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SG BUSINESS MANAGEMENT UNIT 2-5
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Business Management Unit 2.5 What is a successful businessl? Unit 2-5 Contents F G Achieving objectives Keeping owners satisfied Success for business compared to charity Different aims in different sectors C Identify competing aims of stakeholders
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Business Management Unit 2.5 What is a successful businessl? Achieving Objectives Sole Trader survival, make a profit/decisions Partnership share responsibility, grow Private Ltd Co maximise sales/profit, bigger share of market Public PLC maximise sales, grow, keep shareholders/customers/staff happy Charity help poor/homeless, raise awareness NOTE – Different to private sector! these will depend on the type of business:
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Business Management Unit 2.5 What is a successful businessl? Achieving Objectives Public Sector good relationship with its stakeholders, keeping to budget Private Sector maximise sales/profit, bigger share of market, high sales Voluntary cover costs, increase donations, raise awareness and will depend on the business sector:
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Business Management Unit 2.5 What is a successful businessl? Success for Business How do you judge success? Profits increasing Demand increasing Profits better than industry average Growth Survival Good relations with customers, workers, etc Increased donations/volunteers (CHARITY)
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Business Management Unit 2.5 What is a successful businessl? Keeping owners satisfied? Every business has owner(s) and stakeholders Sole Trader Owner, customer, supplier Partnership partners, creditors, bank Private Ltd Co private shareholders, board of directors, managers, government Public PLC shareholders, board of directors, workers, community, government, consumers Voluntary trustees, donators, volunteers,
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Business Management Unit 2.5 What is a successful businessl? Keeping owners satisfied? What do stakeholders want? Manager high profit/salary, control costs/staff, keep workers/customers/community happy Customers good price, delivery, quality Employees good wages, job security, career prospects, Owners make own decisions, survive/make profit, enjoy work
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Business Management Unit 2.5 What is a successful businessl? Keeping owners satisfied? What do stakeholders want: (cont) Shareholders dividend, high share price Banks get loan etc paid back, make interest by lending to business Suppliers paid, more orders Government jobs, tax Community no pollution, jobs, car parks
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Business Management Unit 2.5 What is a successful businessl? Competing Aims? C Stakeholders’ aims may not be compatible: Owners want to make profit BUT customers want low prices Shareholders want high dividends BUT board of directors want to be spend money on R&D Local community wants less noise BUT managers don’t want to spend money on sound proofing
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Business Management Unit 2.5 What is a successful businessl? Stakeholders’ aims may not be compatible: Suppliers want paid quickly BUT owner wants to pay later Bank/building society wants income from business loans BUT customers want low interest rates Managers want to cut costs BUT workers want overtime Competing Aims? C
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