiest area where the rent and competitors will be high. Or the best place maybe for my shop can be near to very often visited attraction which will brings more costumer to me. I should have in might the available amount of many I will spend and if needed how much more I have to found because building a new structure is more expensive that converting existing structure and also how many staff I will need at first. Information about the furniture, law in the food industry, health regulations associated to food’s preparation, storage and cooking- to get those information I must list my internal and external sources.
LO 1.3 Internal and external sources of information and understanding
The internal sources of information will be my solicitor, accountant, shareholders, friends and partner. The external sources of information will be the government, bank, council, media, news and website. My company need to use important legal information supplied by the government in order to run the business legally. To be aware about all around me in globally will help me information from the news and media. The website research information can help me to keeping track the interest of other competitors. It is important to know the political and economic situation in the country and how they can impact on my business, it could be in a positive or negative way. The bank as source provide information about terms and conditions and financial service needed for my business. Information from council I will need to be aware of what documents I should prepare, how often and how many different types of taxes and fees I have to pay.
LO 1.4 Recommendation for improvement
Every business needs information to help it succeed. A combination of internal and external business information resources can provide the background necessary to evaluate current performance and plan future progress. Knowing the types of information resources that are most critical to business can help companies plan for capturing, analysing and using that information most effectively. In order to build a good relationship with my stakeholders I must be aware of the information they need in order to be successful my business. What are their needs as well, and how they are going to impact the future development of my shop. There are different ways to be effective the communication within my stakeholders, as setting the periodically meetings, forums for collecting a feedback which is important, as it gives me the knowledge of how my business is doing and what must to be changed. Ones the relationships are developed, they should be monitored and maintained closely. There is no point of monitoring the relationship which are considered as an ineffective, this is only wasting of time and effort, and will give negative impact on the business. Opening meetings, face to face communications are some of the ways of monitoring the stakeholders.
LO 2.1 Identify stakeholders for a decision-making process