Nature of Business
Voluntary administration in a private or public company results in...
Liquidation
Hierarchical Organisational Structure: There are 3 levels. What does the frontline/supervisory team handle. Name ONE
Operations/short term
Sectional department planning
Market Considerations:
It is critical for business owners to consider THREE questions as they prepare to start their new business. Name ONE
1.Who will buy the good or service?
2.What is the most suitable price for the good or service?
3.What is the most appropriate location for this business?
How can a business that only operates within Australia be best described?
(A) As global
(B) As local
(C) As multinational
(D) As national
(D) As national
How old was The Queen when she past?
96 years old
ONE challenge that the business is likely to experience during the post maturity stage of the business life cycle
customers
management
employees
failure rates
risk level
adjust forecasting
There are 4 main financial goals, name TWO
Maximise profits
Increase market share
Maximise growth
Improve share price
The THREE main methods of "buy into/going into" a business
1. brand new business
2. purchasing an existing business
3. buying a franchise
What is the MOST important to sustain long term growth
a. Sales (millions)
b. Profitability (millions)
c. Market Share (percentage)
c. Market Share (percentage)
Difference between Mergers and acquisitions
Acquisition: (takeover) when one business takes control of another business by purchasing a controlling interest in it
WHERE AS
Merger: when the owners of two separate businesses agree to combine their resources an form a new organisation.
There are FOUR common methods to classify businesses. What are they?
Size
Geographical spread
Industry sector
Legal structure
3 non financial goals
Social
Environmental
Personal
ONE strategy management you could use in a business to overcome resistance to change
Employ consultants
Build trust
explain changes and relation to the workplace
articulate the purpose of change
ensure changes are reasonable
outline positives and negatives of change
support change with new learning
Provide constant feedback
two way communication
What is an advantage of staff involvement for a business in the decision making process?
(A) Increased rewards for all staff
(B) Increased levels of absenteeism
(C) More conflict between management and staff
(D) Improved commitment towards achieving business goals
(D) Improved commitment towards achieving business goals
How to gain a competitive cost advantage, name TWO
Efficiency of operation
Low-cost labour
Economies of scale
Technology
The 7 functions of a business
Profit, Employment, Incomes, Choice, Innovation, Entrepreneurship, Wealth creation, Quality of life
Achieving Business Goals: Four areas of staff involvement, name TWO
1.Staff innovation
2.Motivation
3.Mentoring
4.Training
Critical Issues: Name 3 critical issues in business success and failure
1. Importance of a business plan
2. Management – staffing & teams
3. Trend analysis
4. Competitive advantage
5. Overextension of finances and other resources
6. Using Technology
7. Economic conditions
ONE selection method used when choosing suitable employees
Written application
resume/CV
testing
interviews
background checks
What term did Mr. Reilly get married?
Term 1
When an independent person is appointed to take control of a business with the intention to sell assets to pay creditors.
Liquidation
Identify 3 skills a manager needs
Interpersonal, communication, strategic thinking, vision, problem solving and decision making, flexibility and adaptability, and conflict reconciling.
Distinguish between monitoring and evaluating
Monitoring is a continuous assessment based on information on ongoing activities. WHERE AS, an evaluation is an examination of activities
TWO challenges owners may face during the growth stage of the business life cycle
Financial management, cash flow, costs, customers, managment change, employees, failure rate, expanding too rapidly or not enough, risk level
What print is on Mr. Reilly's lanyard and the name of separate business he has used as examples in the past?
Fuzzy entertainment