BSBFIM601 Assessment -1 (1)

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BSBFIM601 Assessment -1 (1)

BSBFIM601A

Assessment 1

Task A

Start Up Capital

Overheads Expenses

Scope of Growth

Financial Forecast

People are more and more worried about their disposable income and making sure that they will have enough money to survive, as the economy of Australia is getting stronger and the prices are inflating at a fast pace. However the high income business people will also have increased income making them able to afford more luxury services. This will benefit the company a lot and make the target market more likely to spend money of these services.

The customers will be attracted to the massage shop because it is very traditional, and Australian’s are becoming more and more interested in Thai culture and traditions. The company will get a lot of repeat customers as the quality is high and the service is effective.

Detailed financial information

ROI

The return on investment will reach the breakeven point in slightly over 1 year time. In the first year SABAI DEE THAI MASSAGE AND BEAUTY SHOP PTY LTD is estimated to receive close to $100,000. With the investment of $100,000, the return on investment will reach breakeven point in the roughly 1 year. This is extremely fast and effective.

Profit and Loss Statement

For the first year ending July 2018

Break Even Analysis

BE = FC/CM

Breakeven = Fixed Cost / Sales price per unit – variable cost per unit

Average customer spends $80.

Cost including rent, wages, utilities, advertising, insurance, etc. is $50

= 22,500 / $80 – ($50)

= 22,500 /$30

= 750 customers

Expected Cash Flow Statement

T...

BSBFIM601 Assessment -1 (1)
Last updated: Jan 2022

Page 1

ask B

Negotiations

Negotiation is the process of reaching a mutual agreement; in this case the institution and the sponsor are agreeing on the payment terms of a contract or other legal document. During budget negotiations WCMC/NYP and the sponsor propose and counter-propose line item costs to arrive at a mutually agreeable budget. The objective of the negotiation is to end up with an appropriately funded trial. As you begin negotiating it is important to be prepared and knowledgeable about the clinical trial. Advanced planning, preparation and patience are key skills in a successful negotiation.

  • Organise a meeting to discuss the agreement. If you have a large workforce, you and the other bargaining representatives may want to appoint a committee to act on your employees’ behalf. These representatives can then be involved in the negotiation and drafting process.
  • Provide regular feedback to all employees as negotiations progress.
  • Negotiate the agreement in an orderly, logical way.
  • Decide what your goals are and prioritise them. Decide which issues are negotiable and which are non-negotiable. Explain why to your employees and their bargaining representatives.
  • Listen to your employees’ (and their bargaining representatives’) points of view and take into account what they have said. Ask questions if necessary. Consider whether their position(s) can be accommodated and if not, provide reasons why.
  • Clearly set out the needs of your business and why you want certain things included in the agreement. It is important that your employees and their bargaining representatives understand the goals of your business. Give employees the ability to provide input as to how these goals can be achieved.
  • Consider the overall goal you are trying to achieve. Even if you and your employees (and their bargaining representatives) disagree on the method of solving a problem, you may both still agree on the same goal. For example, you might not be able to afford onsite childcare facilities for your employees, but you may be able to negotiate more flexible working hours to accommodate your employees’ needs.
  • Try to prepare alternative options if your proposals are not accepted. Anticipate your employees’ (and their bargaining representatives’) resistance to your propositions and if you can, have alternatives ready.
  • Do not argue. Work towards negotiating solutions to the issues in dispute. Remember, after the agreement is finalised you’ll still be working together.
  • Task C

    Financial Specialist

    Delegation of Responsibilities

    Data Collection and Management

  • Meetings – I can use meetings to discuss and communicate any changes in the budgeting plan, or any new information that needs to be announced. Meetings are effective because the company can make sure that all attendees understand the changes or new information.
  • Emails – emails should also be done, additionally with meetings. The emails can be electronic copies for the staff to hold and read whenever they have forgotten a detail or key piece of information about the change. Emails are effective, because they are free and instant. One downfall is that it is common for many emails to be forgotten or unread.
  • Notice Boards – notice boards are good for workers that want to check for any notices or announcements in the workplace. Notice boards are not as effective, because they are not read by every person.
  • Interviews – Using interviews are similar to meetings, however interviews are much smaller. Usually interviews, will only have…
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    BSBFIM601 Assessment -1 (1)
    Last updated: Jan 2022

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