Business REPORT EXPECTED QUESTIONS THAT I DONT KNOW

1. Human Resource Management (4)

1. Acquisition

2. Training/ Development

3. Maintenance

4. Separtion

1. Acquisition definiton + 3 subtopic (plann, recru, sele)

• Hiring new employees

PLANNING, RECRUITING, SELECTION

Planning (meaning and 2 types of job analysis)

• Identitfy staffing needs, such as a job analysis

JOB DESCRITIPION

JOB SPECIFICAION

Recruiting

Attracting people to apply for the posiiton

internal and external recruitment

Selection

• Selecting suitable candiates

2. Training and Devleopment

• Improving employees skills and abilities, allowing them to feel valued and respected in the business.

• Benefits employees as for career advancements and greater security

3. Maintence (meaning , monet and non mon befnef

• Motivating employees to stay within the business

Monetary benefits

• Higher wages/salary

• Bonuses

• Commission

Non monetary benefigs

Recognition and praise

Career development and training

Job security

4. Seperation (involountat or volountary)

• Employyes leaving the business

2 challenges faced by owners in ESTABLISHEMNT STAGE

Lack of customers

High expenses

2 challenges GROWTH STAGE IN DEPTH

High costs when expanding

Maintaining product quaility

1. Complex management (3)

As the business grows, the number of employees, departments and operations increases.

• Communication between management and employees can become more difficult.

• The business may experience slower decision-making due to a larger organisational structure

• Poor coordination can lead to inefficiencies, mistakes and increased costs

2. High costs when expanding

• The business may need to employ and train additional workers, increasing wage expenses.

• Increased production can also lead to higher raw material, transport and storage costs.

These expenses can place pressure on the business's cash flow.

Strategies to help business during challenges in growth stage

• Use technology – Implement technology and automation to increase efficiency, reduce costs and help manage larger operations.

• Factoring - to improve cash flow

• Outsourcing: business practice where a company hires an external person or third-party company to handle tasks, services, or operations instead of doing them in-house

2 challenges maturity stage

Market saturation – most customers already have the product

Strong competition from other businesses

Disucss why employees resist chance

• Inertia

• Fear of loss of job

• Cultural incompatibility

Inertia

Employees may resist change due to inertia, as they are comfortable with existing practices and routines and may be unwilling to make the effort required to adapt to new ways of working.

Fear of Job Loss

Employees may resist change because they are uncomfortable adapting to a new workplace culture, including new people, management styles, values and ways of working.

Cultural incompability

Employees may resist change because they are uncomfortable adapting to a new workplace culture, including new people, management styles, values and ways of working.

Strategies to manage change effectively (3)

1. Change agents

2. Effective communication

3. Positive leadership

1. Change agents

A person or group of people who act as catalysts to help manage the change process

These people should help initiate, faciliate and stimiulate the change effort

2. Effective communication

Managers must be able to communicate with stakeholders and must be open communication to ensure understanding

3. Positive leadership

Positive leadership helps employees feel supported and motivated during change, reducing resistance and making it easier for the business to implement the change.

Benefits of Quality Management

3 advantages of debt finance

• No loss of ownership – The owner keeps full control of the business.

• Easier planning

• Interest is tax-deductible – Interest payments can reduce taxable income.

2 disadvnatges debt finance

Interest costs – Increases the overall cost of borrowing.

Financial risk – High levels of debt can cause cash-flow problems and potentially lead to insolvency if repayments cannot be made.

2 forecasting techniques that can assist business achieving financial objectives

Cash flow forecasting – Predicts future cash inflows and outflows, helping the business ensure it has enough cash to meet expenses and avoid cash-flow problems.

Sales forecasting – Estimates future sales revenue, helping the business set realistic financial targets and plan its spending and production.

2 strategues to improve net profit