Chapter 5 - Business Support Services Informal support and Assistance Types of informal support - Networks - Friendships - Formalised groups - ‘old boy’ / ‘old girl’ networks - Business breakfast clubs - university past students Informal supports help: - establish new relationships - meet people who may complement your business - meet potential suppliers - meets other small business owners - identify your competitors VCE Business Management Year 11

Chapter 5 - Business Support Services Formal Support and Assistance - Legal Assistance - a Lawyer to prepare - legal documents - purchase of business - supplier contracts - purchase of equipment - dispute a workcover claim - secure trademarks/patent - deal with Creditors - prepare documents to sell business Where do you find this support: - Word of mouth - Yellow pages - Professional associations VCE Business Management Year 11

Chapter 5 - Business Support Services Formal Support and Assistance - Financial Assistance and Advice - an Accountant may help to: - give accurate valuation of business - evaluate feasibility study - prepare financial plan for business - prepare financial statements - prepare tax returns - deal with Government departments on your behalf Before using an Accountant you should: - check qualifications - check communication skills - check their industry experience - check professional registration VCE Business Management Year 11

Chapter 5 - Business Support Services Formal Support and Assistance - Financial Assistance and Advice Where to find financial Advise: - yellow pages - word of mouth - experiences of other business owners - business referals - Certified Practicing Accountants (CPA) website VCE Business Management Year 11

Chapter 5 - Business Support Services Formal Support and Assistance Other Professional advisers and consultants: - Insurance Agents - Marketing & Advertising Agents - Graphic designers - Information technology consultants VCE Business Management Year 11

Chapter 5 - Business Support Services Government Support and Assistance Local Government Assistance : Local government is an important source of information for small businesses including: - Planning and zoning regulations - Health, hygiene and food handling regulations - By Laws (parking, outdoor dinning, footpath trading) VCE Business Management Year 11

Chapter 5 - Business Support Services Government Support and Assistance State & Federal Government Assistance : - Online resources include - Business centres - Small business advisory service - Business incubators - Help small business with premises, offices and a place to work from - Networks and mentoring - Allow for new small business owners to be mentored by experienced business owners VCE Business Management Year 11

Chapter 5 - Business Support Services Professional, trade and industry Associations Small Business operators should seriously consider joining their industry body General industry bodies: provide general assistance over many industries to business owners Other Networks and Associations: Local traders Associations Economic development units Publications magazines, websites Individual research Online resources (page 83) VCE Business Management Year 11

Chapter 5 - Business Support Services Key Knowledge TASK To be completed and submitted by Tuesday 18 th March You have started a new small business as a coffee shop: Research in your local area where (company name, activity, address and phone number) you would find assistance for the following: 1. Preparation of a financial business plan 2. Preparation of legal documents to set up your business 3. Where you could get a loan to start up your business 4. Where is could get insurance for your business 5. Where you could find out about health, hygiene and food handling regulations 6. Whether you are able to have table and chains on the footpath 7. Share ideas with other small business owners VCE Business Management Year 11