Running a business. Business Operations. Syllabus – Business operation. Meeting regulations Local State Federal Selling products Maintaining records Revenue statement Balance sheet Cash flow Taxation records. Syllabus – Business operation continued. Risk management
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Outline the role of the Office of Fair Trading as it relates to consumers, business and trader services, associations and cooperatives.
with the product
Business activity statement to report GST
A revenue statement and balance sheet for income tax purposes
Wage records to deduct tax from employees’ pay
Fringe benefits tax
Customs duty (tax on goods bought from other countries)
Develop a table to define each of the taxes listed.
Develop a table with two columns to summarise the 7 types of insurance important for businesses to minimise risks.
Develop a mind map summarising the strategies a small business could use to minimise the risks of insolvency and bankruptcy.
Customers are the number one concern
Keep a close eye on competitors
Ensure cash flows
Look after employees
Keep costs down and sales moving
Manage risks where possible
Entrepreneur needs to be organised, efficient and continually planning ahead.
Comply with legislation
Continually consider new ways to improve such as technology
Make a collage in word art to summarise key aspects to consider when running a business.