Teamwork Essay Example | Topics and Well Written Essays - 250 words

Teamwork - Essay Example Introduction of teamwork in the organization is a gradual process that requires patience and hard work both from the employees and their supervisors. To accomplish this as the supervisor, I would apply a four-step procedure that mostly involves training to show the importance of teamwork. The first step would involve developing the mindset by establishing a weekly training to improve team skills (Stanton, Baber & Harris, 2008). During this step, I would work towards showing the employees that all individuals’ ideas are valuable and the communication skills would be improved in this step. In the second step, I would engage the employees extensively by asking questions that require several individuals to consult each other. Here, I would encourage all members to participate. Third, I would then train them to resolve conflicts, which are the main barriers to success. During this step, I would refrain from giving my ideas until the trainees have given and evaluated theirs. The tra inees deal with the issues that would get in the way of achieving success, thus becoming good problem solvers (Stanton et al., 2008. The final step would incorporate brainstorming solutions where all ideas are evaluated to encourage the spirit of innovation. This would take a period of approximately 12 months to develop reliable teams. Several challenges can be encountered when developing team players. One of the challenges includes domineering personalities where certain individuals dominate discussions in the group. This can be resolved by creating time limitations on contributions and ensuring that all members get a chance to contribute. Secondly, conflicts are a frequent occurrence when developing teams. Conflicts occur in the form of disagreements and can be resolved by teaching the individuals to respect all members’ ideas and disagreeing politely and reasonably. The last challenge is ineffective communication where members communicate in a vague way. Identifying issues

Different types of financial statements Essay Example | Topics and Well Written Essays - 250 words

Different types of financial statements - Essay Example A balance sheet helps a company in analyzing its current financial position vis-Ã  -vis any other time period. A balance sheet most important for the management of a firm. The second important financial statement used is the income statement also known as profit and loss statement. The income statement is generally prepared at the end of a time period such as a quarter or a year. It gives information of the total income earned during the period and its sources. It also lists the various expenses. The difference of the two is used to calculate gross margin and net profit. Based on income statement companies take decisions on dividend declaration and future investment plans. The income statement is most significant for the investors of a firm. Cash flow statement is the third important financial statement. It helps a company to analyze the cash flows financial, operating and investment activities. This financial statement is important to understand the availability of working capital for a firm. Cash flow statement is very significant for the creditors of a firm. The fourth financial statement used is the statement of retained earnings. This statement depicts the changes in the title rights of equities if there are any. This is the least used of the four financial statements. It is also called as statement of shareholders’ equity as it calculates the money that will be left with a company after selling its assets and fulfilling its