U2AOS1 Flashcards
legal requirements before starting a business
What are the steps when registering a business?
- Get an ABN (Australian business name)
- Business name (what you’ve previously registered doesn’t have to be the same)
- Domain name
5 criteria when choosing a name:
- Easy to spell
- Memorable
- Original
- Appropriate
- Descriptive (not necessary)
5 criteria when choosing a domain name:
- 3 Syllables
- Reflect business name
- Easy to remember
- Available for registration via social media
- Alliterative (again not necessary)
Why is it important to meet legal requirements?
If you don’t you can be fined and go to prison. Doing so would challenge the business objective of making a profit.
Propose two reasons why it is important to have a robust financial management system for a business.
- security
- preciseness
Why choose good suppliers?
- timeliness
- quality
- location
- competitiveness
- reliability
Benefits of SR suppliers?
- looks good for business
- can differentiate from competitors
Limitations of SR suppliers?
- the biggest problem is cost
- suppliers may undercut each other at the expense of CSR
What is a policy?
A written guideline of how employees are expected to behave.
What is a procedure?
A series of steps that must be followed to enforce the policy.
Examples of policies that establish business routines:
- OHS
- equal opportunity
- bullying
- food handling
Examples of procedures that establish business routines:
- customer service
- absence or illness
- lateness
- mobile phone use
What needs to be considered when upgrading technology in a business?
- will staff be able to use and access?
- will it make work easier and more efficient?
- what security is in place?
What is globalization?
Refers to the interchange of the world views, procedures, ideas and other aspects of culture.
Global opportunities:
- larger market
- overseas options for production and supply
- free trade agreements (easier without tariffs)
