Identify Yourself
What does TFN stand for?
What is the seed stage of a business lifecycle?
The seed stage is when a business idea is developed and initial planning begins.
What is the role of the finance functional area in a business?
Managing the business’s money, including budgeting, forecasting, and financial reporting.
What is a vision statement?
A vision statement outlines the long-term aspirations and goals of a business.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What is an ABN?
An Australian Business Number (ABN) is a unique 11 digit number that identifies your business to the government and community.
What are the three possible paths in the post-maturity stage?
Decline, renewal, or steady state.
What is the primary focus of the operations function?
Overseeing the production of goods or services, ensuring efficiency and quality.
What is the difference between a vision and a mission statement?
A vision statement focuses on long-term aspirations, while a mission statement focuses on present-day objectives and purpose.
What is the purpose of a SWOT analysis?
To evaluate the internal and external factors that affect a business's performance and strategy.
What is the main difference between a private company and a public company?
A private company does not sell shares to the public whereas a public company is listed on the ASX and sells shares to the public.
What are the key activities in the start-up stage (minimum 2)?
e.g. The business is launched, products/services are introduced, and efforts focus on attracting customers.
How does HR support a business’s success?
By ensuring the business has the right people with the right skills and by fostering a positive work environment.
What are the three characteristics of a successful vision statement?
Unattaintable
Transformative
Magnetic
What are weaknesses in a SWOT analysis?
Internal factors that put the business at a disadvantage, like poor customer service or outdated technology.
What is unlimited liability, and give an example of a business structure that has this?
The owner/s are personally responsible(liable) for the debts of the business. Sole Traders and/or Partnerships.
What is the main goal during the growth stage of a business?
Expanding the customer base, increasing revenue, and refining operations for scalability.
Why is marketing essential for a business?
It helps a business understand customer needs, identify trends, and make informed decisions about products and promotions.
How can a strong mission statement impact customers?
It can build trust by clearly communicating the business’s values and commitment to serving customers.
How can opportunities help a business grow?
By recognizing and acting on opportunities, businesses can expand into new markets or improve their products/services.
List three advantages & three disadvantages of being a sole trader.
Advantages: Total control over the business, Flexibility, You keep all profits, Easy to set up, Inexpensive to set up, Get to be your own boss
Disadvantages: Unlimited liability, No one to share decision making, Lack of specialisation, No continuity of existence, Hard to take time off, Limited funds for expansion
Name three challenges that are common during the growth stage.
Managing cash flow, hiring, maintaining quality while expanding, etc.
How does a business make themselves an employer of choice? Name 3 strategies.
By offering a good salary or wage, providing a good work/life balance, providing job security, ensuring employees identify the brand, involving employees in decisions, providing career growth, making them feel appreciated, making it a fun place to work.
Why are vision and mission statements important for employees?
They provide employees with a sense of purpose and direction, aligning their work with the company’s goals.
How does a business use threats identified in a SWOT analysis?
By understanding threats, businesses can develop strategies to avoid or minimize their impact.