Public speaking skills are a big part of being able to communicate effectively. Communications are vital in management; in fact, they are the essence of management. Communication is the process by which we assign and convey meaning in an attempt to create shared understanding. This process requires a vast repertoire of skills in interpersonal and interpersonal processing, listening, observing, speaking, questioning, analyzing, and evaluating. Use of these processes is developmental and transfers to all areas of business to achieve the group target.
For our business to grow and remain healthy, we must aster certain basic skills, which include communication, problem solving and decision making, planning, meeting management, delegation, and managing our self. Many studies into the qualities of a successful manager delve into the abstracts of group dynamics and interpersonal relationships. Management is the executive function that concern itself with the carrying out the administrative policies laid don by administration. Several organizational factors must be in place in order for a team to succeed: * Common and consistent goals that are accepted by all team members.
Organizational commitment to the team concept, including support from top management. * Clear roles and well-defined responsibilities for members and leaders. * Both real and perceived power delegated to the teams. * Mutual accountability for team performance. * Recognition and reward systems that support team performance. Teams sometimes fail because they don’t adequately define leadership roles and task clarity. These may be clarified by using a shared leadership model. For example, team members may agree to take leadership responsibility for specific aspects of the team’s mission.
In some cases, leadership may shift to different team members on a rotating basis. The following elements are necessary when building a cross-functional team: * It must contain the right members. * The team must have a clear direction. * Members must have access to the “movers and shakers” of the organization. * Members must agree on the standards by which they will gauge success or failure. * Everyone must agree on the ground rules from the start. * Members must have the proper training in teamwork. Teams are not always the best way to structure work.
Managers should ask themselves if requiring employees to make decisions as a group enhances or impairs work efficiency. Effective Pay Programs More and more companies are trying to develop effective team-based pay programs. A Hewitt Associates study found that successful team pay programs have the following common characteristics: * They link teams to their performance management systems with the use of shared responsibilities, goals and training. * They provide variable pay plans, especially team incentive plans, business incentive plans or project outcome plans. They use peer reviews, subordinate reviews and internal client-customer reviews. * When making pay increase decisions, they involve a number of different people in the process. 2. Human Resources Management The present state of recession in the IT Industry – as a Human Resource Manager how are you going to undertake Human Resource Planning at Macro Level to tide over this crisis? The recession is healthy, from time to time. The recession helps to stop the businesses, which are not bringing value added and the human capital is transferred to more vital businesses at lower costs.
In the companies, which survive the recession, the HARM Role is very important. The recession is very dangerous for the companies. During the times, when the business grows dramatically, the HARM Function introduces different policies, which are focused on spending money. The company was able to carry all the costs and the employees started to take the policies as the standard. In time of the recession, the HARM Role is to make cost cuts and the HARM Function has to provide the list of the policies and the procedures to be cancelled or discontinued.
The employees do not like it, but the company has to return to the healthy basis for the future growth. The HARM Function has to be able to identify the top potential in the organization quickly as the company needs to make the cuts in the human capital of the organization. The HARM Function needs to provide the tools to managers to inform their key employees about the security, the company wants to offer to key employees. The HARM Function is not a department to make employees happy, the role of HARM Function is also about the cuts in the costs of the organization and the HARM Function’s role is about minimizing the damages to the organization.
The recession can be a very interesting period for the HARM Function. The HARM Professionals can design, develop and implement a lot of new HARM Processes in the recession, which are simple and really efficient. But they need to have a clear vision of the HARM behavior in the recession to be really successful. The HARM Management has to define the HARM Vision for the Recession. The employees in Human Resources have to understand the goals for the difficult period of the recession. Many activities in the organization can be cancelled, but the HARM Employees have to understand the reasons.
The HARM Vision for the Recession is needed for the employees of the HARM Function as they should serve the organization as the change agents. Many procedures, policies and processes can be cancelled during the recession or they can be strongly changed and the HARM Employees have to be able to explain the reasons for the change or cancellation of the policies. The HARM Management has to push the top management to define the vision of the organization for the recession as the roles in the organization can be clearly defined. The top management has to set the vision for the strategic initiatives as the whole organization can share the same goals.
It is very painful for the top management to define such goals, but the employees and managers can support the painful way to prosperity, when they believe and trust their leaders. The HARM Function can serve as the navigator and facilitator for employees, but the HARM Vision for the recession has to be defined and clearly communicated ND explained to HARM employees. The HARM Management has to communicate the full story as the HARM Employees have usually access to confidential information and they can build a good picture of the organization’s health very quickly.
The HARM Vision for the Recession should be about the trust and honesty. The HARM Employees have to understand the need to make changes and to make the cuts in the procedures they introduced and run for the organization. The HARM Management has to be proud to announce the cutting of job positions in the HARM Function and to explain the reasons for selecting the employees to be fired. The HARM Vision for the Recession can play a significant role in the success of the HARM Function in the recession. The HARM Management Team has to set it as a priority and the vision has to be transformed into actions quickly. . Financial Management What will your outlook towards maintenance of liquid assets to ensure that the firm has adequate cash in hand to meet its obligations at all times? Almost every action of company has financial implications, manager responsible for or with oversight of cash flow get directly involved in many functional areas of the business. Cash flow manager although in large company the financial management function may be broken down into various segments and the cash flow management segment may concern itself primarily with short term management issues, or the daily cash flow management task.
Examples of these would be the maintenance of only minimum balance in non-interest bearing bank accounts,the movement of excess cash into short-term investment , and the maintenance of adequate cash balance to cover the normal operating expenses of the company that must be paid from day to day. Len any event , those responsible for short term cash flow must consider the long term financial management objective of the company. Objectives of the Financial Management . To ensure that the company always has enough cash to meet its legal obligations and avoid liquidity – i. . To maintain adequate short term financial flexibility. 2. To arrange to obtain whatever funds are required from external sources at the right time , in the right form and the best possible terms. 3. To ensure that the companies assets and liabilities ; current and long term, financial and operating are utilized as effectively as possible. 4. To forecast and plan for the financial requirement of future operations. 5. To make all decisions & recommendations on the basis of one primary criterion, examining the long term value of the organization . His objective is attained in a publicly owned corporation through minimization the wealth of the owner [stakeholders] by maximizing stock price. ‘Liquid Asset’ An asset that can be converted into cash quickly and with minimal impact to the price received. Liquid assets are generally regarded in the same light as cash because their prices are relatively stable when they are sold on the open market. Liquid assets are cash on hand or any tangible or intangible item that can be converted quickly and easily into cash, typically within 20 days, without losing such of their value.
These assets are among the most basic types of financial I resources used by consumers, businesses, and investors. Cash and checking accounts are the two most obvious forms of liquid assets. Currency :: Legal tender for purchases and to settle outstanding debts, currency remains the most common type of liquid asset used consistently by retail consumers. Money that is deposited into a current account is considered to be a liquid asset because it is possible to immediately access the funds in order to settle debts.
The debit card offers consumers even greater access to immediate liquid assets. Investments l. Some interest-bearing investments can be liquidated quickly,qualifying them as liquid assets. Money market fund shares, bonds, mutual funds, and the cash value of a life insurance policy are examples of investments that can provide quick cash when necessary. Certificates of deposit and stocks might also qualify under this definition. While the actual market liquidity of each asset may vary, the key is that there are always people looking to buy these items, so they can be sold relatively easily.
In the case of some jointly owned assets, only a percentage of an asset could be considered liquid. Other Assets:: The final settlement awarded by a court for damages in a lawsuit’s also be considered to be a liquid asset, depending on the terms payment specified by the court. Tax refunds and the balances of trust funds refasten included in the working definition of liquid assets. Less Liquid and Illiquid Assets :: Mortgages are sometimes considered a liquidates, but they are much less liquid than many other types.
Real estate is lassoers likely to sold at less than its value if it must be liquidated quickly; if thematic is unstable, it may be difficult to determine the true value of real estates well. Since a key part of liquidity is that the asset be sold at or very near tactual value, this means that real estate is often considered “illiquid” or not east sell. Any item for which there is no established value is not considered to be a liquidates, even if that item might be sold for a high price. When the market for theme is small or uncertain, a sale could significantly affect its value.
Even stock,usually considered a liquid asset, could be illiquid if a large block is put up forsake, which could lower its market value. Business Assets:: For businesses, liquid assets can include cash, marketable securities, and achievable. Cash equivalents, which can be quickly converted to cash as needed, are also considered to be liquid. A business needs to be liquid enough to meet expenses, but not have so much cash on hand that short-term investment opportunities are not pursued. Companies often divide their assets into net liquid, quick, and current assets.
Net liquid assets are what Widow be left if all of the businesses debts were paid off. Quick assets are those that can be converted into cash immediately, while current assets are those that can be converted within a year. For an asset to be liquid it needs an established market with enough participants to absorb the selling without materially impacting the price of the asset. There also needs to be a relative ease in the transfer of ownership and the movement of the asset. Liquid assets include most stocks, money market instruments and government bonds.
The foreign exchange market is deemed to be the most liquid market in the world because trillions of dollars exchange hands each day,making it impossible for any one individual to influence the exchange rate. Liquid assets include items such as accounts receivable, demand and time deposits, gilt edged securities. In some countries, precious metals (usually gold and silver) are also considered liquid assets. Generally speaking, you must limit expenses and ensure that some of your assets are in the form of short term assets.
The higher your short term assets and the less your short term debt, the better your ability to pay the debt (short term liquidity ratio / liquidity ratio help you determine this). The ratio analysis will be the guide stick for the liquidity rating. Enhancement OF LIQUID ASSETS TO ENSURE ADEQUATE CASH IN HAND. A common problem for small business owners is the struggle to maintain adequate ash flow levels. Without cash, a business must eventually close its doors. Understanding and managing the company’s cash flow will help to measure the amount of cash on hand and prepare for cash flow shortfalls in the future. . Do the Math : Cash flow is the movement of money in and out of business. Cash inflow is the movement of money into your business, and most likely comes from the sale of goods or services to your customers. Cash outflow is the movement of money out of your business, and is generally the result of paying expenses. By projecting the inflow and outflow of your businesses cash,you an determine the amount of cash that will be available during a designated period of time. B. Prepare Your Profit and Loss Statement Your business plan should contain several financial statements.
If you’re a start-up businessman, base you rusticates of cash inflow and outflow on the revenues and expenses listed in yourself and loss statements. Complete your profit and loss statement fortunetelling your cash flow statement. Over time, you will be able to base chinchillas and outflows on actual historical data. C. Develop a Cash Flow Statement: A cash flow statement measures scofflaws over time. During your first ear in business, you should include a month-by-month cash flow statement in your business plan.
If you’re seeking a loan, unimportant feature of your cash flow statement is that it will show outlander exactly how you’re going to afford loan payments. Len order for a business to stay afloat, it must maintain an adequate level of cash . These are some which we can apply to improve the cash flow in organization. Adequate cash means that you can meet your obligations. It is thermometer that cash is king and life blood of the organization. The following points help make it easier to maintain the adequate cash level and n improvement in cash position can be seen sooner rather than later:l.
Check Customers’ Credit Histories: Decide the type of customer OTTOMH you want to extend credit. Do you want to have a particular cut-officered score? If you extend credit to customers with questionable credit histories low credit scores, you may experience late payments or no payments, whistle slow down your cash flow and increase your collection costs. 2. Keep Track of Your Customers’ Payments: Have up-to-date paymaster’s. Keep accurate payments records by using a specialized countersignature aerogram that will keep track of your invoices and when payments made.
If customers are late with their payments, it could cause a cash bluebottles for you. Accurate record keeping will help solve this problem. 3. Set Appropriate Credit Terms and Offer a Cash Discount : Make surveyor customers understand how long they have to pay their bill. In order disposed up the cash they pay, you might want to offer a cash discount Tony customer that pays in a short period of time, designated by you, or to customer who pays cash. 4. Extend Your Timetable for Making Cash Payments Pay your bills onetime and take advantage of any cash discounts your suppliers offer you.
However, hold onto your cash as long as possible. Don’t pay bills Weissmuller than they are due. Your company can use that cash balance, rather attending your supplier use your company’s cash. 5. Cut Back on Spending Wherever Possible : Do you really need to testament out of your business for a Hawaiian vacation right now? Cut back misspending until it is less than your revenue on a month-by-month basis. If emergency happens, then you will be prepared from a cash standpoint. 6. Increase Your Sales : Make sure you aren’t holding on to observationally. If you are, mark it down and sell it.
Storing it is costing you moneyed selling it at a lower price is better than not selling it at all. The longer you hold on to obsolete inventory, the less likely it is to sell . 7. Think before investing : The price and value of investments and their income fluctuates: you may get back less than the amount you invested Remember that how an investment performed in the past is not a guide to how it will perform in the future. We need to project the cash flow statement, and employee the companies fund in short term investment. Along with that we have to check expenses. And maintain the liquid assets.
Projected cash flow statement is the guided stick. Our sales, realizations, and fixed and variable expenses need to be kept in mind while judging the balanced need of liquid assets. We may consider the short term investments with reference to interest rate and surplus funds. Generally it is indispensable that we must limit expenses and ensure that some of the assets are in the form of short term assets. The higher short term assets and the less your short Term debt, the better your ability to pay the debt (short Term liquidity ratio / liquidity ratio help you determine this).
The ratio analysis will be the guide stick for the Liquidity ratio. The short term creditors of a company like supplies of good of credit and Commercial banks providing short-term loans, are primarily interested in knowing the companies ability to meet its current or short term obligations of a firm can be met only when there are sufficient liquid assets. Therefore, a firm must ensure that it does not suffer from lack of liquidity or the capacity to pay its current obligations due to lack of good liquidity position, its goodwill in the market is likely to be effected beyond repair.
Liquidity refers to the ability of a concern to meet its current obligations as and when there become due. The short-term obligations are met by realizing amounts from current, floating or circulating assets. The current assets should either be liquid or near liquidity. These should be convertible into cash for paying obligations of short- term nature. The sufficiently or insufficiency of current assets should be assessed by comparing them with short term liabilities. Elf current assets can pay off current liabilities, then liquidity position will be satisfactory. The standard current ratio is 1: 1. Means any firm / company is having adequate funds to meet its obligation in time. The firm has to maintain core current assets which is easily realizable at all times. The laid down benchmark ratio to maintain the ratio of core current assets to current liabilities is . 4. Marketing Management If you are working in a super market, what techniques/ tools you will use in data collection. How are you going to analysis the data and make inferences? How will you finally apply your market research to improve sales and win over customers? Supermarket shopping is often categorized as a self-service retail environment.
For supermarket retailers who want to build relationships with their customers, its essential to track their levels of ‘satisfaction’ with the key elements of the supermarket environment. From the retailer’s perspective the aim is to minimize the reasons for complaints and dissatisfaction and establishing a track of direct feedback from customers about their reactions to those key elements.
