Business that is term three cycle test scope flashcards

The purpose of your business plan

Gain insight in the market and competition

Obtain funding from investors

Set realistic goals and objectives

Identify the right talent for moving their business vision forward

May correct decisions and manage the business

Communicate the business plan to various stakeholders

The importance of an action plan

Enable project to be achieved within a specified time

Businesses are able to prioritise activities by the importance

Can help the person responsible to be more or or

Helps employees to focus on their activities

The importance of gun charts

These tools help the project stuff to protect dates and set up plans to achieve set goals in advance

They are vital to project managers as businesses try to meet and exceed client expectation

Project managers use them as to to get their jobs done many of which are specified to a single company or product

Reasons why businesses need funding

Cover the start-up cost of buying premises machinery and room materials

Run the business and have enough money to pay employees and suppliers of raw materials

Pay focus cost of input such as wages telephone and other expenses

Expand the business as the orders and sales increase and bigger premises need to be established

Sources of funding

-Bank loans: Businesses may apply to borrow money from the bank

-Bank overdraft: Business businesses with a current check amount organise a bank overdraft with the Bank

-Trade credit: Trade credit is an agreement between a supplier and the business

-Equity capital: The capital that is contributed by the owner of a business is known as owners interest.

-Debt capital: If a business needs to fund it is known as debt capital.

How to handle feedback in a non-aggressive man

Listen to each question carefully and ensure that you Interpret the question correctly

Respond only two questions when they are certain about the question that was asked

Remain polite cautious and professional when responding to the question

Refrain from becoming involved in a debate or argument with the person posing the question.

Aspect that must be considered when initiating a business.

Strategy

Operation

Productivity

Size of A business

Strategy

A strategy is a plan of action that must be carried out by an entrepreneur

Systems and processes should be in place for the business to achieve it goals

operation

Businesses must implement the activities that are outlined in an action plan

Operations need to be implemented staff must be employed and trained

productivity

Product productivity is the effectiveness of production in terms of the rate of output per unit of input

Businesses must ensure that there is a high risk of productivity in all aspects of its operations

size of a business

Business must decide on the most appropriate size for successful operations

The bigger the business the more difficult it is to manage

The function of work forums

Prevent unlettered decisions made by employers and issues affecting the employees

Encourages workers participate in decision-making

Promote the interest of all employees In the workplace

The difference between trade unions and work forums

A trade union negotiate cell wages whereas a work forum does not deal with remuneration.

A trade union can organise a strike under a certain circumstances whereas a workplace forum cannot.

HH union is a legal entity that can be sealed in its name or that can sue.