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Three functions of a business: everything you need to know
Check out these three functions of a business that will lead to your success
In this programme we discuss the importance of a well constructed business plan, visiting the three main components; the operations plan, the marketing plan, and the financial plan. Speaking to two successful small business owners, we discuss how they constantly refer to their business plan, and the role it played in their business success.
Use the attached templates to identify the strengths, weaknesses, opportunities & threats for your business.
Identify actual businesses at different stages in the business life cycle.
Stages of the business cycle – Establishment, – Growth, – Maturity, – Post-maturity
Business.gov.au
This lesson on Marketing strategy introduces the concept of the Marketing Mix, and the 4 Ps of marketing.
In this video, we'll look at the three financial controls used to monitor a businesses financial performance: the balance sheet, income statement and cash flow statement.
Business.gov.au
Use the SMART criteria to help focus your efforts and increase the chances of achieving your goal.
Business.gov.au
References
365 Careers. (2017, July 4). The Marketing Mix - The dynamic nature of the 4 P's [Video]. YouTube. https://youtu.be/JNiRYFM8XG0
Atomi. (2021, March 31). HSC Business Studies: Financial Statements [Video]. YouTube. https://youtu.be/af7FsqE2JAM
Business.gov.au. (n.d.). Types of Business Structures. https://business.gov.au/planning/business-structures-and-types/business-structures
Business.gov.au. (2021, August 5). Set goals for your business. https://business.gov.au/planning/business-plans/set-goals-for-your-business
Business Victoria. (n.d.). Create your business vision statement. https://business.vic.gov.au/business-information/start-a-business/create-your-business-vision-statement
Chukwujama, C. (2018, December 1). A Guide to the HR Lifecycle. LinkedIn. https://www.linkedin.com/pulse/guide-hr-lifecycle-chuma-chukwujama/
HSC Study Lab. (2017, Feb 23). Y11 Business Studies: Stages of a business' life cycle [Video]. YouTube. https://youtu.be/rE5jqvzEst8
Upcounsel.com.(2023). Three Functions of a Business: Everything You Need to Know. https://www.upcounsel.com/three-functions-of-a-business
SlideModel.com. (n.d.). Free Smart Goals Powerpoint Template. https://slidemodel.com/free-powerpoint-templates/free-smart-goals-powerpoint-template/
TemplateLAB. (n.d.). 26 Powerful SWOT Analysis Templates & Examples. https://templatelab.com/swot-analysis-templates/#google_vignette
VEA (Production Company). (2009). Small Business Management : The Business Plan [Video]. ClickView. https://clickv.ie/w/Jgft
Image Credits
Firmbee.com. (2015). Crunching the numbers [Photograph]. Unsplash. https://unsplash.com/photos/jrh5lAq-mIs
Putra, N. (2016). Vintage coffee shop counter [Photograph]. Unsplash. https://unsplash.com/photos/Kwdp-0pok-I
Winger, A. (2019). Hair Stylists having fun [Photograph]. Unsplash. https://unsplash.com/photos/WXmHwPcFamo