Internal Factors Flashcards
1
Q
What are the internal factors?
A
Finance, human resources and technological
2
Q
What is finance?
A
The ability of finance (money)
3
Q
What does human resources?
A
The impact of employees and management
4
Q
What is technological?
A
Technology be used within the business
5
Q
Why is finance required in a business?
A
Purchase infantry, to pay expenses and to purchase assets
6
Q
How can a lack of finance impact of business? (4)
A
- Management not being able to make decisions to achieve objectives
- Not having enough cash to pay all the bills
- Having to take out loans with high rates of interest which will be very expensive to repay
- Not be able to pay staff bonuses or pay increases which can lead to unhappy stuff who may leave the business
7
Q
What are the factors of human resources? (4)
A
- The right people with the right skills and knowledge are employed to complete tasks to a high standard
- Employees are trained well to complete task correctly and provide good customer service
- Managers are able to make the right decisions so that objectives can be achieved
- Employees have high morale and job satisfaction to ensure that they work hard and don’t leave
8
Q
How can using technology in business help? (4)
A
- Increase the amount of work completed
- Improve the accuracy of work completed
- Improve communication between employees and with staff/suppliers
- Provide more goods and services to customers to create a competitive edge for the business
9
Q
Why can technology be bad for the business?
A
It is important that the technology is in good working order for the benefits. This requires a lot of money to be invested in upgrading and maintaining the technology and ensuring that employees are able to use it.
