Assessment 1 Part A – Research, Small Business

Assessment 1 Part A – Research, Small Business

The business : Thai restaurant

Location: Darling harbour, Sydney, Australia

The reason to open in the city

Closed to the attraction place darling harbour , aquarium , train station

It is so crowded and many people walk pass.

Closed to shopping centre.

Business plan

The owner of the businesses that want to write their own business plan. Reason or purpose in the writing or the preparation of a business plan is

Starting a business. It need for new entrepreneurs that has to start with a business plan . The details on how to start a business investment. Estimate the income, profit or loss from the business. which came from the sale of goods or services. Estimated costs and expenses of the business, such as expenses for raw materials in the production of goods and services.

Use as a tool of analysis, planning in marketing ,production or service, financial management and business operations .

To loan the money from the bank and have to show them the business plan that can be effective.

Registration

The restaurant should must make sure that all registrations are taken .

For example

Business name

Date registration

Location registered

Business structure

Entity Type

ABN

ACN

GST

Domain name

Accounts and Finance

The person who is responsible to take care of the account and finance suppose to have graduate bachelor degree or certificate and has the skills or knowledge to take care of it . accountant that has the specific knowledge so they can help me to run the business well without the problem with the government or some organisation.

Workplace Safety

Most codes and regulations are to prevent as much injury and illnesses as possible. These are the main codes and legislations which are implemented in my business:

Occupational health, safety and welfare act.

Codes of practice

Occupational Health, safety and welfare Regulations

OHS or occupational health and safety is an act which is used to discipline businesses to creating and maintaining a safe and looked-after environment for any person who deals with the area. OHS is a list of codes and requirements that businesses have to follow. Not following these codes can cause serious harm to employees and also fines may apply to the company.

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serious harm to employees and also fines may apply to the company.

Risk Management

Risks that organisations face

Strategic Risks

Business environment strategic risks – these are the risks that occur between buyers and sellers. It can also be due to other business environmental factors such as technological advancements, changes in demand or supply and competitive decisions.

Transaction strategic risks – these are the strategic risks that occur when dealing with partnerships and joint ventures. Merging with other companies is very risky however it can sometimes benefit the company a lot.

Investment strategy risks – these are all the risks relating to investments. These investments can be very risky and the management team must be careful that the investments have a high to certain success rate.

Financial Risks

This is a very important type of risk that can put a company in danger. Financial risks are risks that relate to the companies money. These could be normal transactions or other financial problems. If a company does have a financial risk, it is important to get assistance from banks or other partners.

Operational Risks

These are risks that occur within the operations of the company. These types of risks are very broad and cover a big range of risks that occur in a company. This risks applies the people and processes within the company.

Some categories in the operational risks include:

Legal risks

Political risks

Physical risks

Environmental risks

Compliance risks

These are risks that could cause conflicts and problems with the regulators of businesses such as the OH&S committee, ACCC and ASIC. All these organisations were created to make sure that all organisations are operating by certain guidelines and rules that protect everyone including the company, customers and competitors. It is important that all strategies are made sure that they comply with the guidelines set by the government.

ACCC compliance

ACCC is the Australian Competition and Consumer Commission.

The roles of ACCC is protect the consumer to get the harm from the service or products , help the consumer to get the benefit from the market and safe the consumer at the same time , support the market to be fair and adjust the effective of the economics .

This is the legislation are controlled under ACCC :

The Competition and Consumer Act 2010

Main sections of the CCA

Exceptions under Commonwealth, state and territory legislation

The company or organisational which has the illegal action that breach CCA have to pay penalties that depends on how serious it is . they will take the illegal action to the federal court and it effect to be fines

ASIC compliance if relevant

ASIC is the Australian Security and…

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