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BusMan U3AOS1 (Types of Businesses (Public Listed Companies (listed on…
BusMan U3AOS1
Types of Businesses
Public Listed Companies
listed on stock exchange, unlimited owners, limited liability, obligated to share information
Social Enterprise
profit is not driving objective, led by economic, social, cultural or environmental issues
Private Limited Companies
2-50 shareholders, limited liability, shares are only traded with permission of other shareholders, seperate legal entity
Partnership
2-20 owners, unlimited liability, shared control and management, requires strong relationships
Sole Trader
one owner, unlimited liability, one person has full control over everything
Government Business Enterprises
public sector, company model, owned by government, profit motive
Management Skills (CLIPDD)
Interpersonal
Skills used in the interaction and communication individually and in groups. e.g. empathetic, team player, honest, respectful
Planning
Involves the prior thinking that goes into considering how best to achieve an objective
Leading
Guiding workers towards achieving business objectives
Delegation
Formal authority is passed down the hierarchy, decisions are made bu those with less authority
Communication
Process of creating and exchanging information between people
Decision-making
Multi-step approach whereby a selection is made from a range of alternatives, a systematic process is used
Management Styles
Consultative
Managers consult employees but still make the final decision, two-way communication
Participative
Decentralised approach, decisions are made by the team, not the manager, two-way communication
Persuasive
Persuade workers on decision made, top-down communication, centralised approach
Laissez-faire
Decision-making is left to the employees, usually found in areas where employees are highly educated or in creative industries
Autocratic
Centralised decision-making, in control and retain authority, top-down communication
Business Objectives
To meet a market need
To meet a social need
To increase market share
To meet shareholder expectations
To make a profit
Areas of Management Responsibility (SHOFT)
Operations
Managing the production of goods and services, minimum input for maximum output
Finance
Managing the monetary side of the business, including; budgets, cash flow, record keeping, provide date and measurement tools
Human Resources
Manage the relationship between employees and the business
Technology Support
Business using the most effective technology in the most efficient way to add value to its processes and output
Sales and Marketing
Marketing: creating relationships with more customers
Sales: maintaining the current customer base
All about HOW information is given out, messages need to be current and up-to-date
Corporate Culture
Official Corporate Culture
Perception of general public, what is in offical documents
Real Corporate Culture
What actually prevails between employees and customers
Shared values and beliefs of a business
Strategies for Development
Change management structure/style, leading by example, training, discussions about policies, opportunities for socialising and team building
Stakeholders
Anybody with a vested interest in the business
Examples: owners, managers, trade unions, customer, employees, creditors, suppliers, community, government, competitors
Corporate Social Responsibility
Involves a business acting above and beyond its legal obligations to make environmental, social and economic considerations about their business activities and operations