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“Taking the fast lane to success” is a goal of a business called Spatial Internet - HSC - SSCE Business Studies - Question 26 - 2001 - Paper 1
Question 26
“Taking the fast lane to success” is a goal of a business called Spatial Internet. This information technology business has been operating as a partnership for two y... show full transcript
Worked Solution & Example Answer:“Taking the fast lane to success” is a goal of a business called Spatial Internet - HSC - SSCE Business Studies - Question 26 - 2001 - Paper 1
Step 1
Options for Funding Expansion into E-Commerce
Answer
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Owner’s Equity: The business can use its retained profits or seek additional investments from owners or stakeholders to fund expansion.
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Debt Financing: Options such as loans can provide the necessary capital. This could include short-term loans for immediate needs or long-term loans for extended growth.
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Leasing: The business can lease equipment and technology, which reduces upfront costs while still acquiring necessary resources.
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Venture Capital: Engaging with venture capitalists can provide significant funding in exchange for equity, which can be beneficial if the business presents a solid growth potential.
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Grants: Researching local government or related organizations for grants designed for technology businesses can provide funding without the obligation of repayment.
Step 2
Strategies for Managing Employment Relations and Social Responsibility
Answer
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SWOT Analysis: Conducting a SWOT analysis to identify strengths, weaknesses, opportunities, and threats can help in understanding the internal dynamics and external environment affecting employment relations.
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Flexible Work Arrangements: To retain young, mobile staff, implementing flexible work arrangements or remote work options will enhance job satisfaction and loyalty.
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Effective Communication: Establishing clear communication channels will ensure that employees feel valued and informed, fostering an environment of trust and engagement.
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Cultural Sensitivity: Providing training in cultural sensitivity will help manage a diverse workforce, encouraging respect and inclusivity amongst employees.
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Corporate Social Responsibility (CSR): Developing CSR initiatives that align with e-commerce, such as sustainable practices or community engagement, will improve company image and employee morale.