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Business Theory Vs. Business Practice: How Do They Compare?

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Running a business or working at an executive level at someone else’s company is an exciting and challenging thing to do. While long-term commercial success is hard to come by, the satisfaction it brings when it does occur is a wonderful feeling. Of course, being able to enjoy sustained success in business at senior levels comes with not only hard work but also having the right knowledge to rely on.

Picking up this type of useful knowledge is therefore crucial. If you pursue a doctor of business administration at an accredited university like Aston University, you will learn about the essential concepts of business theory and business practice. A degree program can even be completed online at Aston, which means students all over the world can master the latest business strategies from the convenience of their homes.

While business theory and practice might both sound like the same thing, they actually have some key differences. So, what is business theory and business practice – and how do they compare?

What is business theory?

Just as the importance of logos for business cannot be overstated, the key role of business theory in the commercial world cannot be stressed highly enough. This type of theory looks at how businesses work and includes learning about pre-defined models, principles, techniques and processes.

Business theories are common in key areas such as marketing, customer service, operations management and finance. Theories in business can also help set out how to drive organizational change or how to make strategic decisions in an effective way.

These theories are usually drawn up by respected academic figures (often with real-world experience in business) and can give entrepreneurs a framework to operate from within their own company. They are also valuable for teaching business owners more about how each part of their company works and setting out a roadmap for driving future improvements. A good example of a well-known business theory is Mayo’s Human Relations Theory.

What is business practice?

Business practice is any action your company takes to help meet its overall objectives. It can also refer to any method, process, regulation, rule or method your organization follows to hit its goals. The key thing to note is that business practice is about taking concrete action in the real-world to achieve more and often means putting business theories into action to see how they work out.

The introduction of business practices is considered key by the majority of companies because it helps them run more efficiently, improve performance over time and maintain an accountable structure. Common types of business practice approaches can include drawing up business action strategies, defining each employee’s role/accountability, setting targets for performance across the company and putting an effective communication plan into place. Many companies will also include the delivery of relevant training to staff as part of their business practice.

How do business theory and business practice compare?

As we have already noted, the theory and practice of business are alike yet different at the same time. But how is this possible?

In terms of differences, the most obvious is that business theory is entirely academic and involves merely thinking about what action you could take within your company. Studying the theory of business does not require you to take any physical action or make any concrete changes to your operations.

Business practice, on the other hand, is the exact opposite – it is about putting the theories you have learned into practice. As such, this means business practice involves taking concrete action. As a result, business practice can have a far bigger impact on how your company actually performs compared to business theory.

What similarities do they both share?

The core similarity shared by both business theory and practice is what their ultimate goal is. Both are focused on helping businesses improve overall and finding ways to refine what they do. Although theory may suggest how to do this and practice might involve putting it into place, their end objective is still the same.

The other obvious similarity is that both are designed to work within a business setting and across all industries. It is true to say that companies across all business sectors can make use of the best theories and the best practices to help drive improvement.

What benefits do business theory and business practice offer?

There is no doubt that learning more about the theory and practice of business is advisable for any savvy CEO or senior manager.

When it comes to business theory, learning about the most effective models to use in your own company can provide you with the knowledge to help boost operations. It can also be valuable if you need to improve in a key area of your business but don’t know how. Business theory is superb for setting out logical steps to follow in order to improve service, production or strategic decision making. In a personal sense, learning business theory can also make you a more well-rounded leader and add an extra skill to your resume.

For business practice, the value comes from the tangible effects it can bring to your organization. By putting the best business practices into action, you will be able to see them working in real-time and helping to drive up efficiency, productivity and customer support. Putting top business practice ideas into place is particularly good for a struggling business that is in need of real-world ways to make improvements.

Business theory and business practice both useful

As the above shows, business theory and business practice are both valuable things to learn more about in their own right. One gives you ways to refine your company or improve aspects of it, while the other sees you putting these ideas into action to get the best results. If you are a business owner or senior manager looking to find ways to drive future growth, both concepts merit deeper investigation.

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Building Contracts: They’re Changing & You Need To Know

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Building Contracts

It has never been more imperative to have a building lawyer read your contract. The pandemic created a shift in construction agreements that can be problematic for owner-builders if not properly assessed. One such change is in the special conditions placed upon agreements. There is no longer such a thing as a “typical agreement”, especially in regards to irregular price increases.

Some changes can be obvious to the owner, where others can be a little cheekier, hidden amongst “special conditions” provided with additional documentation. They typically contain jargon that lulls the owner into agreeing without really knowing what it means.

Special conditions have also changed and are now rampant in proposed agreements. This means that standard builds often contain conditions that dramatically increase the cost to build.

This is something that industry novices may not be aware of. Sure, you may see such pricing and think, “hmmm, seems a little excessive”. But would you take it further without the proper advice telling you that it’s not just excessive – it’s a flagrant rip off?

Here are some of the sneaky changes that have occurred and why you need the best building contract lawyers in your corner:

What are some of these nefarious changes?

 Building lawyers across the country are being shocked by some of the unscrupulous changes in construction agreements.

These include:

  • Agreement value & hidden extra fees
  • The agreements scope & time limits
  • Extensive power to slow down work
  • Random cost increases
  • Charges for additional questions & variations
  • Charges for delays when a site inspector visits

These sound ridiculous, don’t they? That’s because they are, and you should never agree to something like that just because they are in your proposed agreement.

How are “special conditions” being used against owners?

 “Special conditions” are being used to unscrupulously wrangle owners into paying more than they should. There are many examples of special conditions, ranging from price increases when a build isn’t completed on time to extra charges for materials. Understanding these clauses is crucial to avoiding unexpected costs and ensuring fair agreements. Stay informed about consumer rights and industry practices by visiting Wheonnews for expert insights and updates.

One common sneaky move is the builder requesting extra money for speeding up the build. Sure, this may seem great (“we just have to pay a couple of thousand more for them to complete it by June!). But if they are charging you extra to complete it by June then they probably can complete it by June without the extra money.

It brings up a lot of legal issues and you should have a reputable building lawyer analyse these stipulations. This is because under fixed-price building contracts you don’t have to pay additional amounts of progress payments. You are legally protected from being charged such absurd fees.

What’s more, if something occurs outside of your agreement, then it should always be agreed upon in writing. These fees can amount to thousands of dollars, and you don’t want to pay any such fees without them being agreed upon in writing. You don’t want your already-sneaky builder thinking they can take further advantage of you. Therefore, you shouldn’t agree to make any payments that fall outside of your contract.

So, if you have any confusion regarding any perceived cheeky moves in your agreement, you should always contact a legal representative. They can analyse the agreement for any nefarious “special conditions” and whether they are legally sound. It is, of course, highly likely that they are not, so it is important that you have the experts in your corner to avoid paying any ridiculous unwanted fees.

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Optimised Awareness: 5 Benefits Of Online Asbestos Training

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Online Asbestos Training

Asbestos. It’s that horrid substance that strikes fear in the hearts of many Australians. It lives in the ceilings, floors and walls of many homes and businesses built before the late-1980s. And, when agitated, it permeates the air and, unfortunately, into our bloodstreams. This can cause a range of grave health problems, including asbestosis, lung cancer and mesothelioma, just to name a few. It’s for this reason Australia has become a world leader in mitigating the risks associated with this awful, unwanted substance.

We take asbestos awareness seriously in this country because we know just how deadly it can be for our citizens. From thorough home and business analysis to remediation methods and more, there is an entire industry here dedicated to ensuring the substance doesn’t cause any more fatalities. This industry includes world class online training.

These digital modules are designed to teach students about how to identify and protect themselves from this deadly substance. And, like any health and safety training system, there are numerous benefits to undertaking this asbestos awareness training online.

Let’s take a look at a few below:

Train in your own time

You may be required to complete this program to comply with Aussie health and safety practices. However, you already have a full-time job, and it can be difficult for you to get away from it to complete in-person modules. Thankfully, online training exists to provide the flexibility you need to continue your job whilst optimising your knowledge of this harmful substance. You can work at your own pace and in the hours that are most suitable for you. This is simply perfect for Aussies who work in industries that require certification but don’t have the time in regular work hours to study.

You can save on digital classes

Digital classes are typically much cheaper than their in-person counterpart. You will be able to save money on classes that would otherwise cost a lot more than if you had to travel all the way out to a specific location to make the class. What’s more, the fact that you can do these classes online in your own time means that you won’t have to take any time off work which could affect your income.

Perfect for individuals & larger teams

You may run a team of tradies that have to be aware to ensure they don’t start knocking out walls that contain the deadly substance. But how on Earth are you supposed to send them all out to a training facility at the same time? This could easily impede on your team’s ability to get the job at hand done within your designated time frame. Instead, why not ensure that they can all undertake this essential study by enlisting them in a digital course?

Ensure team compliance

Being aware of this harmful mineral is an essential part of compliance for various Aussie industries. Unfortunately, thousands of buildings built before the late-1980s still contain the  mineral, and this means that thousands of Aussie workers have to be aware of its presence when undertaking a new job. As such, these digital modules will ensure heightened knowledge and, in-turn, compliance with Australian health and safety regulations.

Increase your knowledge, obviously!

And this is obviously the main reason for a digital course. Because, after all, you can’t just go knocking out walls with the risk of asbestos permeating through the job site – this could be deadly for anyone present. Studying online will ensure a heightened knowledge of the mineral, where to find it and how to protect you and your teammates from its deadly pitfalls!

 

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Business

Unlocking the Power of BPMN Notation for Small Businesses

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BPMN Notation for Small Businesses

Business Process Model and Notation (BPMN) is a standardized visual language used to document and diagram business processes in a way that is both easy to understand and efficient to implement. It is the de facto standard for modeling processes within organizations and is widely used to communicate between different stakeholders of an organization.

BPMN provides a set of graphical elements that help visually express a process, making it much easier for people to identify the steps and activities that need to be completed to execute a workflow successfully. Furthermore, BPMN is a common language between departments and organizations, facilitating communication skills and collaboration while minimizing miscommunication.

Why Is BPMN Important For Small Businesses?

BPMN notation is important for small businesses. It helps them understand the steps to complete tasks more quickly and easily, saving them time and money! BPMN notation also makes it easier for small businesses to communicate processes between departments and even with external partners. It allows them to visualize the process and identify any potential issues before they occur, leading to improved efficiency in operations.

Furthermore, BPMN makes it easy for employees to understand their organizational roles by mapping out tasks, allowing for more effective collaboration and team alignment. Additionally, BPMN helps businesses make the most of their resources by providing a clear view of these tasks and their connection. Small business owners can identify areas to optimize operations or reduce costs.

Different Components Of BPMN Notation

  1. Pool: A pool represents an organization, a business unit, or a participant in the process
  2. Lane: A lane can be used to organize activities into different categories within the same pool
  3. Start Event: This marks the beginning of a process flow
  4. End Event: This defines when a process has been completed
  5. Task Activity: These are actions that need to be performed by one or more participants
  6. Gateway: Gateways are decision points that indicate branches in the workflow based on conditions
  7. Sequence Flow & Message Flow: Both types of flows represent how activities interact and how information is exchanged between them
  8. Data Objects / Artifact: These objects store data related to processes and tasks
  9. Annotation: This is used to provide additional information about the process flow

How To Use BPMN To Streamline Business Processes?

BPMN can help small businesses understand how tasks are connected and what steps must be taken to complete a task. Using BPMN notation can save time and effort when running a small business.

By mapping out processes, small business owners can identify areas for improvement. For example, looking at the process diagram will show where tasks may be redundant or whether steps could be added to streamline the process. BPMN diagrams also allow managers to see bottlenecks and quickly make necessary changes. Additionally, creating BPMN diagrams can help businesses document processes accurately, making it easier to train new employees.

Using BPMN notation for small business processes is a great way to increase efficiency and productivity. It allows owners to visualize their process flows and spot areas for improvement quickly.

Tips On How To Get Started With Using BPMN Notation In Your Own Business

Using BPMN notation in your small business can be a powerful tool for streamlining processes and improving efficiency. To get started, here are a few tips:

  1. Set clear goals and objectives. Before you begin incorporating BPMN notation into your operations, it is important to determine the goals and objectives of the process you are trying to model. This will help you create a BPMN diagram that accurately reflects the process and leads to the desired outcome.
  2. Get organized. When creating BPMN diagrams, it is important to be as organized as possible so that all diagram elements are easily identifiable. Label each element with its appropriate name and give all objects unique IDs.
  3. Use standard BPMN symbols and shapes. To ensure that you are using BPMN notation accurately, it is important to use the correct symbols and shapes in your diagrams. This will help other users easily understand the diagram and ensure everyone is on the same page when discussing processes.
  4. Test and refine. After creating your BPMN diagrams, testing them to ensure they accurately reflect the process you are trying to model is important. Once tested, make sure to refine your BPMN notation so that it is as accurate and efficient as possible.
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