Buisness Management AOS 2 Sandringham college

Internal environment 

involves factors within a business that a business has control over

External Enviroment

involves the surrounding factors that can impact a business, which it has minimal control over .

These factors can be categorised as either macro factors or operating factors

Macro Factors

are social, legal, technological, global, and economic conditions that a business operates in and has no control over

Operating factors

 are the primary external factors impacting a business that it has some control over

Sole trader

• Is a business that is owned by one person

• The business and owner have the same legal entity

• The owner of the sole trader business has unlimited liability

• Unlimited liability means that the owner is personally responsible for any debts involved by the business

• The owner must have an ABN to begin trading and they need to register with Abise

Partnership

• A Partnership is a business that is owned by between 2 or more people

• some businesses may have more than 20 owners. EG medical practioners, solicitors and accountants

• The owner have unlimited liability

• Some businesses may have a silent partner this partner invest but plays no active role in the running of the business

• To minimise dispute between partners it can assist to have official partnership agreement

A company

• A company structure is a business that has gone through the process of incorporation.

• The owners of the company, purchase shares. These shares determine the ownership portion. Owners are called 'shareholders'.

• The company has a separate legal entity to the owners.

• The company can take on debt, sue and be sued and purchase assets.

• The owners have limited liability.

Limited liability

Limited liability means the owners of a business are only financially responsible for the debts of the company up to the amount of their investment in the company.

Private Limited Company

• A private limited company is an incorporated business that is owned by between 1 and 50 people.

• A private company must have at least one director.

• The director is a senior manager that makes decisions on behalf of the shareholders.

• Shares cannot be freely sold or traded to members of the public.

• A private limited company will have 'Pty Ltd' at the end of their name. Example Cotton On Group Pty. Ltd.

Advantages to a private company

• Limited liability for shareholders.

• Potentially a greater ability to raise capital.

• Potential tax benefits.

• The company can exist beyond the lifespan of its directors (perpetuity).

• Maintains control over who owns the company.

Disadvantages of private limited company

• More complex and expensive to establish.

• More reporting requirements for both owners and the government.

• Shares cannot be freely traded.

• Less liquidity for shareholders compared to a public listed company (making it more challenging to sell shares).

Public Listed Companies

A public listed company is an incorporated business that:

• Is owned by a minimum of 1 person and is listed on a public exchange, such as the ASX.

• Owners of public listed companies have limited liability.

• Shares can be freely traded to members of the public.

• When a company first lists on an exchange, it offers its shares to the public for purchase. This process is called an Initial Public Offering (IPO).

• Public companies are required to notify the public of their performance.

Advantages of Public Listed Companies

• Limited liability for shareholders

• Greater ability to raise capital through the sale of shares or issuing bonds

• The life of the company can extend beyond the directors (perpetuity)

• Greater liquidity for shareholders (easier to sell shares)

Disadvantages of Public Listed Companies

• Very complex and expensive to establish

• Greater reporting and compliance requirements

• No control over who owns the company

Social Enterprise

A social enterprise is a business that has the primary aim to address and improve a social or community cause.

• They still operate commercially and aim to make a profit.

• The profits generated are often primarily used towards the social issue they are aiming to improve.

• Some social enterprises may rely on government grants and other donations.

Examples include: Thank You, Vanguard Laundry Services, STREAT.

Advantages of Social Enterprise

• May attract customers due to them believing in the social cause.

• Can improve employee morale as the employees feel they are contributing to a worthy cause.

Disadvantages

• Difficult to focus on profits while also focusing on the social cause.

• May need to constantly work with tight budgets, making it more difficult to compete.

Examples of Social Enterprise

Vanguard Laundry Services is a commercial laundry business that is a self-sustaining social enterprise.
They are dedicated to providing transitional work opportunities for people that have faced disadvantage. They do this by offering:

• Employment opportunities for long-term unemployed individuals in the Toowoomba region

• Personal development opportunities

• Access to career development planning as well as connections with employment partners

Government Business Enterprise

• A government business enterprise is a business that is owned by the government.

• They still operate commercially and aim to make a profit while carrying out government policies.

• Normally controlled by a board of directors as well as two shareholder ministers (government ministers).

Advantages of Government Business Enterprise

• Able to offer services to the community that other businesses may not find financially desirable.

• Can help provide competition to the market, benefiting customers.

Disadvantages of Government Business Enterprise

Objectives and funding may change with a change of government.

Use of resources may not be as efficient as other business types, resulting in less efficiency.

Business types

> Sole trader: A business that is owned by one person

Partnership: A business that is owned by two or more people (typically with a maximum of 20) >

Private limited company: An incorporated business owned by between 1 and 50 owners >

Public listed company: An incorporated business with a minimum of one owner that is listed on a public exchange, such as the ASX >

Social enterprise: A business that has the primary aim of addressing and improving a social, community, or environmental cause >

Government business enterprise: A business that is owned by the government

A Business Model

A business model is a plan that identifies how the business will operate to make a profit.

Online Business Model

 is a business model where goods and services are traded via the internet

Advertising model

Customers typically have free access to a business’s website as revenue is obtained through advertising. Other businesses pay for promotional space on this business’s website to promote their products and attract cus

Advertising Model Example

Facebook earns revenue from different businesses that pay to have their advertisements on Facebook’s mobile application and website that users can easily click on.

Brokerage model Exmaple

eBay is an online marketplace that sells a variety of products from many different people and businesses.

Direct-to consumer or merchant model

The business makes direct sales to consumers via the internet.

Subscription Model

Businesses regularly charge customers a fee in order to log into and use the website or application.

Direct-to consumer or merchant model example

Cotton On has an online website that allows customers to purchase goods directly through its website.

Subscription Model Example

Netflix requires consumers to pay a monthly subscription to access its streaming service

Intermediaries

are individuals or businesses that serve to transfer a product in a distribution channel from a manufacturer to the end consumer.

A distribution channel 

Is a chain of intermediary businesses through which products travel through to reach the end consumer

Brick and Mortar business

is a business model that has a physical store presence. A bricks and-mortar store could have different types of locations, for example, inside a shopping centre or on a shopping strip. Customers can experience face-to-face customer service and assistance in-store, allowing for greater interaction between a business and its consumers.

Clicks-and-mortar 

is a type of business model that has a physical store presence as well as an online existence

franchise

is a business model that grants another person the right to operate under its name, use its business systems, and sell its goods and services.

franchisee

 is an individual outside of the business who has bought the rights to operate under the name of an existing business and sell its goods and services.

franchisor 

 is the owner of the original business idea who permits another individual to use its name and sell its products for a fee.

A franchise agreement

states the obligations and responsibilities of the distribution of the business name and products

Exporter 

produces goods and services in its home country and sells them to overseas buyers

importer 

purchases goods and services from overseas and sells them in its home country.

Importer Advantages

Provides access to products and resources that an owner’s home country does not have or produce.

• Some resources are seasonal, meaning a business can import from overseas when they are not available in the home country.

A business may be able to access cheaper prices as overseas regulations, such as minimum wages, are different

Importer Disadvantages

• May be difficult to deal with different systems and regulations in various countries.

• • Importing products can reduce local employment opportunities, which can harm a business’s reputation.

• • Lack of reliability in supply chains can mean customers are unable to purchase a business’s products, reflecting poorly on the business.

Jobs may be lost if the need for domestic producers is reduced

There are long waiting times when importing products from another country
May be subject to import tariffs.

• Increased delivery costs as products travel a further distance

Exporter advantages

Access to overseas customer bases can increase sales.

• The growth of Australian industries is promoted as there is increased demand for products or inputs produced by Australian business

Overseas customers may be willing to pay more for products they do not produce

Exporter Disadvantages

Non-renewable natural resources are often sold which may be harmful to the environment.
It may be difficult to understand and accommodate different overseas cultures and laws

There are higher transportation costs to sell overseas rather than domestically

Example of Exporter

Fortescue Metals Group Ltd is an Australian mining company and is one of the world’s largest producers of iron ore. Fortescue exports over 180 million tonnes of iron ore per year to countries across the world. Fortescue is the core supplier of seaborne iron ore to China, and is now in the Japanese and South Korean markets.

Example of Importer

Toyota Motor Corporation is a Japanese automotive manufacturer that produces over 10 million vehicles per year. As Toyota Australia does not manufacture cars, it relies heavily upon imports from other countries. Toyota Australia is an importer, as it brings in vehicles from manufacturing countries, such as Thailand and the USA, to sell in Australia. Toyota Australia is therefore able to supply a wide range of cars that are not otherwise available in Australia.

Purchasing an existing business

Purchasing an existing business involves buying a business that is already set up and operating. When buying an established business, the buyer will also obtain the premises, equipment, existing stock, employees, customer accounts, and goodwill of the established business. It is crucial for a potential buyer to evaluate a business’s likelihood of future success before purchasing it.

Establishing a new business

Establishing a new business is often the best choice for individuals with innovative business ideas that are not yet present in a market. Before starting a new business, the owner needs to consider various factors, such as the location, business name registration, suppliers, and staff employment, as these are yet to be established

Business resource needs

(natural, labour and capital) and the factors affecting the use of business resources

Resources 

 are the items required by a business to produce its goods and services.

Corporate social responsibility (CSR) 

is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions

Natural resources 

are raw materials from the environment that are used in the production of goods and services

Factors affecting a business’s use of natural resources

1. Supplier considerations

2. Nature of resources

3. CSR

Supplier considerations: Natural Resources.

Cost: Business owners may choose cheaper suppliers to reduce their costs and increase profit.

Quality: Business owners may choose suppliers with higher-quality natural resources to improve the value of their final product.

Location: Business owners may choose a local supplier to reduce the time taken to receive natural resources.

Reliability: Business owners are more likely to choose suppliers that deliver natural resources on time and in the right quantities

Nature of resources: Natural Resources

• Perishability: Business owners may order resources that have a short shelf life, such as fruit and vegetables, more frequently and in lower quantities.
  

• Storage requirements:
  Some natural resources must be stored in a specific way, such as being refrigerated.

  Security requirements: Some natural resources, such as gold, may need to be stored securely to avoid theft.

• Seasonal availability: Some natural resources are only available at certain times during the year, such as seasonal fruit and vegetables.

Natural resources CSR

Enviromental Standards: To be an environmentally-friendly business, owners may only choose suppliers that operate sustainably. Therefore, owners may choose suppliers that aim to reduce waste.

Social Standards of suppliers: To be a socially responsible business, owners may only choose suppliers who treat their employees ethically and better than the minimum legal requirements.

Enviromental impact of sourcing: To be environmentally friendly, businesses may avoid using natural resources that harm the environment. For example, businesses may restrict the amount of gas they use due to its impact on global warming.

Location of suppliers: Businesses may choose Australian suppliers rather overseas suppliers to support the nation’s economy.

Labour resources

 are the people who provide the business with their skills and qualifications to conduct business activities.

Factors affecting a business’s use of labor resources

• Cost

• Quality

• CSR

Cost labor resources

• Wages and salaries: Business owners may choose to pay minimum salaries and wages to reduce costs and increase profit.

• Quantity: Business owners must employ the right number of labour resources to complete business activities without having an excess of idle employees or be short staffed.

• Timing: Business owners must have labour resources available only when business activities require completion to avoid unnecessary costs associated with idle use of time

Quality: Labour resources

Qualifications: Business owners should source employees who have qualifications that match their available job positions. Some jobs, such as electrical work, cannot legally be completed by unqualified employees.

Skills and Knowledge: Business owners should source employees that have skills and knowledge that match their available job positions. Some complex jobs require high levels of skill and knowledge to be completed well.

Training: Business owners should source employees that have skills and knowledge that match their available job positions. Some complex jobs require high levels of skill and knowledge to be completed well.

CSR

• Improving employees’ wellbeing: Businesses should prioritise the wellbeing of their employees and may choose to provide flexible working hours to promote work life balance.

• Providing job security: Businesses should provide employees with job security so that they feel financially safe and valued in their role

Capital resources

are man-made goods used in the production of goods and services

Factors affrecting a business use of capital resources

• Suppliers considerations

• Nature of resources

• CSR

Supplier considerations: Capital resources

Cost: To increase their profit, business owners may choose suppliers that supply capital resources at a lower cost.

Quality: Business owners may choose suppliers with higher-quality capital resources to increase the quality of their final product

Nature of resources: Capital Resources

Capability: Businesses may require capital resources that are technologically advanced and can complete tasks that are potentially dangerous or impossible for employees to complete.

Operation Requirements: Some capital resources, such as complex machinery, require employees to be trained to operate them correctly

Maintenance Requirements: •Businesses may need to continuously maintain certain capital resources, such as applying software updates to technology.

CSR: Capital resources

Enviromental sustainability: Businesses may choose to use capital resources that reduce their impact on the environment, such as machinery that can reduce waste associated with human errors.]

Social Sustainably: Businesses may choose to source capital resources from local suppliers to support the nation’s economy

Business location 

 is the physical or non-physical place that a business operates from.

Business Locations

Shopping centres

Shopping strips

Home business

Online Business

Shopping centers

Shopping centres are a major shopping destination for many people as there are many different stores that make up the centre. The purpose of a shopping centre is to act as a central point for all of an individual’s shopping needs. Shopping centres are the location of many businesses, such as

Factors affecting choice of location Shopping centre location

• Visibility and accessibility

  • Shopping centres generally have very high visibility and accessibility to customers as there are often many people inside.

• Cost

  • Shopping centres often charge businesses very high rental prices. Consequently, business owners need to consider if they can afford this rent as a regular expense.

• Proximity to competitors

  • The likelihood of being close to competitors when operating in a shopping centre is high due to the large number of stores present. This proximity could cause sales to drop as customers may choose to shop with competitors instead.

• Proximity to complementary businesses

  • The likelihood of being close to a complementary business in a shopping centre is high as there are a variety of stores around. Customers can access products at complementary businesses with ease within shopping centres, which can increase sales. For example, if a cinema is close to a snack store, then sales for the snack store may increase.

• Proximity to suppliers

  • The proximity of suppliers should be considered so that transportation costs can be reduced and the supplies can be delivered with ease. In shopping centres, there are often delivery spots underground or on a side street for easy accessibility for suppliers.

• Proximity to customers

  • The proximity of customers should also be considered as shopping centres are generally located centrally so many customers are close by.

• Area demographics

  • Business owners must consider the demographic of people visiting the shopping centre and determine whether this fits their target market. Shopping centres also can attract customers across a wide geographic area as they are a central shopping destination for many customers.

• Laws and regulations

  • There are laws and regulations that businesses must follow when located within a shopping centre. For example, obstruction of the paths and other common areas in the centre is not allowed. The way the store is designed and its floor plan must also comply with the shopping centre’s regulations.

Advantages of shopping centers as a business location

Business Greater exposure to customers can improve the business’s popularity since shopping centres are often large and well-known establishments. • High levels of foot traffic can attract more customers and improve sales.

. Employee Numerous facilities, such as bathrooms and food courts, that employees can use. • Parking is available for employees, which improves accessibility.

Time: Delivery truck areas are often available underground in shopping centre parking, which reduces the time taken to load and unload stock. • Employees can save time and money travelling to work by utilising the public transport routes nearby.

Disadvantages of shopping centers as business location

Business: There is increased competition as there are many stores in close proximity to each business. • Set opening hours provide less flexibility for businesses as they need to open and close when the shopping centre does

Money: Rent is typically more expensive compared to most other locations

Shopping strips 

Shopping strips are another popular place for people to shop. Some examples of well-known shopping strips in Victoria include Bourke Street, Bridge Road, High Street, and Chapel Street. The busiest shopping strips are often located near public transport routes due to the increased accessibility and have high levels of visibility for passing traffic. Shopping strips are also suitable for nighttime entertainment as many shopping centres are closed in the evenings.

Factors affecting the choice of a shopping strip location

• Visibility and accessibility Shopping strips typically have high visibility and accessibility, as they can easily be seen and are usually accessible by public transport, and therefore attract many people.

• Cost The cost of renting or purchasing a premise on a stopping strip is dependent on the popularity of the location. High-traffic locations are significantly more expensive than small or quiet shopping strips.

• Proximity to competitors There is likely to be competitors on large shopping strips, as these are popular storefront locations with a variety of choices for customers.

• Proximity to complementary businesses There is likely to be complementary businesses on a large shopping strip. Complementary businesses will often try to situate themselves next to each other to increase sales.

• Proximity to suppliers Choosing a location that is close to suppliers provides greater convenience for the business, and on a shopping strip, it would be best to have parking close by for stock to be delivered.

• Proximity to customers The locals of the area have the closest proximity to the location, so they are able to have easy access to the stores and are likely customers of the stores.

• Area demographics The shopping strip’s area demographics are very important for a business to consider, as it is likely that people local to the area will shop there. The business should ensure that the area demographics are aligned with its target customer demographics.

• Laws and regulations Laws and regulations regarding the shopping strip could impact the ability of the business to put up signage or renovate its premises.

Advantages to shopping strips

Business: Fewer competitors compared to shopping centres as there are fewer stores nearby.

• The local members in the area are likely to visit the shopping strip due to being close to the business, which can increase the business’s number of loyal customers.

Employee: Employees can save time and money travelling to work by utilising the public transport routes nearby

Disadvantages of shopping strips

Business Local customers may spend less time at the shopping strip if they only come for a specific thing.

• Shopping strips typically have less foot traffic compared to shopping centres as there is less parking and fewer facilities, such as toilets and lifts.

Employee: • Often less parking is available for employees who drive to work.

Money : Rent can be expensive if the shopping strip is well established and has high levels of foot traffic.

Home businesses 

A home business is a business that operates from an individual’s home.

Fators affecting the choice of home business location

Visibility and accessibility Home businesses have low visibility and accessibility as they are typically situated in residential streets rather than popular shopping locations.

Cost There would be no additional costs for renting a business location, as operations occur in the client’s or the owner’s home. There also tends to be lower costs related to travel, cleaning, and designing the location.

Proximity to competitors It is unlikely that a home business would be close to competitors as it is located in a residential area.

Proximity to complementary businesses It is unlikely that a home business would be close to complementary businesses as it is located in a residential area.

Personal factors Being located at home would be convenient and easy for the business owner as they can save travel time, be close to family, and the stress of managing an alternative store location is reduced.
Area demographics As home businesses often advertise their business online, the local demographic is not a major factor. However, the area demographics of the residential area do need to be considered as the local residents may be interested in the products that the business has to offer.

Laws and regulations Home businesses must still register for a business name, ABN (Australian business number), and obtain required business licences and permits. Permits relating to noise levels, zoning, and signage also may be needed

Advantages to home business

Buisness; There is flexibility in business hours since the business is operating from a home location.

Employee: If employees are family members and live on the premises, the location is easy to access.

Time: Travel time can be saved if members of the business are working from their own homes as there is no travel required.

Money; There is no need to pay additional rent for a business location. • Business owners can access tax deductions for living expenses such as lighting, heating, and cooling bills, as these resources are utilised when working from home

Disadvantages of home business

• Business There is less visibility as the business is not in a shopping strip or shopping centre, and instead operates in a residential area. •

  There may be a lack of privacy if the customer needs to travel through the rest of the house to arrive at the actual business location.

• Employee There is less visibility as the business is not in a shopping strip or shopping centre, and instead operates in a residential area. •

  There may be a lack of privacy if the customer needs to travel through the rest of the house to arrive at the actual business location.

Online businesses 1.2.6.1.4

Online businesses use the internet to advertise and sell their goods and services. Due to the significant advancements in technology, online businesses have become more popular. Some businesses only operate online, while other businesses have both online and physical stores. In order to remain competitive, it is important for businesses to have an online presence, as nowadays the majority of businesses do

 Factors affecting the choice of an online business location

Visibility and accessibility Online businesses don’t have in-person visibility since they don’t have a physical store presence, however, they can increase their online presence through advertisements or building a social media presence. The accessibility of online businesses is very high as their store is available to customers on the internet at any time of the day. An easy-to-use, well-designed website can improve the accessibility of the online business.

Cost There are no rental costs for a store, however, there are costs associated with setting up and maintaining a website. The business may also need to rent a warehouse to store and ship its products.

Proximity to competitors Online businesses have a large number of competitors as they are easy to access and numerous other businesses also sell similar products online.

Proximity to complementary businesses Online businesses don’t have complementary businesses close to them, but they can form deals with other businesses to boost sales. The deal could involve placing advertisements for complementary businesses on their website.

Personal factors Having an online business is convenient for the owner as they are usually able to work from anywhere as they don’t operate from a physical location. This flexibility could enable owners to be close to both home and family.

Laws and regulations Online businesses may need to consider laws and regulations such as shipping restrictions, permits, and taxes.

Advantages of online business

Business:

• There is a wider customer base as anyone who has access to the internet can access the store online.

• Customers can access products at any time and from anywhere.

• The business can easily be advertised on online platforms, such as social media

Employee: Employees may be able to work from their own homes, making their work quick and easy to access

Time Establishing or adapting an online business can be much quicker compared to a physical store.

Money: There is no rent that needs to be

paid for a retail store location.

Disadvanatages of online business

Business: There are many competitors as there are lots of businesses online all across the world that would sell similar products.

As there is no physical presence and visibility, the business may not attract many customers unless they frequently advertise.

Customers cannot touch, try, or feel a product so they may be reluctant to purchase it.

Employee: Employees may work alone, which can be socially isolating

Money: There can be costs associated with the development and maintenance of the website, including technical support for customers.

The debt vs. equity dilemma

A business cannot start without the appropriate finance or funds to pay for its up-front and ongoing operating expenses.

Sources of finance available when establishing a business

Equity: where the business owner contributes their own funds/capital or the funds of investors (known as an internal source of funds)

Debt: where the business owners obtains finance in the form of a loan from a bank (known as an external source of funds). Long-term debt (e.g. lease)– Short-term debt (e.g. overdraft

Equitity

Finance from equity can be raised through:

1. The owner’s personal savings

2. Shareholder’s equity

3. Taking on a partner

4. Seeking investment from investors

5. Selling off unproductive assets

Debt

Finance from debt can be raised through

1. Bank overdraft – business bank account can be ‘overdrawn’ by a specified amount to overcome temporary cashflow issues

2. Trade credit – an agreement with suppliers to receive materials, goods, etc. and pay for them later (e.g., 30, 90 days)

3. Lease– Paying to use premises, equipment, etc. owned by another party, without a large, up-front capital outlay

4. Mortgage– a loan secured by the property (business) of the borrower

Factors Influencing the source of finance

• Impact on cash flow

  • Payments on debt can have an impact on cash flow, particularly when revenue falls.

  • Equity tends to only generate financial obligation (e.g., dividends) to shareholders once or twice a year. If profitable, it's less impactful on cash flow.

• Risk

  • A business owner trying to avoid high risks when establishing or growing a business will likely avoid debt - must pay back principle of loan and interest (monthly) vs. dividends (yearly) for equity.

• Business size/structure

  • Small businesses may not have as much access to finance through debt (risk for bank) - limited to personal capital or taking on a partner.

• Terms of finance/flexibility

  • Long-term debt (e.g., mortgage) may be highly inflexible; owner may be paying off debt that is no longer needed, or run into financial difficulties which makes meeting repayments a challenge.

• Control

  • A business owner trying to maximise control of their business may raise finance through their own capital to avoid bank or other investors taking on a share of ownership.

• Overall cost

  • The most important factor! Owners must project the costs of each source of finance when planning to establish and/or grow a business. It can be difficult to project future profits and value of the business when taking on new equity partners.

Legal support services

Helping navigate a legal minefield!

Business owners are unlikely to know all of the legal requirements when establishing a business; the different legal structures, rules around trade practices and competition, taxation, contracts, protecting intellectual property and data, privacy, environment protection, as well as different local, state, national and international laws

Solicitor

A professional who provides advice on legal matters and changes in business legislation.

Legal support services – e.g. Solicitor

Deciding on an ownership structure

• Advice around legal formation of the business (e.g. partnership agreement)

• Business registration (i.e., business name, patents, trademarks, etc.)

• Negotiating and writing up contracts (e.g. suppliers).

• Interpretation of business legislation and changes

• Representation in cour

Financial support services

Financial supports It can take between three to seven years to become a fully-qualified Chartered Accountant.

Accounting requires a set of complex skills and knowledge, time and attention to fine details which may not be possible for a business owner to acquire and use with confidence.

Accountant

A professional who provides advice on financial management issues such as cash flow and profit/loss, taxation obligations, etc.

Types of financial support services e.g. accountant

• Establishing a financial recording system – more on this in Unit 2 AOS1!

• Taxation advice

• Preparing financial statements (e.g. profit/loss)

• Identifying and understanding changes in performance measures (e.g., net profits)

• Evaluating financial feasibility of a business purchase.

• Legal financial reporting requirements – e.g. taxation, payroll, GST, etc.

Technological support services

Any tool used by businesses to assist with the production, sale and/or delivery of its goods and services.

Types of tech support services

• Establishing/maintaining a website

• Phone/internet setup and maintenance

• Securing data and information on network/servers

• Backing up servers and information

• Establishing a network of devices

• Maximising use of mobile devices

• Disaster recovery

• General IT support

Community-based services and business networks

Not all support services have to cost an arm and a leg! Business owners can access free and low-cost community-based support services and business networks in order to gain specialised industry and business advice

Business network

Allows for the development of relationships and the sharing of information between people, business or groups