Business admin core performance indicators Flashcards
Explain types of business ownership (CS)
There are three types of business ownership: sole proprietorship, partnership and corporation. A sole proprietor owns and operates a business by oneself. A partnership is owned and operated by two or more people and is jointly responsible for the businesses outcomes. A corporation is operated by several people and owned by stockholders.
Business Law
Orient new employees (CS)
Providing an orientation is a process that allows an organization to integrate a new employee and enable him/her to contribute to the team quickly. At this time, an employee will learn about personnel policies, company safety programs, and details about his/her position. Possible actions can include providing a mentor, providing work samples, and providing a Frequently Asked Questions document.
Human Resources Management
Explain factors that influence customer/client/business buying behavior (SP)
Buying behavior explains the purchase decisions that consumers make on a daily basis. As a business function, this means understanding what consumers buy, why a consumer has decided to make that purchase, when the purchase was made and from what distribution channel and how often the product or service is used. Buying behavior can be influenced by a variety of internal and external factors including perception of brand, competition, society and consumer research.
Marketing
Distinguish between economic goods and services (CS)
A good is something that you can use or consume. You buy a good with the idea that you will use it, either just once or over and over again. A service is something that someone does for you, like give you a haircut or fix you dinner. Another way to identify the difference is that a good is tangible and a service is intangible.
Economics
Identify desirable personality traits important to a business (PQ)
Your personality is a set of characteristics that relate to a person’s emotions, motivations, interpersonal interactions and attitudes. Highly desired personality traits most often include professionalism, being “high-energy”, confidence, the ability to work independently and intellectual curiousity.
Emotional Intelligence`
Explain the nature of operations (CS)
Operations include the activities involved in the daily functions of the business to generate revenue.
Operations
Explain the nature of effective written communications (CS)
Written communication is the most common form of business communication and therefore requires employees to write frequently and rapidly. “The words we write are very real representations of our companies and ourselves.” Janis Fisher Chan. Written communications allow an employee to receive instructions or information upon which to base decision or take a specific action. Effective communication should answer questions, be relevant, focus on the end user, be specific, include examples, be tactful and accurate.
Communication Skills
Explain the nature of positive customer relations (CS)
Customers are the life of any business; any interaction should be positive, courteous, and respectful. Positive customer relations can include showing appreciation, delivering timely service, training employees effectively to interact with clients, and appeasing any concerns brought forward.
Customer Relations
Explain the role of finance in business (CS)
The role of finance in business is to help capital move from investors to businesses. Businesses need finance to assist with operations. This is possible through financial markets and various investment vehicles including loans, and short and long term financing. Finance can also include roles in business development and corporate governance.
Financial Analysis
Orient new employees (CS)
Providing an orientation is a process that allows an organization to integrate a new employee and enable him/her to contribute to the team quickly. At this time, an employee will learn about personnel policies, company safety programs, and details about his/her position. Possible actions can include providing a mentor, providing work samples, and providing a Frequently Asked Questions document.
Human Resources Management
Maintain appropriate personal appearance (PQ)
Maintaining your personal appearance is necessary as employees represent the business in which he/she is employed. Personal appearance includes facial expressions, body language, as well as clothes and grooming.
Professional Development
Discuss the nature of human resources management (CS)
Human resource management is a process of bringing people and organizations together so that the goals of each are met. This includes a focus on: results rather than on rules; helping employees develop his/her full potential; encouraging employees to give his/her best to the organization; assigning people to jobs in order to produce good results; helping the organization meet its goals in the future by providing for competent and well-motivated employees; building and maintaining positive relations between people working at various levels in the organization.
Human Resources Management
Explain the types of economic systems (CS)
There are four types of economic systems commonly studied. A traditional economy relies on custom and ritual to make its choices. A market economy relies on the consumption choice of consumers. A command economy relies on the government making all choices for consumers. A mixed economy relies on limited government involvement in a market based economy.
Economics
Describe the concept of insurance (CS)
Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment (premium). This protects the financial standing of an individual or company in the case of unexpected loss. A policy holder can be responsible for paying part of a loss (a deductible) and the insurer pays the rest.
Financial Analysis
Describe health and safety regulations in business (PQ) `
In 1970, the Occupational Safety and Health Act was passed that created the Occupational Safety and Health Administration (OSHA). A business is responsible for protecting the safety, health and welfare of all employees. Therefore, a business must create procedures to manage risks that could cause injury and/or damage to employees, property and the environment.
Operations
Handle difficult customers (CS)
There are a variety of difficult customers including those who are angry, impatient, demanding and indecisive. To handle these, first maintain control over your personal emotions and behavior by staying calm and listening closely to the customer. Acknowledge their concerns, maintain eye contact and demonstrate compassion for the situation. Try to solve the problem or identify someone who can act on the customer’s behalf. Whenever possible, offer choices.
Customer Relations
Explain the role of business in society (CS)
The role of business in society is “to innovate and deliver products and services, to use resources efficiently so that the value is created and to conduct operations so that they are performed profitability and accepted by society.” In summary, “the role of business in society is a coherent way of thinking about a company’s impact and interaction with society.” Niall Fitzgerald KBE and Mandy Cormack, The Role of Business in Society: An Agenda for Action; Harvard John F. Kennedy School of Government
Economics
Handle telephone calls in a business like manner (CS)
A businesslike manner on the telephone includes a formal greeting including “Good Morning/Afternoon”, name of business and name of department or person answering the call. Calls should be answered promptly, take messages as needed and use the hold button if needed.
Communication Skills
Explain the role of ethics in human resources management (SP)
Ethics are standards set by organization that help ensure that people are treated fairly and honestly. In human resources management this includes making decisions that promote workplace cohesion, establishing standards and procedures that assures in all situations that individuals are treated equally. Ethics policies in the area of human resources can include discrimination, sexual harassment and treatment of employees. Ethical breaches in this area can damage a company’s reputation, reduce employee loyalty and create litigation.
Human Resources Management
Discuss actions employees can take to achieve the company’s desired results (SP)
One of the most important tasks an employees has is to work towards a company’s goals in order to create a profit.
Marketing
Identify sources that provide relevant, valid written material (PQ)
When evaluating material, determine if content is fact, opinion or marketing information. Other factors can include validity of research, relevance, timeliness, authority of the author and evidence offered to support a claim. If you are validating written material, ensure that you have cross-checked information that is provided by the source.
Communication Skills
Describe the nature of legally binding contracts (SP)
A contract that is legally binding is considered valid and enforceable in a court of law. A contract is a clear outline of an agreement between at least two parties. Usually contracts define each party involved and any terms used within the agreement, the duration and/or timelines of the contract, payment terms and provisions that protect each party. Legally binding contracts are required to have “consideration” which means both parties are willingly entering into the agreement and are not being coerced.
Business Law
Describe the nature of budgets (SP)
A budget is an itemized forecast of an individual or company’s income and expenses for a designated period of time. This allows the entity to evaluate how to use funds in fixed and discretionary categories as well as provides focus to achieve financial goals and avoid debt.
Financial Analysis
Explain the nature of project management (SP)
Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently. There are five processes needed in project management: initiating, planning, executing, monitoring and controlling and closing.
Operations
Discuss the nature of information management (CS)
Information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business. This can support a variety of business functions including developing customer databases, managing electronic purchasing decisions and monitoring competitor information.
Information Management
Demonstrate ethical work habits (PQ)
To exhibit ethical work habits, an employee will be punctual, flexible, creative, attentive, complete objectives on time, deliver quality products, face challenges in a positive manner, manage their time, show respect by interacting in a positive manner with co-workers, and demonstrate leadership by solving problems, resolving conflicts effectively and encouraging mentorship.
Emotional Intelligence
Exhibit cultural sensitivity (CS)
A cultural sensitive employee will value diversity, be willing to adapt communication and behavior to be compatible with another’s cultural norms and be willing to learn traditions and characteristics of other cultures.
Emotional Intelligence
Explain the concept of management (CS)
Management is the coordination of activities a business uses to achieve results. According to management expert Peter Drucker, this includes both marketing and innovations.
Strategic Management
Discuss the nature of law and sources of law in the united states (SP)
Law is created at the local (city, town, county), state and federal level by the legislative branch. Elected representatives write and approve legislation and government agencies execute laws by writing regulations.
Business Law
