Description

Understanding Business

The term Business refers to any organisational or enterprising entity engaging in commercial, industrial, or professional activities. Their purpose is to engage in economic production of goods and services with the intention of generating revenues. Businesses may take the form of a sole proprietorship, partnership, corporation, or nonprofit organisation. The activities involved in business seek to generate profits by producing and selling items and services.

Prior to performing any business activities, organisations need to create a comprehensive business plan that outlines the company';s objectives and plans on how these aims will be accomplished. If the company needs to borrow money in order to start operations, this plan is absolutely essential. Additionally, it is important for business owners to recognise which legal structure best suits their organisation's needs as registration and licensing requirements vary depending on the jurisdiction.

Businesses generally aim to generate a return on investment, usually known as for-profit. In contrast, some organisations that are devoted to a certain cause without any expectation of financial reward are referred to as non-profit or not-for-profit. These may take the form of charities, arts, culture, education, recreation, political and advocacy groups or social services organisations. The exchange of goods and services is a fundamental element of business activity. This can occur in a physical location, online or on the street. Anyone engaging in a business venture that results in financial gain must report the income to the Internal Revenue Service.

About this course

•  Training Provider: OHS.com.au
•  Location: Online
•  Course length: Varies average 20 minutes
•  Time: Self-paced
•  Certification / Accreditation: Certificate of Completion

Background – Types of Businesses
Organising and structuring a business depends on its size and the needs of its owners. The most common types of business entities include sole proprietorships, partnerships and corporations.

Sole proprietorship - A sole proprietorship is owned by a single person who has complete control and liability for the funds put forward by the business.

Partnership - Partnerships provide more legal protection than sole proprietorships but require two or more owners to act in consensus when making decisions regarding the company, as well as balancing income sharing with losses each year during tax season.

Corporations - Corporations are entirely separate from its investors and offer some of the strongest asset protection in terms of liabilities.

Limited Liability Companies - Limited Liability Companies (LLCs) provide an appealing business model by combining the flexibility of a partnership with the limited liability of a corporation, thus allowing pass-through taxation benefits.

In order to launch a successful business, one must take multiple steps. It is essential to research the target market, author a comprehensive business plan, acquire capital or alternative forms of financing, identify a suitable business site and type of structure, decide on an appropriate business name, file registration documents, obtain the necessary tax documents, and secure necessary permits and licenses. In addition, it is wise to open a bank account with a financial institution for everyday banking purposes.

Course Outline
OHS’s Understand Business training course is a perfect choice for those looking to build their knowledge of business management, marketing and digital technology, as well as gaining essential future-focussed skills such as entrepreneurship and innovation. The training course offers you a set of highly sought-after skills essential for achieving success and advancing as a business owner in today's business world.

You'll gain the fundamental frameworks and management skills needed to identify and seize opportunities, without constraint by any industry.

Learning Outcomes

•  Document and maintain currency of contact details.
•  Participate in, and contribute to, team activities to provide services to business   customers.
•  Identify and build external relationships to improve supply chain efficiency.
•  Maintain business customer contact according to organisational policies and   procedures.
•  Identify business customer needs.
•  Confirm the mechanisms to identify business customer needs.
•  Consult relevant customer contacts to review their business needs.
•  Review current business and promotional activities, and determine future needs   for     individual  customers.

•  Outline and confirm trading terms for specific business customers.
•  Confirm and apply organisational pricing policies and   procedures.
•  Process information about business using the latest forecasts of current and   future   trends.
•  Improve business customer outcomes and business relationships.
•  Report, promote and advocate for the needs of business customers and end   consumers   within the organisation.

•  Identify and use quality assurance and compliance procedures to qualify and   quantify   business customer needs.

•  Identify and discuss ideas about improving sales service and performance with     colleagues and customers

•  Ensure the standards of quality required to meet business customer service   needs and   expectations are met.

•  Recognise deficiencies in service provided to business customers and rectify to   customer satisfaction in line with own level of responsibility.

•  Anticipate future needs of business customers and plan and document activities   accordingly.
•  Provide regular, effective and targeted feedback to business customers   regarding   service and the value that is provided.