Business Revision Essay Example

with personal goals - particularly for small businesses - which often include a desire for higher income and greater financial security.

Small businesses in Australia play a crucial role in the economy, and their contribution aligns with the business objectives of growth and diversification. While personal goals of business owners are often kept private, they remain significant as they drive motivation and sustain the viability of the organization.

The economy's purpose is to determine production output, methods, and allocation of products. Resource availability impacts production output while our abilities and available tools shape production methods. The question of who receives what refers to distribution. Small businesses are crucial as they create employment opportunities and generate taxation revenue for economic stability. These employed Australians use their wages to purchase goods and services that support enterprises, creating more job prospects.

Small businesses are crucial for economic growth and export earnings. Economic growth is defined as the rise in value of commodities and services over time, while GDP represents the overall market value of all final products produced within a country during a specific period. Additionally, small businesses contribute significantly to exports by selling their goods and services abroad. In 2008-09, small businesses exported 16,416 items worth $1.0 billion.

The internal environment, or micro environment, of a business is comprised of factors that can affect its performance. This falls within the larger business environment and encompasses both internal and external influences. The external environment consists of uncontrollable elements while the controllable elements are part of the internal environment.

The internal environment of a business comprises two main categories, namely micro and macro. The former includes elements that originate from individuals within the company,

such as employees who are considered essential assets.

To attain optimal productivity, companies must hire and choose appropriate staff members, as well as create a workplace that enhances employee contentment. Moreover, adept leadership is essential for business triumph since the proficiency and knowledge of the management crew mainly ascertain whether the company goals will be accomplished by properly coordinating resources.

By adopting a management style that encourages employee participation and delegation of authority, self-managing teams can be created and employees can be empowered. Ultimately, this approach leads to an increase in productivity.

The beliefs, values, expectations, attitudes, and behaviors of a business's people create its organizational culture or corporate culture. In addition to these factors, company policies - including those related to complaints - provide employees with general guidance for making important decisions such as disciplining colleagues or giving promotions and compensation.

Corporate culture pertains to a set of unspoken or informal regulations that establish customary conduct, whereas policy provides an overall framework to aid workers in dealing with routine circumstances.