Business Plan
A document that outlines plans for future growth and development of a business
Why do businesses need to understand the skills of their staff?
To maximise the use of their staff’s skills
What is a Trend Analysis?
A way of identifying changes in a businesses data over time
What happens when a business expands too quickly?
They accrue a large amount of debt.
What Two periods does an economy go through?
Boom and Bust
What is the first thing you need to start a business plan?
A clear statement of the goals of the business
How do businesses avoid mistakes, during the recruitment process?
By using external recruitment, such as having an outside agency handling the process
What is a limit of Trend Analysis?
Data Constraints
OR
Data Oversimplification
What does a business need, to keep up with large repayments?
High revenue
Which businesses are impacted the most during a boom or bust period?
Very cheap or very expensive businesses
Why do you need a business plan?
It serves as roadmap for success
How do businesses identify the skills of the staff and the skills the business needs?
By conducting a skills audit
What areas of data would be most useful for Trend Analysis?
Net Profit
Employee Satisfaction
Business Growth
Stocks
What may help a business financially starting out?
Leasing rather than buying
During an economic boom, what statistic drops?
Unemployment Rates
What do business plans include?
Overview of the business
It’s products or services
Target market
Marketing strategies
Financial projections
Management structure
Why do businesses organise their staff into teams?
To increase employee performance
Who conducts and utilizes Trend Analysis in a business?
Financial Analyst
OR
Business Analyst
In a state of over expansion, what is a way to alleviate financial strain?
Becoming a partnership business
What can occur during an economic bust?
A recession
Who invented business plans?
Pierre Samuel du Pont de Nemours
How do teams increase employee's performances?
Make more informed and creative decisions.
Work without need for close supervision
Create greater level of employee cooperation
Provide better customer service and/or production output.
What is the Australian government body for statistics?
Australian Bureau of Statistics
Which US company over expanded into Australia?
Starbucks
What year did the Great Depression start?
1929