Assessment 1 Part B – Research

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Assessment 1 Part B – Research

Assessment 1 Part B Research

A. Records Management

Records management is one of the 4 areas of compliance and must be done properly. There are many rules and regulations on the correct policies and procedures that a company must follow. If the policies and procedures are not at a good enough standard, the company may end up paying large fines. One of the major compliances of records management is the security and reliability of the records management. Making sure that the records are managed in a safe system that is easily accessible and sorted into very effective and efficient categories is another very important compliance.

B. Accounts and Finance (include ATO Compliance)

A business must take care of accounts and finance carefully. The finance and accounts of the company is the most vital part of the organisation which will affect the potential and performance of the company. The ATO can check all accounts and finance to ensure that the calculations add up. If there is any fraud accusations, the company can have very serious problems. Having a trustworthy and experience accountant is the best way to comply with finance and Accounts.

C. Workplace Safety

Safety to everyone in the workplace is important. Health and safety affects most employees performances as they cannot on the task effectively. It is good to have a good risk assessment system that can assess the risks, find solutions, implement solutions and monitor progress. Without following OH&S compliance, the company will face large fines and if serious enough, termination of the company.

D. Human Resources Management

Employee’s skills must be developed and maintained. Employees can lose skills if they do not constantly train and practice. Employees must be trained and made sure that they have a capability to work well. Identifying problems of underperformance or preventing anything problem causing underperformance is what HR management is about.

ACCC

Compliance with relevant Standards

Standards Australia is an organization which created the standard called Compliance Programs. This is a standard that was remade with additional policies and standards about the Compliance of business standards. The regulators of this Compliance standard are the ASIC (Auctralian Securities and Investment Commission) and the APRA (Australian Prudential Regulation Authority). This is a very general policy which guides companies to what the standards of a business is and how to comply with these standards.

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Assessment 1 Part B – Research
Last updated: Feb 2024

Page 1

ds. The regulators of this Compliance standard are the ASIC (Auctralian Securities and Investment Commission) and the APRA (Australian Prudential Regulation Authority). This is a very general policy which guides companies to what the standards of a business is and how to comply with these standards.

Customer satisfaction is a marketing, sales and production type standard which forces people to promote their product honestly without any tricks or gimmicks. If customers feel that they have been cheated or wrongfully cheated in an illegal way this affect the customer satisfaction compliance of a business.

It is a legal requirement to comply with the records management policies which means that a company must always be in line with any retention schedules made by the law. Therefore when an audit is occurring for a company they much comply with any appropriate laws associated with the records management. The compliance must be verified.

Cost

The internet will be the best choice of advertising as it is so cost effective and the amount of people using the internet is double every year. This is making the audience of the Internet becoming larger and soon going to reach higher than televisions. The internet can be the cheapest option as well as many websites offer free advertising. A decent website can also be made with almost no expenses at all.

Measures to assess its effectiveness

Survey to the customer what they want (price , place , product, promotion)

  • Get the feedback about the advertising for improving to be better and more attractive for customer
  • Access to the right group and right way.
  • Feasibility

    This idea is very feasible and will have great potential in the market. Due to the lack of Car washing companies in the area, this business has great potential as there are hundreds of thousands of cars spread out within the area.

    Match to Organisational culture

    The Organisational culture is quite easy going and can shift to anything. It is important that the business plan is well executed or it could affect the reputation of the business. The plan must also be well planned or the results could end up being very unexpected.

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    Assessment 1 Part B – Research
    Last updated: Feb 2024

    Page 2

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