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123 Childcare Centre is a business operating as a partnership - VCE - SSCE Business Management - Question 1 - 2018 - Paper 1
Question 1
123 Childcare Centre is a business operating as a partnership. It provides childcare services for children aged five and under. Mary Kidd, one of the partners at the... show full transcript
Worked Solution & Example Answer:123 Childcare Centre is a business operating as a partnership - VCE - SSCE Business Management - Question 1 - 2018 - Paper 1
Step 1
Define the term 'partnership' as a type of business.
Answer
A partnership is a legal business structure where two or more individuals combine their resources, skills, and capital to operate a business together. In a partnership, each partner shares the profits, losses, and responsibilities of the business, with decisions typically made collectively. Importantly, partners are personally liable for any debts incurred by the business, meaning that their personal assets can be at risk.
Step 2
Describe a business objective (other than 'to make a profit') that would be relevant to 123 Childcare Centre.
Answer
One relevant business objective for 123 Childcare Centre could be to 'increase employee satisfaction and retention.' This objective would address the current issues of low motivation and high staff turnover. By focusing on employee wellbeing, Mary could implement strategies such as flexible working hours, team-building activities, and professional development opportunities to create a more supportive work environment.