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Program Support Notes by: Samantha Eddy Bachelor of Education (Social Science)

Program Support Notes by: Samantha Eddy Bachelor of Education (Social Science) Produced by: VEA Pty Ltd Commissioning Editor: Sandra Frerichs B.Ed, M.Ed. Executive Producers: Edwina Baden-Powell B.A, CVP. Sandra Frerichs B.Ed, M.Ed. © VEA Group Pty Ltd 2012 Reproducing these support notes You may download and print one copy of these support notes from our website for your reference. Further copying or printing must be reported to CAL as per the Copyright Act 1968. Critical Issues in Business Success and Failure Critical Issues in Business Success and Failure 2 © VEA Group Pty Ltd 2012 Reproducing these support notes You may download and print one copy of these support notes from our website or ClickView for your reference. Further copying or printing must be reported to CAL as per the Copyright Act 1968. For Teachers Introduction The success of a business relies on many varied and important factors. The old adage “fail to plan and you should plan to fail” rings true. This program investigates and outlines the factors which are required to ensure the success of a business and the things that businesses do wrong, which lead to failure. The main factors that are addressed are the business plan, technology, finance and marketing. To assist in highlighting what businesses can do to survive, business people from varied fields share some advice on what helped them succeed. Timeline 00:00:00 The business plan - A map for success 00:03:55 Trend analysis - Why do businesses fail? 00:07:01 Management - Staffing and team 00:09:34 Balancing finances 00:12:17 Maintaining competitive 00:15:36 Credits 00:16:44 End program Related Titles Management Roles – Planning, Organising, Leading, Controlling Playing Your Part 1 – Diversity in the Workplace Playing Your Part 2 – Workplace Relationships Starting an Online Business – Small Business Management Series Recommended Resources  http://www.aussietycoon.com/showthread.php/1170-Small-Business-failures-and-why  http://www.thecoca-colacompany.com  http://en.wikipedia.org/wiki/Business_plan Critical Issues in Business Success and Failure 3 © VEA Group Pty Ltd 2012 Reproducing these support notes You may download and print one copy of these support notes from our website or ClickView for your reference. Further copying or printing must be reported to CAL as per the Copyright Act 1968. Student Worksheet Initiate Prior Learning 1. Brainstorm and mind map the factors you think contribute to the success and failure of a business. Write the success points in blue and the failure in red. 2. Define and discuss your understanding of a business plan and its purpose. 3. Using a local business (or perhaps a scenario invented by your teacher), research some basic information such as: location, competitors, products, innovations, concerns. Construct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). As a class, discuss why a SWOT analysis is an important tool for businesses. 4. As a class or in a small group, work collaboratively to pinpoint a business or organisation that is needed in your local community. Use the following steps.  Step 1: brainstorm your ‘favourite’ shop outside the community they live in  Step 2: Are there any existing businesses that are similar?  Step 3: What 5 businesses can the students agree are suitable for their community?  Step 4: Students complete a short survey to hand out to their year group/ select classes/ school which asks from the 5 listed businesses which ONE would they like to have in their community? As a group or individually, present a business plan, including a design of the business, SWOT analysis, financial plan, marketing plan, likely human resources requirement and what technology would be utilised. 5. Rank the following from most important (1) to least important (6) to the success of a business.  financial planning _________  business plan _________  marketing _________  human resource management _________  technological implementation _________  research and development _________ Explain your reasoning. _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ Critical Issues in Business Success and Failure 4 © VEA Group Pty Ltd 2012 Reproducing these support notes You may download and print one copy of these support notes from our website or ClickView for your reference. Further copying or printing must be reported to CAL as per the Copyright Act 1968. Active Viewing Guide The business plan – a map for success 1. What is a business plan? _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ 2. Outline the relationship between the business plan and finance. _________________________________________________________________________________ _________________________________________________________________________________ 3. Circle which type of goals a small to medium business might focus on. Long Medium Short 4. According to Ben Skarrasbrek, when planning financial management what three things should your aims be? _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ 5. Identify the important role technology plays, as suggested by Alexi Terrov. _________________________________________________________________________________ _________________________________________________________________________________ Trend analysis – why do businesses fail? 6. List the top five reasons businesses fail, from most common to least common _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ Critical Issues in Business Success and Failure 5 © VEA Group Pty Ltd 2012 Reproducing these support notes You may download and print one copy of these support notes from our website or ClickView for your reference. Further copying or printing must be reported to CAL as per the Copyright Act 1968. 7. From your list above, select one of the common reasons for failure and suggest a way that a business could avoid falling into that pitfall. _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ 8. a) What is a SWOT analysis? _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ b) Why is a SWOT analysis a useful tool for businesses? _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ Management – staffing and teams 9. Consider what Danielle Stephenson has to say about client relationships. From the program and using your own knowledge distinguish between “repeat” customers and “referral” customers. _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ 10. What is identified as the reasons why having too few staff is a problem. _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ Critical Issues in Business Success and Failure 6 © VEA Group Pty Ltd 2012 Reproducing these support notes You may download and print one copy of these support notes from our website or ClickView for your reference. Further copying or printing must be reported to CAL as per the Copyright Act 1968. Balancing finances 11. From the following terms and using the information in the DVD as a guide sequence the order of what might occur when there is a cash flow issue  Not able to pay debts  loan or overdraft  overextend finance  profits don’t cover costs  be in a situation where you now have to pay back a loan  cover your costs and try to make a profit  don’t have working capital _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ 12. How does a budget assist in the business plan? _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ 13. What is the advantage of a ‘bottom up budget’? _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ Critical Issues in Business Success and Failure 7 © VEA Group Pty Ltd 2012 Reproducing these support notes You may download and print one copy of these support notes from our website or ClickView for your reference. Further copying or printing must be reported to CAL as per the Copyright Act 1968. Maintaining competitive advantage 14. Circle from below what is suggested as ways in which a business can remain competitive  Offer different products  Be smarter than your customers  Good robust information between all involved  One person doing all the work  Price  Efficient service  Good use of technology  Offer customers obsolete products 15. a) What are business ethics? _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ b Why is it important to have ethical behaviour in business? _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ Critical Issues in Business Success and Failure 8 © VEA Group Pty Ltd 2012 Reproducing these support notes You may download and print one copy of these support notes from our website or ClickView for your reference. Further copying or printing must be reported to CAL as per the Copyright Act 1968. Extension Activities 1. Return to your ranking of the following, from before the program:  financial planning  business plan  marketing  human resource management  technological implementation  research and development a) Have your ideas changed since watching the program? Why? b) If your ideas haven’t changed, what parts of the program confirmed your opinions? 2. Students spend more time on the business they constructed before the task, make some adjustments and present to the class. Students evaluate the success or address the chance of failure might be for each presentation 3. Using ICT, research a “successful” business online (suggestions could include Billabong, Coke, Starbucks, Apple). Construct a table outlining the factors that have contributed to the businesses success. 4. As a class, allocate 30-60 minutes of prime-time television viewing per student. If possible, cover all the commercial channels over several days. During their allocated time, each student should list the commercials that were aired and note whether they were familiar brands or products. At the end of a week (or the available time period), as a class, discuss how effective is marketing in the success of a business? Consider the type uploads/Industriel/ 0817-52670-guide.pdf