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Introduction - Develop And Cultivate Collaborative Partnerships And Relationships Assessment
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A partnership must have two or more owners who share in the profit and losses of a business organization. Four standard terms are clauses in every partnership agreement: duties as partners, capital contribution, assignments of profits and losses, and acceptance of liabilities. As cited by Felbermayr et al. (2019), contributions to the partnerships and profit allocation techniques are required to establish a partnership agreement. Absolute honesty, as well as joint accountability, is the other requirements of partnerships.
Basic documentation as well as an application form which is considered regulatory and legislative requirements during registering a partnership business. According to the partnership Act 1932, a partnership is the most important form of any business organization. Apart from that, a partnership firm is registered with the respective country.
Risk management principles are necessary to identify future opportunities for a project. Accidental loss is included in the business which puts a negative impact on every business organization (Gehandler and Millgård, 2020). The seven most important risk management principles are Manage risk within the context, involving stakeholders, ensuring responsibilities, striving for continuous improvements, creating a risk review cycle, and factors of organizational goals, and ensuring risks are identified early.
The mission statement is necessary in the business and is positively communicated with every organization. The future has become more achievable which is necessary and reflects the organizational values (Bowen, 2018). The mission statements of the company are necessary and that can able to meet all the requirements.
Identifying strategic directions of the business is necessary which is able to meet all the requirements. Mission vision and values are more important to identify strategic directions and that turned a profitable business by ensuring the decision-making process.
A purpose statements of the organization is to attract those who motivate to execute its strategy. The organizational purpose statement is necessary and that easily defines the accurate reason beyond the losses.
An organization’s partners are necessary to achieve business objectives with the help of mission vision and goals. The purpose statements are mandatory and there are several scopes which is describing the strategic business directions.
Participation in engaging with the topic discussion and there is nothing wrong with the more succession outcomes. On the other hand, collaboration is considered as working together basically which is following with joint intellectual methods.
The important five strategies are to take advantage of the channels, become a team player, be a team player, don't afraid to overcome communication, and give autonomy to individual team members.
Interview: The interview is the first stage of developing collaborative partnership or recruitment of the right people is necessary which is found out by the interview process.
Focus group: This is the method of collaborative business methods which is necessary to identify and allows individual researchers to participate themselves.
Questionnaires and surveys: Survey and questionaries are common factors that are necessary for employee engagement and it is important to compare set of questions by obtaining answer from the respondents.
6.1. The communication technique which can be used to communicate with the stakeholders are email and virtual presentation. As stated by Cameron et al. (2018), the project report for analysing the summary. A project summary report is a tradigital technique to communicate with the stakeholders of the company. The summary report is given to each stakeholder to determine further acquisition.
6.2 The techniques that are used for collaborative partnerships are clear communication with the hierarchy. As opined by Campbell et al. (2019), the process of “actively listening to others, taking responsibility for mistakes, and respecting the diversity of colleagues”. These techniques are used to form a collateral relationship with the stakeholders.
Emotional intelligence refers to the EQ, emotional quotient where an individual present their ability to manage and understand the positive effects in the working premises. As per the view of Caniglia et al. (2018), stress management and overcoming the challenges are the reduction of conflicts that can be extracted. Self-motivation and awareness are the two characteristics of EQ. The performance appraisals reflect the individual interference in a group project. This is where the existing relationship between individuals and team members facilitates job ratings. This is done by evaluating skills, bits of knowledge and strengths.
8.1. The four stages of transformational change in an organisation are “planning, leadership, management, and maintenance of change”. These changes are done to raise success pillars in the firm. These changes can be reduced by implementing by steepening the resistance and mentoring the changes accurately.
8.2. Change in management refers to the up-gradation of the organisational management structure to gain fruitful results in future. As per the author Capone and Lazzeretti (2018), the changes are made in the early stages of the conception and prepared datasets. The implementation and resolution are the next stages where the company finds that changes are getting results. Unfreezing and refreezing the results of exchanges imply a whole change in management.
Opportunities in training organisations
The training and sustainability of an organisation reflect its main and core parts where the existing employees are provided with a vast training procedure to enhence their skills. The main objective of the report is to show the analysis of the potential outcomes of the stated training procedures. Legislative and regulatory requirements with collaborative partners in the firm. The risk management principle and techniques that cultivate collaborative relationships and partnerships are also reflected in this report. The general manager of t firm has ordered the operational manager to prepare a report on the training transition to showcase the legislative and regulatory requirements for the firm.
The strategic objective of the training sessions
The primary objective of the training sessions is the reinforcing skills that are going to be added to the employees to increase their potential. Through this, the employee can be more productive in completing their work. As per the author Friday et al. (2018), competency ranges are also evaluated by the application of digital tools. The latest sales techniques are also taught to the employees to increase the productivity and sales of the organisation.
The two potential opportunities to develop collaborative partnerships and relationships with business and industry stakeholders.
- It saves costs by shrugging the expenses on administrative operations.
- By increasing the efficiency of the employees the value propositions are increased to a great extent.
Legislative and regulatory requirements
Generating a high level of income and sales and bidirectional communication among the parties involves the abovementioned requirements. This also enhances the business relationship with the industries to provide fruitful outcomes and satisfy their customers by proving quality products.
Risk management principles
In order to manage the risks, the principles which are followed in an organisation are planning, evaluating, directions, recording and reviewing the aspects. These steps or principles are used to diversify the partnership and collaborative relationship in a firm (Felten et al. 2019). When costs are more than the benefits then these principles are used to mitigate the risks.
Three potential risks associated with the development of collaborative partnerships and relationships are as follows.
- Lack of trust between the members and the employees
- Oversharing of information
- Infkexubvlke working environment.
The potential consequences of the above-identified risks can be redacted in the employee's behaviour. Sharing of data sets and pieces of information among the managers and employees (Fang et al. 2022). The informal behaviour may increase in the working premises through which the resources are misused. It leads to losses and degradation of working potential.
Relationship between the “mission, purpose, values, objectives and strategies” of organisations
The inter-related segments among the missions and objectives of the organisation are established in a form to achieve the stated goal of the company. As mentioned by Dopson et al. (2019), it understands the core element of the business and facilitates more potential working formats to increase the output of the firm. It provides vision and roadmaps to get clear insights into the business operations to enhance the working and earning capacity of the firm.
- It helps in solving the issues of the organistion
- Collaboration among the employees
- Open up new modes or channels for communications
- Increase the employee's retention rates
Techniques for enhancing partnerships and collaborative relationships
Determination of the needs or requirements of the firm. Select suitable employees to carry on the business operations. As per the view of Dentoni et al. (2018), assessing the resources that are needed to complete the mission. Interacting and learning from each other. Giving complement to each other capabilities and strengths.
Data collection methods
The common techniques that help in gathering the information related to the potential collaborative partnerships and relationships. The methods are observational, focus group, experimental, questionnaires, simulation, documents and derived interviews.
Communication techniques for shareholders
- Automation communication
- Leverage informal owner's communication
Emotional intelligence in working premises
EI is important for the workplace because it carries out effective working measures and shows collaboration among the workers. As per the view of Darling-Hammond et al. (2020), it also reduces conflicts and it also raises cooperation among the workers. It influences the interacting elements with the co-workers in the firm to manage stress and overload of work.
Emotional intelligent skills required for training
In order to raise the productivity level of the firm's workers, EI used skills such as motivation, competence, empathy, social skills, and self-regulation. As opined by Castañer and Oliveira (2020), these skills are used to develop the potential among the staff members by providing accurate training. The focus of the trainee must be on these above-mentioned skills to benefit the employee as well as the firm.
Different stages of organisational transformation
There are three stages in the organisational transformation that are-
- Phase 1- preparing the approach
- Phase 2- managing the changes
- Phase 3- sustainable outcomes
Based on the above context it can be stated that stages of the management changes are effective for the progress of the firm. These progressive changes implement long-term sustainable goals. Engagement in collaborative partnerships and relationships with business and industry stakeholders shows the efficiency of the firm in managing all the risks and developments. The above-mentioned EI skills and potential opportunities show the successful and sustainable training organisation that regularly holds the session to enhence its employee's skills and knowledge. The operational manager of the firm has recorded effective solutions to manage the risks associated with the training.
The strategic objective of the organisation is to attain the stated goals of the firm such as gaining revenue of $800,000 in the first year of operations. In order to generate high sales and to achieve 18% profit in the first year (Hargreaves and O'Connor 2018). Provide 24*7 customer service with heavy training sessions. Advanced and quality operational efficiency.
The Existing partnerships and their importance are stated by the general manager of the firm “Online Media Solutions”. The company has a partnership venture with an Indian company named “Info centre” (Helmond and van 2019). They basically handle customer issues and queries.
The need for two new partners based on the analysis of the strategic objectives and reason for partnerships shows the company's growth and expansion aspects. The firm has dealt in forming a partnership with an Internet service providing companies and another two with computer consultancy firms (Immordino-Yang et al. 2018). This is done to look out for the output that tech firms are showing to gain a competirtve advantage. New partners will bring funds for expansion and at the same time, it also generates income by attracting more no. of customers.
Type of partnership
In order to meet the strategic goal of the firm of increasing sale and profit two forms of partnership is suitable for the firm. General and “Limited liability partnerships” (LLP)may bring fruitful outcomes by providing services for a limited share or revenue (Liu and Huang 2018). These two modes can take share in the business but for a limited range, this is the most advantageous partnership mode than others.
The Four potential partners based on the strategic objectives
- IT specialist partner
- Cloud storage company
- Business internet
- An investment company
Advantages that each partnership will bring to the organisation.
The advantages of a General and limited liability partnership are as follows.
It is easy to establish a general partner in a firm. Creating a bond with this partnership form involves less paperwork and less expenses. It is also easy to drive this partnership. In the context of LLP, the registration cost is low, and DDT and taxes are not applicable (Ma et al. 2018). These two are the main reasons to adopt these kinds of partners.
The partnership is formed to accomplish the stated goal of the organisation that is direct with the increased sales and expansion of the firm.
The external and internal users of the business information are responsible for the firm.
The financial and managerial information must be recorded by the firm and it must be shared between the partners on daily basis. The information can be shared through electronic or, manual mode.
If the information is shared by legal sources such as database systems, financial reports or through artificial intelligence, by this the data can be reliable, transparent, and well reached in time.
Verbal and written communication methods can bring effective results for the organisations. These two modes are widely used in the firm.
Legal and bank statements and its record needs to be protected from getting exposed or damaged. These are the vital components for thefirm.
Legislative and regulatory requirements that should be followed during the collaborative partnership are the articles and constitutions of the partnership act 2013.
The Employment laws that should be attached to the partnership venture are the details regarding the “Contract Labour (Regulation and Abolition) Act, 1970 and Minimum Wages Act, 194” (Mikhaylov et al. 2018).
The policies and procedures that must be followed in an organisation are-
- Health and safety
- Performance management of the workers
- Anti-discrimination and equality
Process of developing partnership
The process begins with Strategy development, opportunity mapping, facilitation and design, adapting and implementing partnership techniques and sustaining the overall impact.
Process of sustaining partnership
This partnership is evaluated by adopting four techniques that are “Advise, Acclimate, Activate, and Accelerate”. Setting goals and managing connections by understanding each other capabilities are the last part of this process.
Exchange of stated purpose, right to say no to anything and joint accountability are the three indicators that evaluate the partnership business.
Feedback processes for healthy partnerships help in growing the production and sales objective of the firm.
Stakeholders' analysis and engagement from the leaders are the two strategies for tsff and stakeholder commitment. This is important to satisfy their customer to show the company's effectiveness in managing their customers.
The three collaborative approaches are “short-term, formal or ad-hoc”. This company are open for a whole day to help their customers.
The reporting systems that are used to show the of partnership activity against planned partnership activity outcomes developed.
Conflict resolution strategies are avoiding, accommodating, competing, compromising and collaborating.
Conducting honest discussions with the leaders can resolve conflicts. Sharing points of view with seniors reduced mismanagement.
The legislation that should be followed during the conflict resolution process is negotiation, ignorance, mediation, assurance, arbitration, and litigation.
There are three methods that are used in implementing reporting systems for reporting results against planned partnership activity are as follows.
- Earned Value in the management
- Rend analysis
- Forecast reporting
Improvements in partnership operations are done by adapting clear expectations, and transparency in managing the financials.
The first step is to apply sustainable strategies to get fruitful results.
The second is to identify the flaws in the decision making
The third is to analyse the performance
The last step is to get a clear report related to the work and project of the partnership.
The improvements to partnership operations are done by following the abovementioned steps.
Partnership 1: computer analytical company
Contact no.: 61 2 1234 5678
Partnership 2: call centre firm
Contact no.: 61 1 1234 5678,
The strategic objectives of each partner are related to the stated goals and mission of the training organisation.
Partnership 3: Gaming savvy company
Contact no.: 612589742645
Email: gaming savvyco.@gmail.com
Partnership 4: skill set organisation
Contact no.: 61 55 52896412
The main reason behind the selection of these partners is their market share and operations.
Communication strategy (Partner 1)
- Accomplish stated goals
- Partners and the owners
- Financial and materials information
- Direct and formal communication
- Choosing an accurate database system
Communication strategy (Partner 2)
- Fulfil the forms objectives
- Owners and the stakeholders
- Managerial and annual reports
- Direct communication
- Adaptation of the latest technology
Communication strategy (Partner 1)
- Employment acts
- wages and nondiscriminatory act
- Legal and formal policies of the company
Communication strategy (Partner 2)
- Labour act
- Regulatory norms
- “Health and Working Conditions Code, 2020”
- Usage of company property
Processes for partnership
- Deciding when to take the partnership owner
- Bid proposals
- Searching for new partners
- Mutual benefit
- Open communication
Three key indicators for evaluating the health of the business partnerships are partnership commitment, “partnership mutuality, and partnership outcome”.
Partnership commitment shows the possibilities of the firm to run on the market for a long period of time. Mutuality refers to the similarities in decision-making (Minasny et al. 2020). Outcomes refer to the revenue generated.
The response of the receiver to the message that is communicated from the giver. It can be negative or positive (Morishige et al. 2018). Appreciation reflects positive feedback whereas quotations reflect negative feedback.
The two strategies for “staff and stakeholder commitment and contribution” are as follows.
- Identification of the triggers
- Proactive mitigation
Procedures of establish the above-mentioned strategies are-
Identification of shareholders' relationship with the external partners, then clear communication with the effective partners. Consistency in the firm with the viewpoints of the partners.
Implementation of the strategies
These strategies can be implemented by the owners of the firm where staff and stakeholder commitment are levied upon the work system. The work aspects of the firms can be evaluated with the progress in each dimension of the firm.
Outcomes of the strategy are that the work and activities of the organisation resemble all features that are mentioned above.
Processes for planning partnership activity refer to the planning activity where partnership deeds are evaluated as per the requirement of the company.
Processes for reporting systems to review results of partnership activity are adjoined with the same process that is required to show the financial data. These data are reflected by the use of the counts of firm activities.
The collaborative approaches to enhance individual, team and organisational outcomes are as follows.
- The clear cause of the firm
- Communication expectations
- Establishing long-term goals
- Leverage the strengths
- Encouraging innovation
Collaboration with partners refers to the mutual understanding of the data that are shown above. The “honourable ways that justify and enhance mutual trust” shows the efficiency of the compelled data that are used to evaluate these processes.
The process of evaluating the sources that can be used to gain competence involves the resources such as finance and managerial funds.
The five conflict resolution strategies are compromising, competence, accountability and mismanagement.
The steps of the conflict resolution processes to ensure conflicts are resolved in a fair, equitable and collaborative manner between partners are liable to ascertain in the firm objectives.
The legislations that are to be followed during the conflict resolution process and their role in conflict resolution are the acts and articles made in the provision of the firm. These legislations are made by the company itself.
The implemented reporting systems for reporting results against planned partnership activity outcomes are indirectly related to each other. This is to define the firm objectives of the company in a proactive way.
Intended outcomes were the strategies that are connected to the fruitful outcomes of the firm.
The analyse of the results activity against intended outcomes is done by implementing various activities on the firm premises.
The formal and registered documents were analysed to evaluate the results of the partnership activity.
Collaborating with partners seems to be the general concocts of trust and doing business.
All the details related to the business are discussed with the partners in legal form (Parker and Thomsen 2019). The details related to financing, costs, budgets and other cash flows.
The business operations are mainly evaluated the Financial areas of improvement were identified for partnership operations. The areas that can bring good and beneficial outputs for the firm.
Improvements are implemented in showing the fruitful outcome of the firm activities. Improvement in natural content of the firm enhances the details with respective cooperation were in the company. This is to analyze the suitability of the firm in the remaining balances.
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