Influences in Establishing Small to Medium Enterprise

Advisory service

• Professional advice and guidance offered to individuals or organizations, often in a specialized field.

• A type of service that provides entertainment and leisure activities.

• A service that focuses on financial transactions and investments.

• A platform for social networking and community engagement.

Inventory management systems

• Software and processes used to track and control the flow of goods from suppliers to customers.

• A method for calculating employee salaries and wages.

• A system for managing customer relationships and sales data.

• A tool for designing and developing marketing strategies.

Business activity statement (BAS)

• A form lodged with the Australian Taxation Office (ATO) to report and pay tax obligations, including GST, PAYG withholding, PAYG instalments, and FBT instalments.

• A document used by businesses to apply for tax refunds from the ATO.

• A report submitted annually to the ATO summarizing a business's financial performance.

• A form required for businesses to register for an Australian Business Number (ABN).

What Is a Smart Goal

• S – Specific, M – Measurable, A – Achievable, R – Realistic, T – Timely

• S – Simple, M – Manageable, A – Ambitious, R – Relevant, T – Tangible

• S – Specific, M – Measurable, A – Attainable, R – Reasonable, T – Timed

• S – Specific, M – Meaningful, A – Achievable, R – Realistic, T – Timely

Dividend

• A portion of a company's profits distributed to its shareholders.

• A type of investment that guarantees returns.

• A tax imposed on corporate profits.

• A financial statement showing a company's performance.

Business network:

• A group of unrelated individuals who do not share information.

• A system of interconnected individuals or organizations that exchange information, contacts, and support for mutual benefit.

• A collection of businesses that operate independently without collaboration.

• A network of competitors who avoid sharing any resources.

Wage

• A type of investment income earned from stocks.

• A regular payment made by an employer to an employee for work, typically on a daily or weekly basis.

• A one-time payment for freelance work or contract jobs.

• A bonus given to employees for exceptional performance.

Intrinsic qualities

• Inherent or essential characteristics of something, not dependent on external factors.

• Characteristics that are influenced by external factors.

• Superficial traits that can change over time.

• Qualities that are only relevant in specific contexts.

High value added goods

• Products that are mass-produced and sold at low prices.

• Products or services that command a higher price due to their unique features, quality, innovation, or specialized production.

• Products that are only available in limited quantities.

• Products that have no significant market demand.

Non-core business functions

• Activities or departments within an organization that are not central to its primary mission or competitive advantage.

• Essential activities that drive the main revenue of a business.

• Key departments that enhance competitive advantage.

• Functions that are critical for daily operations.