role of external professionals

Question 1

what are the 5 external professionals when establishing a business?

Answer 1

1. accountants
2. financial advisors
3. ICT specialists
4. legal advisors
5. marketing advisors

Question 2

roles of accountants

Answer 2

help business complete paperwork

prepare tax reports

financial records (income statements & balance sheets)

Question 3

roles of business / financial advisors

Answer 3

apply for loans

choose locations

planning & financial management

outline strategies and timelines to help achieve profitability
(e.g., whether investing in a machine will help make profit)

Question 4

roles of ICT specialists

Answer 4

help set up business intranets, phone systems, software to help run business

manage online payment methods

private information protection

building websites / marketing

Question 5

roles of legal advisors

Answer 5

provide legal advice
(e.g., permits, protecting intellectual property, legal documents, regulations)

register business name and number

Question 6

role of marketing advisors

Answer 6

analysing marketing strategies

build brand image (e.g., logo, design)

promote products

build brand awareness