Business communication is unique from other types of communication. Clear business communication is the main part of the corporate management. Nowadays, in the good times the organizations owe its primary responsibility to shareholders. However, in restless and potentially insolvent times, the company’s management responsibility goes directly to stakeholders. Also it can include bondholders, banks, customers, even Government agencies. Correspondingly, management will need the support from all these turnaround.
Stakeholder communication becomes one of the critical steps in finding the way of surviving for these companies. Therefore, the company should develop consistency and extensive plan in order to commit their operational, strategic, financial and transactional problems. According to the Matthew Walker, in this situation, the first step should be communication proactively to limit surprises and build the credibility and trust. It does not mean that company should disclose every financial part; however the trust is the critical. The healthy business requires the healthy community. Also, there should contribution in creating and maintenance. Certainly, the public wants to know about companies, organizations. Lewis (2010) states that, corporate social responsibility becomes the “buzzword” from the boardroom to the living room by growing media coverage dealing with such issues as corporate governance and environmental responsibility. Professionally, this rise in awareness of the term CSR has created a new fashion in business management (Jackson, 2001). Many academics, corporate stakeholders and Government are calling on large and small corporations to adopt CSR orientated approaches to business. It helps to communicate with stakeholders effectively.
Inefficient or poor communication often demonstrates incomplete planning, unrealistic deadlines and budgets. Every company needs to communicate often and effectively in order to know about the processes of future plans, mission and vision. According to the study, which was conducted by IT managers of French computer manufacturers, 57 % of project failures were because of the poor communication. The main reason is that inability to clearly state their expectations to the stakeholders. Moreover, the good communication is not one-size fits all technique. Firstly, every company should pay attention to the diplomatic transparency and sensitivity to their specific work styles. For instance, some people need regular data and constant updates while others need high level directives and knowing just specific details. Also, it is very important knowing and having the correct tools and skills to reach the main goal of the company. There is no doubt that, miscommunication can creates hard feeling which might remain undetected for a long time. Every employee should prepare a formal communication strategy in order to define the exact expectations from stakeholders. Also, it is extremely necessary to write about the ideas, issues, insights and information. In addition, there should be shown the statistics and should be presented to the stakeholders. It helps to prove the works which were done already. Also, one of the best ways to avoiding the conflicts with stakeholders is writing the memos. This can be as simple as stating needs of company in a few sentences or as complex as writing out your list of objectives. It is useful to define the core objectives with measurable parameters of the company.
Furthermore, each of your various project stakeholders their own agenda and goals. The company’s executive team should submit the particular information and a different communication style in the day-to-day details of delivery. Usually, stakeholders want to see more of the summarized review. In order to balance the various needs of communication, there should be the connection between risk and risk mitigation actions. It is very important for external stakeholders. If a risk can be...
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