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Transcript of BUSINESS STUDIES Yr11 Preliminary. CREDITS Presentation Magazine – PPT Template .
BUSINESS STUDIES
Yr11 Preliminary
CREDITS
Presentation Magazine – PPT Template www.presentationmagazine.com
New Topic:
BUSINESS PLANNING
…pg 322
Topic: Business Planning
HUMAN RESOURCES
…pg 381
L3
EXTENSION TASK
“….Hey! I had to call to tell you about an awesome idea I have!
So, imagine not needing to queue at the canteen but instead you get on your phone and use my app to order your food, before you even get their. Awesome right!!! I am calling it “Beat the Q”.
Now I just need to work out how to make it successful.
Can you describe three influences for me and justify how they can help lead my business to success?”
Human Resources
Sources for employees:•Advertisements
•Internal recruitment
•Recruitment Agencies
•Temporary/Casual services
Employee skills
• Recruit people with the most suitable skills.
• Are skills available internally?
1. Training
2. Recruit externally
Employee costs
• Employee value should Cost(Return on investment)
• Wages + ‘On-Costs’ = total employee expense
COMPLETE SNAPSHOT pg383 (or 372 new textbook)
Employee costs
• Superannuation• 9%
• Annual leave loading• 17.5% extra
Topic: Business Planning
TAXATION
…pg 385
L3
Federal and State Taxes
• PAYG• FBT• GST• Company Tax• Land Tax
GST
• 10% of all Goods and Services produced
• ABN = input tax credits
• BAS
• All GST from customer sale goes to government
Local Government
• Rates: Property/land value taxation
• Water and sewerage (Fee)
• Waste management services (Fee)
• Development and building approval (Fee)
• Reinvested into community
ACTIVITY• Complete the following table
INFLUENCE DESCRIPTION INFLUENCE (+/-)
Personal Qualities The education and skills of a business owner/entrepreneur
Entrepreneur has the industry knowledge and skills to perform tasks efficiently and effectively. Also has the personal qualities to manage the risk of a business, motivate others and be creative
Sources of information
Taxation
ACTIVITY• Complete the following table
INFLUENCE DESCRIPTION INFLUENCE (+/-)
Personal Qualities
Sources of information
The business idea
Establishment Options
Market Considerations
Finance
Legal Considerations
Human Resources
Taxation
Topic: Business Planning
>>Chapter 12
THE BUSINESS PLANNING PROCESS
…pg 392L6
Topic: Business Planning
BUSINESS PLAN
…pg 392
L3
A Business Plan contains…
A Business Plan contains…
Role of a Business Plan
• To provide direction for the business
• A source of information for stakeholders, particularly investors/banks
• A ‘road map’ for you and your business
• A management tool
Sections of a business plan
• Complete the worksheet – identify the key purpose of each heading in the business plan
Benefits of a business plan
• Provide direction for the business
• Identifies strengths to capitalise on and weaknesses to improve
• Provides information and security for investors, particularly banks and shareholders.
Sources of planning ideas
• Internal and External
• SWOT – Situational Analysis
Vision Statement
Vision statement broadly states what the business aspires to become; its purpose and its function
Goals and Objectives
Goals are…
An example is…
Objectives are…
An example is…
Goals and Objectives
QUESTION
Which long-term goal do you believe to be the most important for a cafe. JUSTIFY your answer.
Topic: Business Planning
BUSINESS PLAN
…pg 404
L3
Re:CAP
1. Identify the first three parts of a Business Plan
2. Define SWOT?
3. Contrast the three levels of Goals and Objectives
1. Strategic GOALS2. Tactical OBJECTIVES3. Operational OBJECTIVES
Key Terms
Define Objectives:
Goals
FINANCIAL Goals:
• Profit
• Market Share
• Growth
• Share Price
SOCIAL Goals:
• Community service
• Environmental Sustainability
Achieving Long-term Growth
GOAL: Profit Maximisation
What could be happening at each stage of this growth?
Achieving Long-term Growth
GOAL: Profit Maximisation
What could be happening at each stage of this growth?
Lean manufacturing introduced (Costs & Workplace changes slows production)
Cost and efficiency benefits of lean
manufacturing
Change in management
New or innovative product
Strategies for long-term growth
• Customer feedback
• Supplier and customer partnerships
• Innovation
• Lean manufacturing
• Sigma Six
Topic: Business Planning
Organising Resources
…pg 412
L3
Organising ResourcesDetermining:
•What is to be done
•Who is to do it
•How it is to be done.
Each key business function must do something and someone must determine what it is:•Operations: What stock do we need to order?•Finance: Which Financial Reports do we prepare?•Human Resources: What skills do staff need?•Marketing: What promotions will we be running?
That’s where managers and the Organisational Structure come in
Organising Resources
&
THE BENEFITS OF THIS ARE??
Organising Resources• Define/Outline what each Key Business functions
focus is. • Identify three questions the manager should ask
for each function.
QUESTIONImagine you have been asked to make fifty family-size pizzas for
a celebration lunch.
• You have five people to help with the task.
– Identify the resources you would need to make the pizzas (Including your five staff).
– Classify the resources as either (i) raw materials, (ii) equipment (iii) knowledge or (iv) Human or (v) Finance.
– Demonstrate how you would allocate the resources. (Use Figure 12.13 on pg 410 to help)
Organising ResourcesOPERATIONS: Transforming Inputs into Outputs
- (CAD & CAM)
HR: Managing the Employee and Employer relationship.
MARKETING: Selling and promoting the products and business.
FINANCE: Organising and reporting on the financial resources
Example hierarchy structure
Topic: Business Planning
Forecasting
Chapter 12.7…pg 414
L3
ForecastingForecasts (or projections) are the business’s predictions about the future.
FORECAST #1
Forecast revenue for a period of time.
Total Revenue = TR
Price = P
Quantity = Q
TR = P x Q
Forecasting
FORECAST #2
Forecast Total Costs for a period of time.
Total Cost = TC
Fixed Costs = FC
Variable Costs = VC
TC = FC + VC
Forecasting
FIXED VS VARIABLE COSTS
Pre-Paid Sim card Vs Petrol
Rent Vs Electricity Bill
School Fees Vs Bus Fare
COME UP WITH THREE OF YOUR OWN EXAMPLES
DAYTUESDAYTUESDAY
Topic: Business Planning
Forecasting
Chapter 12.7…pg 414
L3
ForecastingFORECAST #3
Break-Even Analysis – how many products do we have to sell to cover our costs (and start making a profit)?
Total Fixed Costs
Quantity = Q
Unit Price
Variable Costs (per unit) = VC (per unit)
TOTAL FC
Unit Price - VC per unitQ =
Forecasting
Q =
Forecasting
FORECAST #4
Cash Flow Projections – The estimated/expected inflows and outflows of finances due to the:•Operating activities•Financing activities•Investing Activities
Can predict cash shortfalls
Good evidence for investors and loans
Identifies positive ‘working capital’
Forecasting ActivityForecast the revenue, costs and break-even for the canteen.
Imagine they sell only Custard Tarts and Ice Tea.
Lets estimate the important information:
P = $
Q =
FC = $
VC per unit = $
Forecasting Activity #2Forecast the revenue, costs and break-even for selling coffee at a school event.
Lets estimate the important information:
P = $
Q =
FC = $
VC per unit = $
Topic: Business Planning
Monitoring and EvaluatingChapter 12.7…pg 414
L3
Monitoring and Evaluation• Monitoring is the process of measuring actual
performance against planned performance.
• Evaluation is the process of assessing whether or not the business has achieved its stated goals
We can monitor and evaluate:• Sales• Budgets• Profit
Note: Define unfamiliar terms
> IMPLEMENT> MONITOR
> CONTROL
ESTABLISH GOALS AND MARKETING
OBJECTIVES
ESTABLISH GOALS AND MARKETING
OBJECTIVES
MONITOR PERFORMANCE
MONITOR PERFORMANCE
TAKE CORRECTIVE ACTION
TAKE CORRECTIVE ACTION
EVALUATE PERFORMANCE
EVALUATE PERFORMANCE
Monitoring and Evaluation
> IMPLEMENT> MONITOR
> CONTROL
Monitoring and Evaluation
Monitoring and evaluating sales• Sales Analysis
Monitoring and evaluating budgetsA BUDGET is the business’s financial plan for the future.
A budget must account for various factors, such as:
•Past figures, trends, and future estimates
•Market share and seasonal fluctuations
•Proposed expansions or termination of projects
•Changes in price or quality of products
•Current orders and purchases
•Influences from the external environment (E.g Economic fluctuations, available materials & labour)
Monitoring and evaluating profitWe already know profit is at the centre of a business’s activities.
There are five reasons to monitor and evaluate profit:
1.Profit as reward
2.Profit maximisation.
3.Profit as a source of finance.
4.Profit as a performance indicator
5.Profit as a dividend payment.
Taking corrective action• Modifying is the process of changing existing
plans, using updated information to shape future plans.
QUESTIONS
Complete questions 7 and 14
Ext: Q13, 15 and 18
(pg 423-424)
Topic: Business Planning
>>Chapter 13
CRITICAL ISSUES IN BUSINESS
SUCCESS & FAILURE
…pg 426L6
Topic: Business Planning
INTRODUCTION & IMPORTANCE OF
A BUSINESS PLAN
…pg 426
L6
Critical issues in business success and failure
When starting an SME there are critical business issues to be aware of. These include:
• having a business plan• managing employees• analysing trends• identifying and sustaining competitive
advantage• avoiding overextension of financing and other
resources• using technology• considering economic conditions.
Business owners must take time to develop a business plan.
Importance of a Business Plan
The business plan should contain:
a clear, concise statement of the goals of the business what the business wants to achievewell-developed plans for achieving these goals — how the business is going to achieve the goalsreliable control standards for measuring performance — has the business achievedthe goals; if not, what needs to be changed?
Lack of planning can be as disastrous as can a lack of capital. In all businesses, the best results come from effective management.
Importance of a Business Plan
Business Plan presentation and preparation
Create a mindmap outlining the components of a business plan:
BUSINESS PLAN
BUSINESS PLAN
Topic: Business Planning
MANAGEMENT – Staffing and
Teams…pg 428
L7
MANAGEMENT – Staffing &Teams
MANAGEMENT – Staffing &TeamsOverall, the most important accomplishments a skilful manager will achieve for a business include the ability to:•solve difficult problems•set and help attain important goals•develop attitudes of commitment and ownership•create a positive business culture through their words and actions•monitor the business's external and internal environments•plan and allocate resources
MANAGEMENT – Staffing &Teams• coordinate teams and departments• monitor the performance of teams and
individuals• successfully put workplace and business
changes into action• develop and implement schedules and operating
plans.
Two important areas of business that a manager must pay special attention to are staffing and teamwork.
Staffing and External Recruitment
1. Complete SNAPSHOT pg429
QUESTIONS
2. Watch The Apprentice episode and using the listed abilities of a skilful manager (Previously listed in these slides) select 5 of them and outline how the manager(s) in The Apprentice achieve or fail at using these abilities.
Start at pt3:https://www.youtube.com/watch?v=4lBV9MA1eGI&list=PL5DB3D3D9DF05B65B
Topic: Business Planning
INTRODUCTION & IMPORTANCE OF
A BUSINESS PLAN
…pg 426
L8-9
TODAYLesson 81. Complete Summary of textbook topic 13.52. “Creating and sustaining competitive advantage”
article3. Summary of textbook topic 13.6
Lesson 91. Finance revision – complete financial
worksheets2. “Nature of Business” (Topic 1) – Create Flash
cards 3. “Nature of Business” (Topic 1) - Mindmap of key
points
Topic: Business Studies skills
WRITING A BUSIENSS
REPORT
Handout
L10
TODAY
1. What is a “Business Report”
2. Dissect an example of a Business Report Question and Answer
3. How to prepare a Business Report
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