Unit 2: Investigating Business
Part B: Managing Business Activities
For this part of your assignment you need to produce the following.
An explanation of how the business will manage its activities, including the human, physical and financial resources needed and an analysis of how the business will manage these to provide a quality output.
In order to explain how you will manage your activities you will need to make sure you know what activities you will be undertaking.
You will need to start with an explanation of what resources you are going to need to complete your business activity.
Make sure you include commentary on the following.
1. Human resources –
• The number and skill levels of the staff required.
• How you will obtain these staff? (Are there enough people available?)
• How will you make sure that they have the skills you require?
• Will training be required?
• What wage level will you pay?
• Are there any legal issues to consider? (Minimum wage, Age limits, Health and safety, Discrimination Laws, keeping payroll records, written terms and conditions of employment, employer’s liability insurance.)
2. Physical resources –
These include premises, machinery and equipment, materials and other stocks.
• Where will you work from – home or shop premises?
• Buy or rent?
• Are there any legal issues? (planning permission, licences, environmental restrictions.)
• What insurance will you need? (Fire, Theft, Business interruption cover)
• What equipment will you need?
• How much will your equipment cost? When will you need it? Lease or Buy?
• Who will be supplying your stock?
• How much will your stock cost?
• How can you ensure the quality? (both of stock arriving and when it is sold)
3. Financial resources –
How much money will you need to set the business up? (start-up costs)
Where is this money going to come from?