sources of info, recruitment, critical issues in bus success & failure

Question 1

why have good relationship with professional advisers? how?

Answer 1

accountant, solicitor, bank banager

keep in touch on regular basis

management consultants when restructuring business/changing core bus activity

Question 2

professional adviser benefits

Answer 2

immersed in daily ops, diff to remain objective –> examine bus objectively and provide independent analysis of org
* more aware of changes in legal, eco, financial enviro

Question 3

accountants

Answer 3

valuable advice on all financial managment issues & tax obligations
-access latest changes to tax and financial report requirements

Question 4

solicitors

Answer 4

info concerning bus formation & structures, registration, contracts, leases, legislation
-up to date with changes to company law,
-advise small bus owner to deal changes best

Question 5

bank managers

Answer 5

provide info and advice on financial services, sources finance, basic management
-wide range experience
-access bank resources

Question 6

management consultants

Answer 6

bus management prob arises owner cant deal with for advice
-from outside business
-objective view problems, unbiased
-when outsourcing, check credentials & experience

Question 7

gvt agencies (bus connect)

Answer 7

support SMEs to start up, creat jobs through growth, help established SMEs more sustainable and increase bus confidence for NSW
-general, specialist bus advice and gvt info to startups & SMEs
-promote** growth via innovation**, improve resilience, productivity

Question 8

tech advice

Answer 8

establish online bus presence, network no. comp in premises, max use of mobile devices improves efficiency
-purchase equip from dealer who offers advice
-relationship with ICT consultant
-fed gvt Digital Busienss Kits DBK for industry specific info and resources to help SMEs in digital economy,

Question 9

1st stage HR cycle and definition

Answer 9

acquisition

attract & recruit right staff to fill job vacancy

Question 10

what to conduct before recruitment

Answer 10

job analysis, needs to be clear what hiring for/to do

-determine nature of job to recruit right person

it is a SYSTEMATIC study of each employee’s duties tasks, work enviro

Question 11

info provided by job analysis

Answer 11

1. JOB DESCRIPTION
   -written statement describe tasks, responsibilities of job
   -summarise
   -job title, purpose, placement within bus, responsibilities & tasks, working conditions, performance standards
2. JOB SPECIFICATION
   -lsit key qualifications need to perform job
   -edu, skills, knowledge, exp
   -personal attributes necessary

Question 12

recruitment steps

Answer 12

ads, referral, private employment agencies
-expensive
-systematic
1. identify need to fill vacancy,
2. analyse requirements of position
3. select internal//external
4. method to attract potential applicants

Question 13

internal recruitment

Answer 13

appoint someone already within bus to vacancy
-opp to take diff duties (promotion) greater responsibility within
-less risk bc employer knows person
-email, staff noticeboard, private secured pc network to share info within bus, communicate

Question 14

advs internal recruitment

Answer 14

1. employer knows employees –> easier choice
2. applicants familiar with bus and objectives, culture, processes
3. managerial, career path to reward talented employees
4. ad costs rediced. no external agencies paidd

Question 15

disadv internal recruitment

Answer 15

1. no one suitable within
2. conflict betw employees if 1+ internal applicant
3. successful applicant may be replaced externally anyway

Question 16

external recruitment

Answer 16

find suitable applicants from outside bus
-need new position
-exisitng employee resigned/retired
-previous transferred/promoted new position within

Question 17

external recruitment adv

Answer 17

1. wider range applicants to choose
2. outside applicants for new ideas & approaches
3. diff qualifications/experience from already within specified in ad process
4. rapid growth (increase staff no.s)

Question 18

external recruitment disadv

Answer 18

1. applicants unknown, choice diff
2. costs to ad
3. field larger, selection time consuming
4. qualified employees within resent, esp managerial

Question 19

recruimtmet method depends on

Answer 19

size bus

type pos available

nature of labour force in bus area

Question 20

to advertise position as widely as posslbe and greatest no. applicants

Answer 20

more than one avenue,

emplyoment agencies handle recruitment, which some specialise in industries & do all ads

expensive but effective bc agency does preliminary screening of candidates, present applicants who fit all criterai (exp, edu, train)

Question 21

recruitment agency

Answer 21

outcourse recruitment process and hire agency to find suitable employees to decrease time searching new employee
-pay to interview applicants
-rec list potential employees suitable for position

Question 22

job ads online (seek provides online recruitment services)

Answer 22

seek PROVIDE JOB SEEKERS SEARCH ONINE FOR JOBS MEET QUALIFICATIONS & expectations
-ad positions online reach wide audience
-ads = bus screen applicants and then interveiw (time consuming) if many applications
-but effective for SMEs

Question 23

fastest growing recruitment methods today

Answer 23

via social networking sites (linked in)

Question 24

social media platform for recruitment

Answer 24

• raise awareness of positions available (job vacancy),
• reasearch applicants,
• complete bg checks
• network potential candidates

Question 25

to add credibility to bus recruitment strat and reinforce culture

Answer 25

**current employees** encouraged to use **social media to share** work created/**experience working** at **bus** -need to be aware **target audience** and how tjey use bc **not all applicants use SM**

Question 26

SEEK

Answer 26

public comp operating global online employment marketplace for 18 countries including AUS -use tech, data, AI to meet needs job seekers and employers, match -allows job candidates to create profile on website, contacted with opp from employers -job recs

Question 27

after recruitment of potential candidates

Answer 27

employee selection emplyoer chooses most suitble applicant for vacancy -identify skills, qualifications, experience of each applicant -relate in job specification to achieve closest match

Question 28

to select most appropriate candidate

Answer 28

written/onine application * basic personal info, qualifications, exp, names of referees * resume(summary of previosu employment exp), shortlist suitable no. 2. TESTING -written/practical to assess aptitude, intelligence, ability -psychological and work testing common -psych behaviour, personality affect ability tasks -work testing test specific skills needed 3. INTERVIEW -most important procedure of selection -well strucutred and cover common question to ensure consistency betw applicants 4. BG CHECKS -referees contacted to verify accuracy of previous experience and assess performance in previous position

Question 29

employee selection

Answer 29

gather info abt each applicant for position --> use to choose most appropriate

Question 30

why are business plans essential for managers

Answer 30

* allow owner define goals and future projections * assist secure finance from FIs/investors * reflect skills & abilities of owner

Question 31

2 things management must do

Answer 31

* make best use limited resources * responsible for bus achieving goals

Question 32

what is most critical factor determining bus success/failure

Answer 32

managers skill

Question 33

management for staffing & teams

Answer 33

* employee satisfaction & motivation --> productivity * outsourcing staff recruitment for sme * teams for all bus sizes esp flatter org structures * how teams managed crucial for success

Question 34

trend analysis

Answer 34

* investigate changes over time and looking for pattern to predict future * assist sme to succeed

Question 35

identiffy + sustain comp adv bus success/ failure long term

Answer 35

* bus ability to develop strat to gain comp adv over other comps in market, dynamic management

Question 36

comp adv

Answer 36

bus ability to gain edge over rivals/other bus

Question 37

comp adv achieved by

Answer 37

1. price/cost strat -lowest prod costs to reduce product price 2. differentiation - offer custoemrs sumn not already offered by comp 3. long term success -sustain comp edge by limiting advances of comp

Question 38

price/cost comp adv best achieved by

Answer 38

* operational efficiency * low labour costs * ecos of scale * tech

Question 39

avoid overext of finance

Answer 39

* hire purchase/leasing overcommitments * purchase excess stock * employing too many staff for bus current needs HIGH RISK

Question 40

avoid overext financially

Answer 40

* thorough planning * avoid overdependence on debt finance * long term financial planning * grow sustainable rate

Question 41

overextension of stock effects

Answer 41

bus cash, lose rev

Question 42

using tech

Answer 42

* essential succeed in modern society * allows bus operate processes more efficiently * cut costs, productivity * e-business use internet to conduct business * e-commerce buy & sell g&s via internet

Question 43

eco conditions

Answer 43

* boom & recession periods * strong eco activity (consumer spending, sell g&s, prod & profits rise)

Question 44

eco conditions promoting success

Answer 44

boom: consumers prepared to ^spending (consumer confidence high) job security and incomes expect to ^, optimistic outlook **high levels consumer spending** * bus greater capacity to sell g&s * profits maintained/improve * if sell luxury goods benefit bc consumers have higher lvl disposable income **falling u/e * bus can afford to hire more employees when sales & profits growing * to meet increased demand, increase size of workforce **increased production * output increase to meet trends providing opp for future increased sales & profit

Question 45

eco conditions lead to failure

Answer 45

downturn: consumers spend less, consumer confidence low, job insecurity/wage wont increase --> reduce profits --> lower prod lvls **lower lvls consumer spending** * bus reduced capacity to sell g&S * profits decline *bus sell necessities and budget goods benefit * consumers more cost conscious, seek g&s best value for money **rising u/e** * bus cant support current employees when sales and profits decreasing/neg * cut back prod lvls reduce inventory potentially unsaleable * existing employees redundant ** decreased production * output decrease due to fall consumer spendingm