Types of Communication

1. Formal and Informal Communication

• Formal Communication: Official channels within an organization, often following a hierarchical structure. Used for important information, decisions, and instructions.
  • Examples: Reports, memos, emails, meetings.
• Informal Communication: Unofficial channels, often based on personal relationships and social networks. Used for casual conversations, gossip, and quick information exchange.
  • Examples: Water cooler chats, text messages, lunch conversations.

2. Differences in Language

• Jargon: Technical language specific to a profession or industry. Can be efficient for experts but confusing for others.
• Slang: Informal language used by specific groups, often changing rapidly. Can create a sense of belonging but also exclude outsiders.
• Cultural Differences: Language use varies across cultures. Misunderstandings can arise due to different interpretations of words, gestures, and tone of voice.

3. Verbal and Non-Verbal Communication

• Verbal Communication: Spoken or written words. Includes face-to-face conversations, phone calls, emails, and reports.
• Non-Verbal Communication: Body language, facial expressions, gestures, tone of voice, and eye contact. Can convey emotions, attitudes, and intentions, often unconsciously.

4. Written Methods of Communication with Internal and external Stakeholders

• Memorandum (Memo): Brief, informal note for internal use.
• Email: Electronic message for quick and convenient communication.
• Text Message: Short message sent via mobile phone.
• Report: Detailed document presenting findings, analysis, and recommendations.
• Annual Report: Comprehensive report on a company’s activities and financial performance.
• Balance Sheet: Financial statement showing a company’s assets, liabilities, and equity at a specific point in time.
• Profit and Loss Account: Financial statement showing a company’s revenues, expenses, and profit/loss over a period.
• Review: Assessment of an employee’s performance or a product’s quality.
• Letter: Formal written communication sent via mail or email.
• FAQ Documents: List of frequently asked questions and their answers.
• Intranet: Private network for internal communication and information sharing.
• Forms: Standardized documents for collecting information.
• Notice Boards: Physical boards for displaying announcements and notices.
• Newsletter: Regular publication with company news and updates.

5. Verbal Methods of Communication with Internal Stakeholders

• Telephone and Voicemail: Used for real-time conversations or leaving messages.
• Video Conferencing and Teleconferencing: Virtual meetings connecting people in different locations.
• Briefing: Short presentation providing information or instructions.
• Meetings: Gatherings for discussion, decision-making, and collaboration.
• Annual General Meeting (AGM): Yearly meeting of shareholders to discuss the company’s performance and elect directors.

6. Appropriate Methods of Communication for Different Situations

• Urgent Matters: Phone calls or text messages are often the quickest way to reach someone.
• Complex Information: Written reports or emails allow for detailed explanation and documentation.
• Sensitive Issues: Face-to-face meetings or phone calls allow for better communication of emotions and nuances.
• Team Collaboration: Meetings, video conferences, or intranet platforms facilitate group discussion and decision-making.
• Formal Announcements: Memos, emails, or notice boards are suitable for reaching a wide audience.

Key Points to Remember

• Choose the appropriate method of communication based on the situation, audience, and message.
• Consider the potential for misunderstandings due to language differences and non-verbal cues.
• Be aware of the different communication channels available and their strengths and weaknesses.

By understanding the different types of communication and how to use them effectively, you can improve your ability to communicate with internal stakeholders and achieve your business goals.

Meetings and Presentations

Meetings

1. Planning a Meeting

• Where to arrive: Choose a suitable location with adequate space, seating, and equipment (e.g., projector, whiteboard).
• When to arrive: Arrive early to set up the room, check equipment, and greet participants.
• What to bring: Bring necessary materials, such as:
  • Agenda
  • Copies of relevant documents
  • Laptop or tablet (if needed)
  • Note-taking materials
  • Water and snacks (if hosting)

2. Objective of a Meeting

• Clear Purpose: Every meeting should have a defined purpose or goal, such as:
  • Making decisions
  • Brainstorming ideas
  • Sharing information
  • Solving problems
  • Building relationships

3. Use of Time

• Time Management: Allocate time for each agenda item and stick to the schedule.
• Start and End on Time: Show respect for participants’ time by starting and ending the meeting promptly.
• Summarize Key Points: Recap main discussion points and decisions made.

4. Appropriate Process at a Meeting

• Follow the Agenda: Keep the discussion focused on the topics listed in the agenda.
• Encourage Participation: Encourage everyone to contribute their ideas and opinions.
• Manage Conflict: Address disagreements constructively and seek consensus.
• Take Notes: Record key points, decisions, and action items.

5. Documents for Meetings

• Notice of Meeting: Formal announcement of the meeting, including date, time, location, and purpose.
• Agenda: List of topics to be discussed, in order of importance.
• Minutes: Written record of the meeting, summarizing key points, decisions, and action items.

Presentations

1. Document for Presentation

• Slides: Create visually appealing slides with concise information and clear visuals.
• Speaker Notes: Prepare detailed notes to guide your presentation and ensure you cover all key points.
• Handouts: Provide supplementary materials for participants to refer to during or after the presentation.

2. Visual Aids

• Images: Use relevant images to enhance understanding and engagement.
• Charts and Graphs: Visualize data and make complex information easier to grasp.
• Videos: Incorporate short videos to illustrate concepts or provide real-world examples.

3. Handouts

• Summaries: Provide a concise summary of the presentation’s key points.
• Additional Information: Include supplementary details or resources not covered in the presentation.
• Contact Information: Include your contact information so participants can reach you with questions.

4. Formal Report

• Written Summary: A formal report may be required after a presentation to document the findings, conclusions, and recommendations.
• Follow the Format: Use a standard format for the report, including an introduction, body, and conclusion.
• Proofread Carefully: Ensure the report is clear, concise, and free of errors.

Key Points to Remember

• Preparation is Key: Plan meetings and presentations thoroughly to ensure they are effective and achieve their objectives.
• Engage Your Audience: Use clear and concise language, visuals, and interactive elements to keep your audience engaged.
• Follow Up: After a meeting or presentation, follow up on action items and distribute relevant materials to participants.

Analysing and Evaluating Decisions Made, Deciding if Objectives Were Achieved

Analyzing Decisions

1. Identify the Decision: Clearly state the decision that was made and the context in which it was made.
2. Gather Information: Collect relevant data and information related to the decision, including:
   • Financial data (costs, revenues, profits)
   • Market research (customer feedback, competitor analysis)
   • Operational data (production figures, sales figures)
   • Employee feedback (surveys, interviews)
3. Analyze the Data: Use appropriate tools and techniques to analyze the data, such as:
   • SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)
   • PESTLE analysis (Political, Economic, Social, Technological, Legal, Environmental) 1. www.ipl.org www.ipl.org
   • Financial ratios (profitability, liquidity, efficiency)
   • Decision trees
   • Cost-benefit analysis
4. Identify the Consequences: Assess the potential positive and negative consequences of the decision on various stakeholders, including:
   • Customers
   • Employees
   • Shareholders
   • Suppliers
   • The wider community

Evaluating Decisions

1. Compare to Objectives: Evaluate whether the decision achieved its intended objectives. Did it:
   • Increase sales?
   • Reduce costs?
   • Improve customer satisfaction?
   • Enhance employee morale?
   • Increase market share?
   • Meet legal or ethical requirements?
2. Consider Alternatives: Assess whether alternative decisions could have been made that would have been more effective in achieving the objectives.
3. Assess the Impact: Evaluate the actual impact of the decision on various stakeholders. Did it:
   • Lead to increased sales or profits?
   • Result in cost savings?
   • Improve customer satisfaction ratings?
   • Increase employee turnover or absenteeism?
   • Generate positive or negative media coverage?
4. Draw Conclusions: Based on the analysis and evaluation, draw conclusions about the effectiveness of the decision and make recommendations for future decision-making.

Deciding if Objectives Were Achieved

1. Define Objectives: Clearly state the objectives that were set before the decision was made.
   • Objectives should be SMART (Specific, Measurable, Achievable, Relevant, Time-bound).
2. Measure Performance: Use relevant metrics to track progress towards the objectives.
   • Sales figures, profit margins, customer satisfaction ratings, employee turnover rates, etc.
3. Compare Results to Objectives: Compare the actual results to the targets set in the objectives.
   • Did the results meet, exceed, or fall short of the targets?
4. Identify Reasons for Variance: If there is a variance between the results and the objectives, investigate the reasons for the discrepancy.
   • Were the objectives unrealistic?
   • Was the decision flawed?
   • Were there unforeseen external factors that impacted the results?
5. Learn from the Experience: Use the insights gained from the analysis and evaluation to improve future decision-making processes.
   • What worked well?
   • What could be done differently?
   • How can the decision-making process be refined to increase the likelihood of achieving objectives in the future?

Key Points to Remember

• Analyzing and evaluating decisions is a crucial part of the business management process.
• It helps businesses learn from their mistakes and make better decisions in the future.
• Use a systematic approach to analyze and evaluate decisions, considering all relevant information and perspectives.
• Be objective and critical in your assessment, and be willing to admit when a decision has not been successful.
• Use the insights gained from the analysis and evaluation to improve future decision-making processes.

By following these steps, businesses can increase their chances of making sound decisions that will lead to success.