Understanding external influences

Stakeholders

Someone who has an interest in or is affected by the performance of a business.

Key stakeholders are:

                                  - owners and shareholders

                                  - customers

                                  - managers and employees

                                  - suppliers

                                  - local community

                                  - government

                                  - pressure groups

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Payment systems

 

Online  - card payments

             - systems such as PayPal

 

Contactless 

Chip and Pin

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Employment and the law

The laws associated with the relationship between employer and employee.

Pay - there is a minimum amount employers have to pay their staff. Age 24 and under is the National Minimum Wage. Age 25 and over is the National Living Wage.

Recruitment - procedures must not discriminate against anyone because of religion, gender, race, age, sexual orientatio or disability. Employees must have the legal right to work in the UK.

Discrimination - Employer must not discrimiate on recruitment practices or pay.

Health and Safety - ensures risks to people are properly controlled. H&S training and safety equipment must be provided.

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Consumer Rights Act 2015

Covers how goods and services can be sold

Fit for purpose - must do the job its provided for

Match its description - illegal to give a false description

Satisfactory quality - must be well made and not fall apart

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Interest Rates and Exchange Rates

Low interest rates - increased spending

                                   - better for borrowers

High interest rates - decreased spending

                                   - better for savers

                                                                                                                                                    

An exchange rate is the price one currency can be traded for another.

Weak pound - good for exporters

Strong pound - good for importers

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