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Last updated 2:54 AM on 4/21/26
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14 Terms

1
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What are some business locations?

  • Shopping centre

  • Retail shopping strip

  • Online presence

  • Home-based business

2
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Factors Affecting Choice of Business Location

  • Visibility

  • Cost

  • Proximity to customers and suppliers

3
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Sources of finance?

  • Self funding

  • Family or friends

  • Private investors

  • Shares

  • Crowdfunding

4
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What are some forms of short-term borrowing?

  • Bank overdraft

  • Bank bills - given for larger amounts, usually over $100 000, for a period of 90–180 days.

  • Trade credit - supplier provides products to a business with an agreement to charge for the goods or services later.

5
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What are some forms of long term borrowing?

  • Loan

  • Leasing

  • Mortage

6
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What are some external sources of finance?

  • Government grants

7
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What are some business support services for legal and financial advice?

  • Solicitors

  • Accountants

  • Bank managers

8
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What is technological advice?

  • Establishing an online presence

  • Social media + online marketing

9
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What are some community based services?

  • Business Enterprise Centres (BEC) Australia

  • Small Business Centres Victoria (SBCV)

10
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What are some formal networks?

  • Chamber of commerce

  • Trade associations

  • Governments - federal, state + local

11
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What is an informal network?

  • Business mentors

12
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What does S.W.O.T. stand for?

S = Strengths

W =. Weaknesses

O = Opportunities

T = Threats

13
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Four parts of a business plan? (EOFM)

  • Executive summary (one page document describing the business and its objectives)

  • Operations plan (how the business will be set up and the human resource needs)

  • Financial plan (how the business will be financed + projected cash flow, revenue expenses and profit)

  • Marketing plan (key info from the industry the business will be entering and the gap in the market that the business will be filling)

14
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What is corporate social responsibility?

Corporate Social Responsibility is a business commitment to going above and beyond their legal requirements to act in a socially, financially and environmentally sustainable manner.