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BUSINESS MANAGEMENT & ACCOUNTING BASICS(CYBER) - Coggle Diagram
BUSINESS MANAGEMENT & ACCOUNTING BASICS(CYBER)
Manager task in a business
-> Planning
. Formulating company's policy
. procedure to ensure the attainment of business mission, objective and how to achieve them
. determine his business mission, objective and create a strategy.
Element of planning
Budget
Strategy
Mission
Program
Importance
Emphasizes the achievement of goals
Facilitate the evaluation
Reduce risks
Identify opportunities and threats
-> Organizing
dividing the jobs an task among departments sections
Managers are responsible for organizing people and resources.
Importance
-> Division of labor
-> Collect duties
-> Determination of work
-> Coordinate work
-> Leading
Getting the job done through other people.
Assigning of jobs and responsibilities
Importance
Delegate task
Facilitate communication
Motivate employees
Coordinate tasks
Motivating employees
Providing and receiving feedback
to motivate and lead the workers, managers needs to develop interpersonal and good communication
-> Controling
ensure all the activities in a right track in achieving the goals
Importance
-> Accuracy of information
-> Punctuality
Avoiding mistakes
Reasonable criteria
Actions
managers need to share information with his of her employees which built the trust and feeling of involvement.
Five(5) forms of business ownership
Sole Proprietorship
simplest business structure may have number of employees
requires a small amount of capital and only Malaysian can register as an owner
ex:- tailors, saloon, restaurants
Partnership
business entity with 2 or more partners but != 20
partners carry out the business,share capital, profits and losses
Type of partners
Active partners:
participate in all the operations and contribute capital, share the profits of the business.
Dormant partners:
They known as sleeping partners. Only contribute capital and share profits.
Nominal partners:
They don't have any interest in the business. They do not invest any capital, or share profits.
Minor as a partner:
partner with certain condition. can only share the profit of the business. if there is any loss his liability is limited to the extend
Limited liability partnership
Private limited company
cannot sell shares to the public
limited to 50 members
minimum paid-up capital of only RM2 id needed
Public limited company
selling shares to the public
have no member limit
paid up capital of not less than RM40-60 Mil
Starting up a business
Buying an existing business
Running a franchise
right granted to an individual or group tp market a company's goods or services
Establishing a new business
-> Need to have business environment
-
-> Understand how to manage financial Business
-
-> Business laws/procedure
Disadvantage
High commitment
High risk
Delayed profitability
Limited financing