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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