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Business Management Unit 1 > AOS 3 > Flashcards

AOS 3 Flashcards

(64 cards)

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1
Q

Business Resources

A

Things people/objects needed for a business to function properly - natural, labor and capital

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2
Q

Natural Resources

A

Come from the earth/natural environment, e.g. land/raw minerals

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3
Q

Labor Resources

A

People that provide their skills, effort and knowledge

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4
Q

Capital resources

A

Tools and machinery used to produce goods or services

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5
Q

Business Locations

A

Shopping centers, Online, retail shopping strips, home-based businesses

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6
Q

Factors affecting business location

A

Cost, visibility, proximity to customers, competitors and suppliers, complementary businesses

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7
Q

Sources of finance

A

Internal and external

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8
Q

Internal funds

A

Owners personal funds

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9
Q

External funds

A

Long (bank overdraft, loan) and short (mortgage, lease) term debt

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10
Q

Factors to consider for sources of finance

A

Terms of finance, business structure, overall cost, flexibility, level of control

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11
Q

Terms of finance

A

Sources relevant to business needs

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12
Q

the business structure - finance

A

Large business have more opportunities for equity capital than smaller businesses

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13
Q

Bank overdraft

A

When a bank allows a company or individual to overdraw their account up to an agreeable limit to help overcome a temporary cash shortfall

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14
Q

Types of legal business structures

A

Sole trader, partnership, company

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15
Q

Types of business models

A

Online, bricks and mortar, bricks and clicks, social enterprise, franchise, importer exporter

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16
Q

Business support services

A

Legal advice, technological advice, community based services, formal networks, informal networks

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17
Q

The business structure - terms of finance

A

Large business have more opportunities for equity capital than smaller businesses

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18
Q

Planning tools

A

Market research, SWOT

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19
Q

Market research

A

Assessing market, competitors and customers

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20
Q

SWOT

A

Strengths, weaknesses, opportunities, threats

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21
Q

Business plan

A

Executive summary, operations plan, financial plan, marketing plan

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22
Q

Corporate social responsibility management

A

The way in which a company treats people/environment

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23
Q

Types of corporate social responsibility management

A

Environmental issues, customer issues, staffing issues

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24
Q

+ of shopping centres

A

parking for several hundred cars, public transport, undercover, close to lots of other shops

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25
- of shopping centres
expensive, longer opening hours, may need to rely on center for renewing lease
26
ignore
ignore
27
ignore
ignore
28
+ of retail shopping strips
near public transport, visibility to passing traffic, less cost than shopping centers, locals
29
- of retail shopping strips
lack of parking, no protection from weather
30
+ of home-based business
no renting, commuting time, work hours
31
- of home-based business
work-life balance, isolation no foot traffic/visibility
32
+ of online business model
cost of physical store, worldwide, delivery, more convenient
33
- of online business model
can't see the product, fraud/theft, no face-to-face
34
+ of bricks and Mortar
can see the product, face-to-face
35
- of bricks and mortar
high rent cost, expenses can make it difficult to compete on prices
36
Bricks and clicks
Both online and bricks and mortar
37
+ of social enterprise
giving back to the community can be rewarding, improve the environment/community
38
- of social enterprise
no financial reward, difficult to obtain money on startup, significant entry cost
39
+ of franchise
proven business model, continued support
40
- of franchise
must follow rules, franchise fees and royalty payments
41
+ of importer exporter
ability to trade overseas, opportunity to grow and expand the business
42
- of importer exporter
some tax and restrictions, transport costs, foreign exchange, political, shipping and quarantine issues.
43
Types of legal advice
Accountant, solicitor, Bank managers
44
Types of technological advice
Business.gov.au, ICT consultant
45
Types of community based services
Business Enterprise Centres (BEC), Small Business Centres Victoria (SBCV)
46
Types of formal networks
Chambers of commerce, All levels of government, Trade Associations
47
Types of informal networks
Friends, colleagues, other small business owners
48
SWOT - strengths
popular product, skilled workforce, financial position
49
SWOT - weaknesses
staff, computer system, past failures, upgrade facility
50
SWOT - opportunities
new technology, national economy, interest rates, new markets, acquire other businesses
51
SWOT - threats
trends in our business, new laws, new competitors, current competitors
52
Executive summary
Summarize business objectives and goals
53
Operations plan
How the business is to be set-up, outline human resource needs
54
Financial plan
Decide on sources of finance, project cash-flow (revenue, sales, profit)
55
Marketing plan
How you will advertise your product/service, assess competitors marketing strategies
56
Environmental issues
Energy consumption, CO2 emissions, sustainable resources, animal cruelty, organic products
57
Customers issues
Customer service, treated fairly and equitably, products meet requirements and are high quality, refunds and exchanges
58
Staffing issues
Fair pay, child labor issues, safety and health (OH&S), employing disadvantaged people
59
+ of sole trader
Creative control, owner receives all profits, no partner dispute, less costly to operate, simplest form (less legal requirements), only personal income is tax-deductible
60
- of sole trader
Responsible for all legal disputes and damages, difficult to operate when sick, responsible for debts, difficult to expand revenue and profits when customer base grows and you don’t have employees
61
+ of partnership
Other people to rely on if one is sick, lower costs to operate, only taxed on personal income, variety of skills, minimum government regulation
62
- of partnership
Liable for all legal disputes, debts and loses, high risk of conflict between partners
63
+ of companies
Easier to attract finance, limited liabilities (greater spread of risk), long life-span, experienced management (board of directors), growth potential
64
- of companies
Double tax (on company and personal income), cost of formation (government), directors responsible for debts (may lead to dispute), must publish annual reports of audits

Business Management Unit 1 (3 decks)

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