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A Chief Financial Officer (CFO) in a business needs exceptional communication skills and needs to adapt his/her communication style and message to different stakeholders - Leaving Cert Business - Question 4A - 2019
Question 4A
A Chief Financial Officer (CFO) in a business needs exceptional communication skills and needs to adapt his/her communication style and message to different stakehol... show full transcript
Worked Solution & Example Answer:A Chief Financial Officer (CFO) in a business needs exceptional communication skills and needs to adapt his/her communication style and message to different stakeholders - Leaving Cert Business - Question 4A - 2019
Step 1
Discuss the importance for a business of effective communication.
Answer
Effective communication is fundamental for any business as it enhances productivity, fosters better relationships, and promotes a positive workplace culture.
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Productivity Increases: When instructions and deadlines are conveyed clearly, employees can complete tasks more efficiently, resulting in increased productivity.
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Better Internal Relations: Good communication encourages an open environment where employees feel comfortable expressing their ideas and concerns. This leads to improved relations among staff and management.
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Encouragement of Intrapreneurship: Effective communication allows for new ideas to be shared easily, promoting innovation and adaptability within the business.
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Teamwork: Clear communication fosters a collaborative environment, enabling teams to work harmoniously towards common objectives. Members can share information and insights effectively, enhancing project outcomes.
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Goal Alignment: Establishing clear goals through effective communication helps employees understand their roles and contributions to the organization's success, which can boost motivation and performance.
Step 2
Illustrate two barriers that a manager has to overcome to communicate effectively with staff, providing a different example in each case.
Answer
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Use of Jargon or Technical Language: If a manager uses jargon or overly complicated language, it can lead to misunderstandings. For example, if a finance manager uses terms like 'EBITDA' without explanation, staff lacking finance background may not grasp the information. Choosing appropriate language that everyone understands is essential.
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Inadequate Timing: Messages must be conveyed at the right time. If a manager sends an email with important updates during a busy deadline period, it may go unread. Ensuring timely communication is crucial so that staff pay attention to the information being delivered.