On Communications, Cash Flows, and Entry into International Markets – Module for Executives
Who should make a team out of your staff? What is the real price of your product? What is the connection between the sea and the business potential of Israelis? What are the legal aspects of doing business internationally? Module 5 of Key Executive MBA focused on communications, finance, international business law, and Israel’s entrepreneurial environment.
LvBS lecturer Anna Honcharyk, International Outreach Coordinator at Ukraine Crisis Media Center, talked about ways of effective and efficient communication with employees during her course on Internal Communications for Managers. Referring to her own experience, Anna recommends that the top management take responsibility for communications with the staff. “Responsibility for communications lies with number one in a company. The top manager him/herself must communicate important and at times unpleasant news to his/ her employees at all levels. Team building is crucial. When things go well, employees don’t care about hierarchy. But as soon as something goes wrong, top managers must let their staff know that everyone is on an equal footing and that the entire team should deal with the crisis: they either overcome it together or hit rock bottom together,” advises Anna.
The students also attended a course on Management Accounting from LvBS lecturer Mykhaylo Kolisnyk, managing partner at FinArt Smart Solutions, where they discussed the real cost of products and proper management of cash flows.
“The price of a commodity equals the invested labor,”Mykhaylo Kolisnyk quoted Marx and Engels. “I think that no single item has a price by itself. What you do with it has a price: idea development, manufacturing, dissemination, sale, etc.”
Apart from different training courses, the KEMBA students were offered an opportunity to find out more about doing business, traditions, and culture in Israel. As part of the preparations for a study tour to Israel, they listened to a lecture on “Israel: Components of a Successful Business Environment” from Ilia Kenigshtein, the co-founder and CEO at Creative Quarter.
Here are some quotes from the lecture:
- The sea and the energy it gives are crucial and incomparable sources of startup inspiration.
- Oneofthefactors that contributed toIsrael’ssuccessisthatmanypeoplemovedthereinthepast. Mostofthemdidtheir business and then left, but successful companies remained.
- 25% of the Israeli population are representatives of the creative class. With 300 sunny days per year, they are always outdoors communicating and creating.
- Israel boasts the highest ‘density’ of technology companies worldwide. However their understanding of information technologies is way beyond the meaning we assign to this term.
During the module, the Key Executive MBA students presented their ideas for graduation business projects that ranged from projects aimed at developing their own companies to completely new ideas of both local and national scope. They received useful feedback and advice on how to proceed from the expert committee composed of Mykhaylo Salo (CFO at Lviv Business School), Natalka Shpot (business coach and LvBS lecturer), and KEMBA graduate Tetiana Martyniuk.
On the last day of the module, the participating executives learned how to conclude contracts with international partners and manage financial flows in the international arena. The course on Legal Aspects of Doing Business Internationally was delivered by Andriy Kostiuk, a member of the LvBS Advisory Board and Vice President of Pavlenko and Partners law firm.
By the way! On April 16, LvBS starts another round of the Key Executive MBA Program. Join the personal and professional development program for business owners and top managers! Learning from the best lecturers and business coaches of Ukraine and beyond is a long term investment in personal development and a step to achieving a great breakthrough. The program implies 1.5 years of studies (4 modules per month), an international study tour, and defense of a graduation project in the end. Delve into the creation of breakthrough ideas at the intersection of business, philosophic, and artistic environments.