Porfolio 5-8 - portfolio for business english - Tài liệu tham khảo Tiếng anh ( TA8 ISW) | Đại học công nghiệp Việt Trì

TOPIC 5: MANAGEMENT STYLES
Is the changing of management styles important in the digital age?
What are management styles?
Planning, setting priorities, and organizing work efforts are all parts of management in a
business establishment. A management style is a specific way that managers approach
achieving these goals. It includes the manner in which they exert control, plan and
organize their work, and influence judgments.
How to manage in the digital age
The digital era has many advantages but also many disadvantages. As a result of the
digital age, organizations have fundamentally altered the way they do business.
Moreover, the evolution of technology has paved the way for a range of new businesses
that many growing organizations are familiar with.
To deal with this effectively, the first thing that needs to be embraced are the essential
management skills of flexibility and forward thinking. Maintaining their team's
familiarity with the most recent technology and workflows requires managers to be open to change.
It's crucial for managers to stay on top of the game as technology is constantly evolving.
In fact, all the management methods are intended to keep workers informed and provide a
positive work environment. To help provide their employees with the best potential
resources, managers should have detailed knowledge of various technologies and software.
How important are changing management styles?
The expectations that organizations have of their leaders and managers have also evolved
as a result of demographic changes, technological developments, and global trade. Lastly,
encourage innovation as part of your commitment to technology. An important
organizational structure change is needed for this. A growing number of organizations are
doing away with traditional bureaucracies and removing divisional barriers in order to
improve the flow of information and ideas. References
http://download.garuda.kemdikbud.go.id/article.php?
article=2004411&val=19998&title=The%20Importance%20of%20Changing
%20Management%20Styles%20in%20The%20Digital%20Age
https://blog.trginternational.com/3-evolving-aspects-of-leadership-management-in-the- digital-age
https://www.emerald.com/insight/content/doi/10.1108/01443330710722724/full/html TOPIC 6: TEAM BUILDING
Why team building plays an important role in organization?
The process of forming a team that effectively collaborates to achieve a common
objective is known as "team building." Building a strong team by establishing bonds and
connections is crucial and serves as the primary goal of team building. For businesses
looking to foster a positive workplace environment where employees enjoy coming to
work, feel confident in one another, and collaborate easily, team building is a successful strategy.
One of the most compelling reasons for team building is to achieve results. Teams
improve their communication, planning, problem-solving, and conflict-resolution skills
through a variety of structured, entertaining, and energizing team-building activities.
These suggested team-building exercises promote sincere interactions, in-depth
discussions, and processing, which helps to foster long-lasting teamwork.
Team building can have significant and lasting effects. These advantages can include
stronger relationships as well as closer cohesion and greater respect among colleagues.
Creating a solid team fosters advancement and ability to adapt while giving workers a
sense of security and belonging, which motivates them to take calculated risks. In
addition to lowering conflict and absenteeism, this process can boost morale and
cohesion, which can encourage greater loyalty and lower employee turnover. Group
communication, cooperation, and decision-making skills are improved through team building activities.
Additionally, team building is crucial because it fosters relationships and increases
coworker trust. Employees are motivated to perform at their best in high-trust environments. References:
https://ca.indeed.com/career-advice/career-development/importance-of-team-building
https://www.teambonding.com/6-reasons-for-team-building/
https://teambuilding.com/blog/team-building-importance
TOPIC 7: RAISING FINANCE
How new business can get funding?
Startups require funding to pay for the materials they need to get started and to begin
expanding. Depending on the stage of development they're in, startups have different
financial needs. There are many ways for new businesses to get funding, but for new
businesses that have a distinct potential for growth, they often get offers from venture
capitalists and business angels.
New businesses, on the other hand, can raise funds by trading a percentage of their
company's credit, a practice known as "equity financing. "Startups go through a number
of funding rounds to obtain equity financing. They aim to raise a specific amount of
money in each funding round to carry their company through the next phase of growth.
Not only can startups raise funds through equity financing, but they can also use debt
financing. In order to raise funds, they have to approach financial institutions that offer
business loans to obtain debt financing and agree to a set repayment period and interest
rate before receiving the upfront funding requirement. Moreover, because equity
investors are aware that some of their money will be invested in debt repayment rather
than business, they are less likely to invest in companies that raise money through loans.
It is common knowledge that only a small percentage of new businesses succeed, grow,
and turn a profit after introducing their goods and services to customers. Start-up
businesses, which are generally defined as recently founded businesses, are frequently
lost on the path from conception to commercial success and are frequently associated with high-tech projects.
Early-stage, high-growth businesses depend heavily on funding, so it's critical that
founders and their teams understand how startup funding functions. References
https://seedlegals.com/resources/startup-funding-guide/#:~:text=This%20refers%20to
%20giving%20part,their%20company%2C%20known%20as%20equity.
https://hrcak.srce.hr/file/196722
https://www.indeed.com/career-advice/career-development/startup-funding-stages
TOPIC 8 CUSTOMER SERVICE
Why customer service department plays an important role in organization?
When customers receive excellent customer service, they are more dependable, and
employees' jobs become simpler. This in turn encourages business growth. Businesses
that provide excellent customer service are better able to retain employees, recover the
costs of acquiring new clients, and increase brand recognition.
More than just keeping customers satisfied is involved in providing customer support. It
effectively increases sales as well. Along with your current clients, your prospects have
inquiries as well. 52% of customers say they will cancel an online purchase if they can't
find the information they need. Give your salespeople access to online resources or make
it easy for them to find the answers they seek. You can keep a deal alive by providing
prospects and clients with the details they need at the appropriate time.
Providing excellent customer service is essential to every business. Your business won't
be profitable for very long unless you can persuade some of the new customers to stay.
You can lower prices and run promotions to attract as many new customers as you want.
Good customer service's primary objective is to keep customers coming back.
A further benefit of offering top-notch customer service is that it promotes word-of-
mouth promotion, one of the best forms of advertising. Effective word-of-mouth
marketing encourages customers to recommend a product or service to their friends,
which can increase sales and profits.
Offering top-notch customer service, however, has effects outside of corporate culture.
It's true that providing excellent customer service affects your business's performance and
reputation in a variety of tangible ways. References:
https://www.remotehq.com/customer-service/12-reasons-why-customer-service-is-so- important
https://mailchimp.com/resources/importance-of-customer-service/
https://www.momentcrm.com/blog/why-customer-service-important/