BUSINESS TOOLS
What does SWOT stand for?
Strengths, weaknesses, opportunities, threats
Partnership
When two or more people collaborate on a business.
The benefits are:
- less financial risk
- networking
- more innovation together
What is CSR?
Corporate Social Responsibility.
What is SWOT?
A business forecasting tool
Sole trader
When there is only one person managing a business
The benefits are:
- free from any association to others
- able to make independent decisions
SMART goal stands for...
Specific, measurable, attainable, relevant, time-bound
Difference between a partnership and a sole trader
Partnerships involve multiple people, sole trader is only one.
Some others:
- partnerships are shared creativity, sole trader only one
- partnerships suffer when someone leaves or there is conflict, sole trader lacks this because there's only one person needing to make decisions
To set realistic goals for a business
4 p's of marketing
Price, Promotion, Place, Product