Competition, legislation, the economy, taxation, inflation, social and environmental issues
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What are the purposes of a business?
to add value, source of revenue/ employment and aiding the balance of payments
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what does the state do as an economic regulator?
inflation, employment, growth and the balance of payments
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The state as a regulator does?
passes laws to control the behaviour of a business when dealing with consumer protection and employee recruitment/ dismissal and how businesses behave towards each other.
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What are the essential resources for a business?
employees, and effective business plan, finance, good product/service (USP)
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what makes a business successful?
the amount of profit made, the market share, the level of sales, the number of customers and repeat customers
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Why does a business fail?
a poor business plan, a lack of professional advice, poor finances, a lack of market research, an inability to change with the times and to grow effectively & Poor product or service.
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what is short term finance?
keeps the business working, working capital is needed.
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examples of short term finance?
over draft, short term loan, trade credit, factoring
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what is medium term finance?
arrangement of loans for between 3-10 years
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examples of short term finance
medium term loan, leasing, hire purchase
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What are long term finance?
large amounts costs between 15-25 years- mortgages
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Examples of long term finance?
shares, retained profits, ltl
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Name three government grants?
the small firms loan guarantee, regional development assistance, EU grants
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Additional finance depends on...?
the type and size of the business, security ( assets), Existing internal funds and levels of debt, relationship with other banks & time period for repayment.
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Recruitment process involves?
Demand for labour, nature of the job, job advert, selection, appointment, induction
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Demand for labour depends on?
the demand for the products of the business, the amount of machinery that could be used instead of labour, the cost of labour
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Advantages of on the job training
more convenient - less travel, cheaper, it takes place to suit the business rather than the courses offered. how effective it is depends on the trainer and if he can pass on the skills.
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What is off the job training? Advantages
undertaken by an outside business agency, the timing and contents of the course will be tailored to satisfy a range of people. business has less control. Usually more expensive but experts are used so better skills? more qualified employees= HW
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what is primary data?
collect for a specific use by the business.
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examples of primary data?
test panel, interviews, surveys, observations
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what is secondary data?
data that has already been collected by someone else for another purpose so its less specific
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examples of secondary data?
company sales figures, customer data, competitors information, market research data, inernet, trade publications, mags/newspapers, government data
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