Buinsess 1.3 putting a business idea into practise
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10 Terms
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Aims
Goals of a business
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Objectives
Specific steps
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Financial objectives
Profit-maximise profit by increase revenue £ decrease cost
Sales-increse sales to encourage customers to repeat buy
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Non financial objectives
Personal satisfaction
control
5
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Private sector business
Owned privately
objective=expand business
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Public sector business
Objective=keep cost low
7
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Non-profit sector
Objective=help those in need
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Importance of £ in buisness
Pay ovwrheads eg. Bills
pay suppliers
pay employees
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Short term source of finance
Trader creditt-buy now,pay later
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Long Term source of finance
Loan from bank,payed back with intrest
Note 
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