Importance of effective communication Flashcards
Importance of communication to owners
Less likely to take out excessive drawings
Able to make good management decision
Importance of communication to shareholders
Existing shareholders are less likely to sell their shares and helps attract new shareholders
Importance of communication to managers and other employees
Improves motivation and productivity
May decrease numbers of staff leaving and absenteeism
Importance of communication to suppliers
Happier to supply goods on credit
Likely to supply goods on time
Importance of communication to customers
More likely to keep using business
Less danger of customer complaints
Importance of communication to lenders
More likely to agree to lend to biz
Less likely to insist on immediate repayment
Importance of communication to HMRC
No problems with incorrect amounts of tax being paid
No problems with taxes not being paid on time
Importance of communication to local community
Good publicity can attract customers and employees
Less danger of problems with planning permission
