Business BBI101/201
Culminating task
Unit #2 Accounting
Income statements and balance sheets
Income statements
First you list the place the income statement is made for then you write income statement to show that it is an income statement next you list the time period the income statement is for then list your revenue and put all your individual earnings under that put your total revenue after that you list your expenses list all your expenses individually after that you list your total expenses the last thing should be your net income which is revenue plus gains minus expenses plus loses.
Income statements is a key financial statement
that informs anyone who reads it what the company
is spending what its earning and if the company is making a profit or not over a specific period of time.
Balance sheets
pick balance sheet date then list all you assets after that add al your assets to find the total assets then determine all your liabilities add them all up to find the total liabilities then find the owners equity by doing Assets-Liabilities =Owners Equity then do Assets= Liabilities +OE to find the total liabilities plus owners equity and you put that at the very bottom of the balance sheet
A balance sheet is very important
it shows the finical position at any one point in time
Unit #2 Leadership
Leadership is a key piece to a business whether
you take the role of being a leader or not it is important to know what the job of a leader is.
HR/human recourse department
HR has many very important jobs one of them being hiring employees I think it obvious why this is such an important job HR is required to fill vacant position, advertising to find people with the qualifications to fill those positions.
HR also has the responsibility to train employees to make sure the person hired is prepared to so the job they are hired for. They are also in charge of providing training for managers and other employees in the company they also are responsible for making sure they keep and maintain records of all training done.
motivation is a big part of a leaders job its one of the most important things in the work place without motivation there are many negative things that result from lack of or zero motivation things like more people sick people not coming into work/being absent being late low quality of work lack of communication and just a bad overall work environment
Why do people become demotivated this is something that a leader needs to know so they can make sure they are doing their job properly and making the workplace a healthy environment for everyone. Here are some reasons people might become demotivated.
1.Lack of recognition-make sure as a leader you are giving people credit for there work if you do not people can become very discouraged why would someone work really hard go above and beyond if no one notices them.
2.Boredom- Boredom is a big issue it can make people very lazy and can cause a lack of quality work you should encourage training and also encourage people to think about what they are doing and why they are doing the job they are doing.
3.Not being listened to- you need to make sure you are listening to you employs to their requests and anything else they have to say to you if you cant meet a request try to explain why you to make sure you treat your employees as individuals.
4..Criticism- criticism is a good thing but you have to make sure you approach criticism carefully because people can take offence and make people very discouraged.
5.Too much work-this is pretty straight forward to much work can kill anyone's motivation and its easy to see why.
Subtopic
There are many things a leader can do to prevent workers having a lack of motivation.
- 1.Paying people enough plus things such as employ of the month incentives to make workers go above and beyond.
- 2.Teating people well such as showing respect and giving out responsibility having clear communication and getting to know people.
- 3.Work should also be interesting give employs a challenge offer training and encourage employees to think for themselves so they can work properly efficiently and with high quality.
Unit #3 Personal Finance
is needed for life if you are not
managing your personal finances
you may not have money for retirement
or many incase an emergency happens.
Banking
Banking is very important there are many questions about banking where should I bank is a big question most people bank with where there parents bank but it is important to go look at a bank that fits you many banks exist and they each offer different thing some banks might offer something you value that another bank does not and it will be worth it for you to look to see what bank fits you best. There is also the question of where should you put your money the two main places are a Saving accounts – that allow you to set money aside
for emergencies, save for a large purchase or
build funds for your education – while keeping
your money readily accessible.
Chequing accounts – for money that you plan to use for day to day spending or to pay bills
there are also many other places to store your money and it important for you to do your research and find what give you the most benefits.
Saving
There are many reasons to save
1.Safety there are many things that can go wrong in life that you do not expect and saving is one way to make sure if something happens you can support yourself and anyone else you are responsible for having savings can also just give you peace of mind
2.Goals any goal you want to meet will most likely cost money and savings will help with those cost a lot
3.Pleasure go traveling having fun is something everyone wants and money can help you with that
4.Helping people it does not matter who maybe some random charity maybe someone you know falls one hard times maybe you want to pay for your Childs education savings will be 100% needed to do things in life.
Income Management
It is very important to manage your income you should know how much you make and where all your money is going so you can save efficiently and know what you can afford to spend your money to have an entertaining and fun life yet also a livable one. To do this it is very important to budget less then half of Canadian's budget that is crazy budgeting helps you do so many things like not falling into dept. and having savings if something bad happens or just for retirement
Unit #2 Marketing
Marketing is a super important the
four P's describe marketing well product,
price, promotion, place these four P's tell you the most important and basic parts of marketing.
AIDA formula/The selling formula
Attention/Awareness
Interest
Desire
Action
these are the four steps to follow to get consumers to buy you product 1.You need to grab the consumers attention 2. Once you have the attention of a consumer you then need them to take an interest in your product 3. while you the consumer is taking an interest 4. you need to appeal to the consumers desire you have to inform them what you can offer them most commonly done by appealing to their needs and wants 4. Finally after you have the consumers interest ad you have something that appeals to their needs or wants you can take action and be very clear about what you want and what you are offering.
Ethics in marketing (Principles that define ACCEPTABLE BEHAVIOUR / CONDUCT in marketing)
This means not knowingly doing harm being honest products and/or services are safe and telling all consumers and clients risks involved with the products and/or services.
Branding is super important because not only is it what makes a memorable impression on consumers but it allows you to build a reputation that your customers and clients can rely on It is also a way of distinguishing yourself from the competitors and displaying what it is you offer that makes you the better choice.
advertising is essential in make your brand selling and having a successful business its a big part of promotion how does a consumer find you a big way that happens is though advertising its how you find new costumers and bring your company to the publics attention.
When advertising you must also think about your target audience when you make a Lego set there target is obviously kids so they would change their advertisement to look interesting fun and cool to kids while to adults it my look useless it does not matter because it is no for them.
You also have to keep in mind the two C's the competition and consumers competition is very good for consumers it will bring down prices more of a selection product improvements and technological advancements there is also two types of competition there is direct competition like Apple versus Android, Pepsi versus Coca-Cola, and Netflix versus Hulu there is also indirect competition like an entertainment and there is also indirect competition every business is in competition with every other business for the money of consumers.
slogans are a big thing for a business if done excellently it can be something that defines a company its a catchy phrase that is 7 words or less and it something that instantly make you thank of that company.
