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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 business structure where two or more individuals combine their resources, skills, and knowledge to operate a business together. In a partnership, all partners share the responsibilities, profits, and losses of the business. Importantly, partnerships can include up to 20 individuals, and crucially, they operate under mutual agreement, meaning that partners have shared decision-making power and are jointly liable for the business's obligations.
Step 2
Describe a business objective (other than 'to make a profit') that would be relevant to 123 Childcare Centre.
Answer
A pertinent business objective for 123 Childcare Centre could be to 'increase employee satisfaction and retention.' This goal is relevant because addressing the issues of employee motivation and long working hours may lead to reduced staff turnover. By focusing on employee satisfaction, Mary Kidd can create a more stable workforce, enhance the quality of childcare provided, and ultimately fulfill the demand for reliable childcare services in her local area.