Busman unit 2 aos 1 revision

business name

business name

title that a business operates under

trademark

exclusive right granted over unique aspect of business

steps to follow when registering a business name

decide on business name, prepare your ABN, follow registration steps on ASICs website, begin operating under the registered business name and number

website domain

website address that identifies a business's online site

trade practice legislation

law that governs how a business interacts with customers and competitors

ACCC

governs business operations, enforces punishments

business tax compliance

extent to which an individual, business meets tax obligations

work safe insurance

compulsory insurance, assists employers to meet obligation, financially compensating and supporting employees who become injured or ill

worksafe victoria

ensures business are providing a safe working environment for employees, enforcing OH&S laws

workcover insurance

all businessnes that pay $7500 in wages per year, employees injured within workplace, assists employers to meet obligation financially supporting injured employees

bank accounts

arrangement made with bank, business or individual can deposit, withdraw money

financial control systems

processes and procedures, direct and monitor business finances

record-keeping strategies

methods used to keep tack of financial transactions, over a period of time

steps to opening a bank account

got to bank or visit online, agree to best interest rates and fees, provide personal business details to verify account, keep up to date with transactions in and out of account

importance of establishing bank accounts

to separate personal and business income, expenses, saves time separating business, personal transactions, easier to monitor financial performance of business

purpose of financial control systems

remove opportunities of fraud or theft to safeguard assets, avoid financial mismanagement, identify errors, mistakes, abnormalities, ensure accurate, reliable financial statements

record-keeping

maintains accurate records related to business activities, time consuming, subject to human error, legal requirement to keep records of financial transactions

price

consider how much suppliers will charge for resources, delivery

quality

quality of resources, materials, influence quality of business output

reliability

select suppliers that deliver required quantity

location

consider where suppliers are located

socially responsible suppliers

business should review its CSR objectives when deciding which suppliers to source

factors to consider when choosing suppliers

socially responsible suppliers, location, reliability, quality, price 

policies

written statements of processes, procedures, rules, regulations, outline expected performance behaviour of employees

procedures

actions employees must follow to abide by business's policies

types of legislation

equal opportunity act, privacy and data protection act, OH&S act, competition and consumer act

types of policies

customer service policy, internet policy, social media policy, dress code, absence and time off policy

policy statement

an explanation of why policy exists

policy development process

identify an issue, research, analyse business environments, consult stakeholders, develop draft for review, revise policy, approve and distribute, monitor and evaluate

why are policies and procedures necessary?

ensure consistency in business, respond to legal requirements, warning can be given to employees who dismiss policies

advantages of policies and procedures

ensures employees are aware of and following necessary legislation, improve relationship between employees and management, save time on repeating rules

disadvantages of policies and procedures

time consuming to find out which legislation applies for a business, business objectives may not be achieved if policies, procedures not communicated

customer database

a collection of info about existing and potential customers

overseas suppliers

individuals, businesses that sell raw materials or resources in a country overseas

overseas retailers

individuals, businesses that sell good and services directly to customers overseas

advantages of customer database

enables the business to predict desires of potential customers, quickly identifies customers, targets specific customers by special offers

disadvantages of customer database

poor management could lead to privacy breach, time consuming to gather info, time consuming to train staff

advantages of overseas suppliers

business has wide range of suppliers to choose from, reputation may improve, gain access resources not readily available

disadvantages of overseas suppliers

cheaper inputs could be lower quality, challenging to maintain communication due to timezone, supplies can be damaged during delivery

advantages of overseas retailers

enhance customer base and save time establishing a store overseas, minimise expenses establishing own store

disadvantages of overseas retailers

customers may not receive the same service overseas, business may gain bad reputation if overseas retailers engage in unethical behaviour, may lose control of how marketing and how goods and services are perceived overseas

accountant

manages, updates, analyses, and reports a business's financial info

role of accountants

create financial reports, ensure legal compliance, create budgeted reports

financial advisers

provides experts advice to individuals and businesses in relation to monetary matters, personal finances, and potential investments

role of financial advisers

manage the business owner's personal finances, analyse feasibility of business financial goals, analyse and assist in the management and current business expenses

ICT specialists

develops and maintains the technological systems that are used by businesses to store and retrieve data

role of ICT specialists

set up and maintain a website and customer base, ensure legal compliance related to data management, provide training to employees regarding privacy issues

legal advisers

provides expert advice to businesses regarding their legal responsibilities

role of legal advisers

provide advice relating to the drafting of contacts, ensure compliance with all relevant laws and regulations, protect a business's trademarks and patents

marketing advisers

provides expert advice to businesses in relation to promoting and selling their products

role of marketing advisers

develop appropriate advertising strategies, provide branding assistance, develop digital and social media marketing strategies