business AOS 4

external professionals

are highly skilled individuals that business hire to provide expertise in a particular area of operation

5 external professionals

accountant, financial adviser, ict specialist, legal adviser, marketing adviser

accountant

is a professional who manages, updates, analysis and reports a business’s financial information

accountant roles

create financial reports, ensure legal compliance

financial adviser

is a professional who provides expert advice to individuals and businesses in relation to monetary matter, personal finances and potential investments

financial adviser roles

manage financial goals, manage the owners personal finances

ict specialist

is a professional who develops and maintains the technological systems that are used by a business to store and retrieve data

ict specialist roles

set up and maintain website and customer database, provide training on security

legal adviser

is a professional who provides expert advice to business regarding their legal responsibilities

legal adviser roles

protects a businesses trademarks and patents, ensures business is following laws and regulations

marketing adviser

is a professional who provides expert advice to businesses in relation to promoting and selling their products

marketing adviser roles

develop marketing strategies, help with branding and design

legal requirements for establishing a business

business name, website domain, trade practices legislation, tax compliance, worksafe insurance

business name

is a title that a business operates under and what customers use to identify the business

website domain

is a website address that identifies a business online site

trade practices legislation

is the law that governs how a business interacts with customers and competitors

trade practices legislation obligations

commit to guarantees and warranties, do not falsely advertise

tax compliance

is the extent to which an individual or business meets tax obligations

worksafe insurance

is compulsory insurance that assists employers to meet their obligation of financially compensating and support employees who become injured or ill because of their work

financial considerations

bank account, financial control systems, record keeping strategies

bank account

is an arrangement made with a bank where a business or individual can deposit and withdraw money

financial control systems

are processes and procedures used to direct and monitor a businesses finance

importance of financial control systems

avoid financial losses, avoid low cash flow

record keeping strategies

are methods used to keep track of the financial transactions of a business over a period of time

importance of record keeping strategies

accurately keep track of financial transactions, from accurate reports

appropriate suppliers considertions

price, quality, reliability, location, socially responsible suppliers

price

how much suppliers will charge for their resources and delivery- if supplier is cheap business cna charge less

quality

quality of resources, can impact a businesses overall quality

reliability

select suppliers that can deliver quantities when required, helps meet customer demand

location

where suppliers are located, transportation cost and environmental impacts

socially responsible suppliers

consider CSR of suppliers, could decrease supplier choice but improve reputation

policies

are written statements that outline the expected performance and behavior of employees

procedures

are a series of actions that employees must follow in order to abide by a businesses policies

advantages of policies and procedures

ensure employees are aware, clear instructions

disadvantages of policies and procedures

restrict employees, time consuming

customer database

is a collection of info about existing and potential customers

advantages of customer database

predict desires, maintain relationships

disadvantages of customer database

time consuming to set up, costly

overseas suppliers

are individuals or business that sell raw materials or resources in a country overseas

advantages of overseas suppliers

wider range of suppliers, cheaper reasources

disadvantages of overseas suppliers

lower quality, hard to communicate

overseas retailers

are individuals or businesses that sell goods and services directly to customers overseas

advantages of overseas retailers

better brand recognition

disadvantages of overseas retailers

costly