in this presentation we cover: What business aims and business objectives are Understand SMART objectives Financial aims and objectives: survival, profit, sales, market share, financial security Non-financial aims and objectives: social objectives, personal satisfaction, challenge, independence and control. Why aims and objectives differ between businesses. Activity

in this presentation we cover: The concept of limited liability: limited and unlimited liability the implications for the business owner(s) of limited and unlimited liability. The types of business ownership for start-ups: sole trader, partnership, private limited company the advantages and disadvantages of each type of business ownership. The option of starting up and running a franchise operation: the advantages and disadvantages of franchising.

in this presentation we cover: Understanding of the competitive environment What is competition in business terms? Direct and Indirect competitors strengths and weaknesses of competitors based on: price, quality Location product range customer service Advantages and disadvantages of competitive environment The impact of competition on business decision making. Terms good to know for exam

in this presentation we cover: The importance of cash to a business: To pay suppliers, overheads and employees To prevent business failure (insolvency) The difference between cash and profit. Calculation and interpretation of cash-flow forecasts: Cash inflows Cash outflows Net cash flow Opening and closing balances.

in this presentation we cover: The role and importance of a business plan: To identify: the business idea; business aims and objectives; target market (market research); forecast revenue, cost and profit; cash-flow forecast; sources of finance; location; marketing mix. The purpose of planning business activity: The role and importance of a business plan in minimising risk and obtaining finance.

in this presentation we cover: The concept and calculation of: revenue fixed and variable costs total costs profit and loss interest break even level of output margin of safety Interpretation of break even diagrams: the impact of changes in revenue and costs break even level of output margin of safety profit and loss.

in this presentation we cover: What the marketing mix is and the importance of each element: price, product, promotion, place. How the elements of the marketing mix work together: balancing the marketing mix based on the competitive environment The impact of changing consumer needs on the marketing mix The impact of technology on the marketing mix: e-commerce, digital communication.

We will identify and understand customer needs: price quality choice convenience We will learn the importance of identifying and understanding customers needs: