BUSINESS MANAGEMENT

Managing Communications, Knowledge & Information

Managing Communications, Knowledge and Information

Introduction

Business set up requires immense attention as to make informed decisions since the businesses can have their foundation on the basis of decisions taken on the initial stage. The initial set up should be aiming at whether to go online only due to the emerging trends or to have a typical building to incorporate sales besides making online appearances as well. This paper attempts to suggest a business and explore its various implications in the market. According to Kim et al. (2013, pp.1-11), in the decision making phases the management must have to compare and contrast the potential of the expected execution of the business, since in the end it is all about making profits while managing the resources in the best possible manner. The management will have to decide whether they should take their “Be-iT” bunnies online or deal in both ways.

Discussion

Range of Decisions and Effective Decision-Making

According to Byrnes (2013, pp.1-43), the management will have options as to go online exclusively or stay within both territorial and online parameters. In the current economic situation in which the world is still struggling to come out of one of the worst recessions of all time, saving maximum resources has to be the hidden agenda. The online businesses are gaining substantial amount of popularity as well as the success in which the resources are mostly saved in comparison to brick and motor business. The deep inclusion of social sites and platforms has made the work easy as to make prompt and effective contact with the customers. The management should deicide to go online exclusively and should invest their resources of marketing communication and managing workforce to work with online implications. According to Kim et al., (2013, pp.1-43), information is extremely significant to the start-up of any business organization. A business, in order to go up against other businesses and to sell a service or product and make profits need knowledge and detailed information regarding the cash flow, assets, payrolls, consumer markets, and a number of other subjects related to the business. The management shall be establishing qualitative and quantitative research about the markets to be operated in. Informed decision making is the major part for which extensive research is mandatory in order to see if the markets have the needed potential or not.

Internal and External Sources of Information

According to Brashers & Hogan (2013, pp.1-100), the management will have to check out many things to arrive at informed decisions and the sources can be divided into two areas; internal and external. Within internal sources, they will have to collect the financial information of the company, their pay structure, costs of rates, taxes and authorities that will control the finances and accounts. The information has to be freely available for the employees as well the employees profile information. The management must ensure they have recruited the right for the right job. They should also collect the information of compliance once the operating markets have ...