Legal Contracts, GST, Financial Management, Industry Trends And Risk Management In Australia

Legal Contracts in Business World

a. What are the contractual requirements of a business entering into a legal binding?

b. What are the goods and services tax (GST) implications for the business?

a. In this present dynamic business world, contracts are found to be legally binding as well as pervade every aspect of business and personal lives. In order to operate a business smoothly and efficiently, it is important to comply with specific contracts while dealing with contractors, employees, vendors, banks, commercial landlords, insurance companies, and others (Smallbusiness, 2022). Contracts are found to play a significant role in business as it highlights the expectations of the involved parties, protect them in case those expectations have not been met and set the price for the specific services that will be provided. A business that is willing to enter into a legal binding is needed to consider the following contractual requirements to minimise contract litigation and disputes.

• Legal purpose
• Offer as well as acceptance
• Mutual assent
• Capable parties
• Consideration

b. In Australia, Goods and services tax (GST) refers to the 10% tax on most of the services, goods, and different other items that are being consumed or sold within the country. If an organisation or business is found to be registered for the GST guidelines, they need to collect additional amounts from the target customers. On the other hand, it is identified that businesses in Australia are required to comply or register for the GST in case the business has a GST turnover of about $75,000 or a non-profit business has a GST turnover of $150,000 or more respectively (Business, 2022). It can be mentioned that businesses that are registered with GST tax can bring advantages to businesses in terms of eliminating cascading effects of the tax, and improving the logistic efficiency. GST is found to have centralised registration aspects that help to start a new business easily in different states by eliminating the additional procedural fees required for different tax guidelines in different states.

a. What are the taxation requirements that you must adhere to while performing a business’s financial management operations?

b. Explain the following financial management processes.

i) Capital structure management
ii) Working capital management

a. Financial management operations or FMO plays a significant role for any business entity by assisting them in the appropriate allocation and use of funds that lead to the improvement of the operational performance of an organisation. Following are the tax requirements that businesses operating in Australia require to adhere in the context of FMO.

• Tax deduction
• Minimal tax rate for company
• PAYG (Pay As You Go) instalments (Liston, 2020)
• Instant write-off cost
• Start-up deduction
• Capital gains
• Fringe benefits

The capital structure of a business is considered as a combination of different organisational funding sources. Most of the business entities are found to be funded by a combination of equity and debt, including short and long-term debt, common stock share number, as well as preferred stock shares respectively. In this regard, Capital Structure management (CSM) aims to protect ongoing operational activities of the business to ensure flexible exposure to the credit market as well as to secure affecting funding in the context of competitive rate (Moussa and Elgiziry, 2019).

Working capital management (WCM) is considered as the systematic strategic approach of business established to ensure that an organisation executes all its operations efficiently and accurately by utilising and monitoring its present liabilities and assets to their best use (Chalmers et al. 2020). Effective WCM practices help businesses to flourish their growth by eliminating cash flow issues that can negatively influence upon the financial position of a business.

In this present fast changing, dynamic and competitive business environment, analysis of industry practices and trends plays a crucial role to improve business performance by identifying ongoing performance and future probable business opportunities. Analysing industry trends allows businesses to make informed and optimal business decisions to enhance their chance of accomplishing long-term business strategic goals. Before initiating or introducing any products or services to the target market, business entities need to determine the relevance of the industry trends along with the practices in the context of strategic organisational direction (George et al. 2019). In order to analyse the industry trends along with practices, the following sources and steps can be considered.

• Social media: In this present digital era, social media can be considered as one of the effective tools or sources for obtaining detailed information about the industry trends and practices within which an organisation is or is willing to operate. Thus, establishing a strong presence on social media can be considered as one of the effective ways to gain valuable insight into the industry trends accurately.
• Digital Tools: Digital tools such as Google Trends, Key Planner, digital advertising campaigns, and different other digital analytic tools can be utilised to identify industry practices and trends.
• Competitor’s observation and customer perceptions: Market position of potential customers along with demand or expectation of customers from specific brands or products can be another systematic process to determine industry practices and trends.

GST Compliance Requirements in Australia

a. What is strategic risk management?

b. Explain the following risk management processes.
a) Quantitative risk analysis
b) Decision tree

a. Strategic risk management is considered as the systematic process to mitigate, quantify, and identify any type of risk that influences or is intrinsic to an organisation’s strategy, strategy execution, and strategic objectives. As mentioned by de Araújo Lima et al. (2020), having a systematic and accurate risk management approach helps companies to manage risks such as changes in consumers’ preferences and their demands that directly influence business operations in terms of accomplishing strategic goals and objectives. Strategic risk management also assists organisations to identify potential risks along with their implication for ongoing and future business performance and provides necessary actions that business requires to incorporate to mitigate those risks efficiently.

b. Quantitative Risk Analysis: Quantitative risk analysis is found to be an evidence-based approach that mainly assigns numerical values to identified risks, in accordance with the quantifiable data such as completion time, costs, workers’ sick days, logistics, and others. Nabawy and Khodeir (2020) mentioned that quantitative risk analysis helps project managers or business leaders to perform numerical estimation of overall risk effect on the predefined business or project objectives such as schedule and costs objectives respectively. This approach helps to make optimal business decisions by analysing the likelihood of the probable risks to business performance.

Decision tree: Decision tree can be considered as the risk analysis tool that has the potential to aid business leaders or project managers to ensure the appropriate outcome of a specific identified issue. It is found to be a tree-like approach within which each of the branches signifies possible events and decisions. Application of this approach in risk analysis also serves as beneficial to generate optimal decisions to mitigate the negative consequence of an issue to business performance (Surucu-Balci et al. 2020).

In this competitive business environment, business leaders, or managers are required to perform continuous internal analysis in relation to their existing operational and functional activities. Benzaghta et al. (2021) in this regard underlines that by analysing internal strengths and weaknesses, an organisation can determine their improvement areas in accordance to which they can develop a strategic approach to grab future portable opportunities by eliminating potential business risks. In this regard, SWOT (Strength, Weakness, Opportunity, and Threats) analysis can be considered as one of the strategic tools that can be utilised by business entities. SWOT analysis helps businesses to obtain visibility and valuable insight into their ongoing market position, which in turn helps them to measure their performance accurately. Strategic business goals can easily be accomplished by performing SWOT analysis in a systematic and accurate manner. Before implementing any new business strategy, or product into the target market, performing a SWOT analysis helps businesses to determine whether the proposed strategic approach will bring advantages or add value to the organisational growth and prosperity accurately (Maulina and Raharja, 2018).

Following are the systematic methods that an organisation requires to adhere while performing SWOT analysis.

• Determining the objectives of the SWOT analysis
• Research on the market, industry, and business accurately
• Determination of the organisational strength
• Underline organisational weaknesses
• Perceive potential business opportunities
• Identify potential threats to business
• Establishment of priorities based on the information obtained through SWOT analysis
• Development of a strategic approach to address the issues or challenges identified in SWOT analysis

Tax Requirements for Financial Management Operations

In this competitive business environment, business entities irrespective of their size are needed to analyse the external factors that can directly influence their ongoing and future organisational performance either in positive or in a negative manner. Macro-environmental analysis is considered as the strategic management operations of an organisation that helps them to identify and analyse potential external hazards and opportunities that might influence business performance (Vázquez et al. 2018). For example, in most cases, it is identified that business managers, marketers, or business leaders perform macro-environmental analysis in order to identify the external factors that might change in the future, or can bring opportunities or threats to the business. In this regard, PEST (Political, Economic, Social, and Technology) analysis can be used as a strategic tool for businesses to identify business opportunities or threats based on the different external factors.

The methods or approaches that are required to be considered while performing PEST analysis are underlined below.

• Identify the needs for conducting PEST analysis
• Identification of political factors
• Determination of economic factors
• Analysing social factors
• Identification of technology factors
• Identify the opportunities based on the information obtained through PEST analysis
• Identify the threats highlighted in the PEST analysis
• Determine and develop strategic approach to undertake required action to address the threats in PEST analysis

a. What are strategic and operational planning processes? 

b. Explain the major points of difference between strategic planning processes and operational planning processes.

a. Strategic and operational planning processes: Strategic planning is considered as the systematic processes within which leaders of an organisation define its future vision along with identify organisational strategic objectives and goals. As mentioned by Teixeira and Junior (2019), with the help of strategic planning, an organisation can strengthen its operational efficiency and maximise market profitability. Operational planning on the other hand signifies a systematic approach to plan strategic objectives and goals into technical objectives and goals. Operational planning illustrates the way an organisation can drive success and market profitability. It is identified that operational planning helps an organisation to make optimal business decisions by improving the efficiency of budget and sales forecasting.

The following table underlines the differences between the operational and strategic planning processes.

Differential factor	Strategic planning	Operational planning
Time frame	Strategic plan underlines organisational mission and business goals that require to be accomplished in the future	Operational plan emphasis upon short-term business objectives and focus on day-to-day departmental operations
Management	Strategic planning is found to be executed by the top-level management of an organisation	Operational planning is found to be executed by the middle-level management
Scope	Strategic planning is found to be boarder scope that helps organisations to develop systematic roadmap for company as a whole	Operational planning is found to be associated with narrow scope as it emphasis upon specific organisational functional unit
Budget	Strategic planning is found to include overall organisational budget to generate an informed decision	Operational planning is found to be emphasised upon budget in relation to the departmental-level

Table 1: Differences between strategic and operational planning process

(Source: HARAPPA, 2021)

a. Discuss the five (5) best practices for global marketing.

b. What are the macro environment factors you should analyse to identify global environment trends and opportunities?

c. What are global environment/investment risk?

a. In the context of modern business, global marketing is found to play a crucial role in enhancing market opportunities and business prosperity. The five best practices in the context of global marketing are:

• Determining cultural differences: In order to establish organisational presence in the global market, companies require to understand the cultural differences across the host market (Gillespie and Swan, 2021). Understanding cultural differences in terms of language, lifestyle, consumers habits, preferences, and others, an organisation that is willing to expand internally can create content that attacks different international audiences.
• Collaboration with local suppliers and sale partners: This practice can be considered as effective for global marketing within the regions that do not depend on digital media campaigns. Marketing tie-ups with the local partners across the host market make it easier for businesses to accomplish global business goals and prosperity.
• Usage integrated marketing communication (IMC): IMC is found to be another appropriate and best approach in global marketing that helps to gain accessibility to larger audiences within a shorter time (Juska, 2021).
• Promotion and Event: Entertainment and sports events can be considered as one of the effective ways to market global brands. This helps to strengthen brand value and brand image efficiently, maximising the chance to gain profitability in the global market.
• Social media marketing: Social media marketing is considered as one of the most effective approaches in this present era to promote brands, products, or services in the international market (Curiel, 2020). Social media platforms such as Facebook, Instagram, Twitter, and others allow brands to reach and communicate with their potential customers effectively and promote their products or services accurately.

b. In order to identify opportunities and trends within the global environment, the macro-environmental factors that need to be considered are:

• Economic factor
• Political factor
• Technology factor
• Legal factor
• Social factor

c. Global or international investment is considered as the strategic approach to select options of global-based investment for specific brands. Following are the three specific global investment risks that business entities require to address while operating internationally.

• Risks related to internet rate
• Political risks
• Currency risks

a. How can you determine the current demands of organisation and global markets?

b. How can you use qualitative and quantitative methods for determining the future demands of organisation and global markets?

a. In this business environment, sustaining profitability and growth has become difficult due to the rise in market competition and dramatic changes in consumer demands. The methods that can be utilised to determine present demands of global market and organisation are:

• Consumer segmentation: In order to determine the demands of the global market and organisation, businesses need to identify the customer segments that are associated with commonly shared characteristics. For example, customer segmentation can serve as beneficial for businesses to determine their opportunities within the global market in accordance with which strategic decisions can be undertaken.
• Purchase Situational Analysis (PSA): PSA is found to be another effective method to reveal the opportunities of an organisation along with its demands in global markets. PSA helps to determine the purchase intention of consumers along with the purchase frequency that helps companies to determine the demands of their specific services within the global market (Victor et al. 2018).
• Indirect and direct competition analysis: Indirect and direct competition analysis helps companies to determine current business positions in relation to the market competition along with global trends. It also helps companies to analyse any type of substitution threats within the global market in accordance with which strategic approach can be incorporated.

Analysing Industry Trends

b. Qualitative methods help companies to perform market research and obtain a wide range of relevant information with the help of polling, questionnaire, and survey methods. On the other hand, qualitative methods involve the process of collecting information regarding a customer’s purchase intention based on close observation such as face-to-face interaction (Zohra Benhamida et al. 2021). For example, the context of forecasting future demands of global markets and organisations quantitatively includes methods such as Sales Force Opinion (SFO), Delphi Model, and Market Research respectively. On the other hand, in terms of the qualitative approach, methods such as Barometric, Econometric, and Trend Projection can be utilised to generate desired results for future business and global market predictions (Dabija et al. 2020).

Challenges	Strategies
Individuals resistance to change	Providing appropriate training can be considered a strategic approach to educate employees on organisational staff members on the value of organisational objectives and goals. Along with this, manager will be responsible for generating awareness about the need for specific changes for accomplishing organisational goals so that employees can clearly visualise their contribution towards meeting those predefined objectives
Inappropriate communication	Addition of suitable communication style and channel can be effective in terms of maintaining effective flow of information between employees and hierarchy eliminating the communication challenges
Lack of appropriate strategic direction	Proactive involvement of leaders in developing strategic planning and aligning it with organisational goals, mission, and vision will help to address these challenges accurately.
Cultural barriers	Employing diversity training can be construed as a strategic approach to addressing these issues.

Table 2: Challenges and strategies

(Souce: Created by the learner)

a. What is a strategic communication plan? What are the common objectives of a strategic communication plan?

b. How can you formulate communication processes that inform and support relevant team members?

a. Strategic communication plan refers to the systematic written plan highlighting the communication style that requires to be adhered to within a team to accomplish an organisation’s goals. Appropriate development of communication plans outlines the tactics and messages utilised to enhance employee engagement and their commitments toward driving business success by accomplishing business objectives. As mentioned by Macnamara and Gregory (2018), the communication plan ensures that relevant and required information shared regularly and equally at the workplace generates transparencies that improve employee morale as well. The common objectives that are being associated with strategic communication plan are:

• To determine the purpose and needs for developing communication plan
• To identify the target audiences for which the communication plan will be developed
• To determine the way message will be delivered to the target audiences (Tariq, 2021)
• To identify the situation within which the proposed communication plan will be executed
• To determine the responsible person for interacting with target audiences with the predefined communication plan

b. Methods that can be considered for formulating communication process are:

• Open meting
• Visual representation
• Establishment of receptive environment
• Face-to-face interaction

a. Explain the following strategic planning methodologies.

i) Balance scorecard
ii)Blue ocean strategy

b. Discuss the methods/steps for developing a strategic plan. 

i) Balance scorecard: Balanced Scorecard is considered as the performance metric in relation to the strategic management that helps business entities to improve and identify their internal operations to strengthen the external outcome (Mio et al. 2022). This method considers historical data based on which assists companies with appropriate feedback regarding the way they can make optimal decisions in the future.

ii) Blue ocean strategy: It is considered as the marketing theory concept in which an organisation enters within a target market that has no or minimal competition. This strategic approach helps business entities to uncover uncontested markets and protect companies to witness content market competition (Dvorak and Razova, 2018).

• Understand the need for developing strategic plan
• Determination of strategic organisational position
• Prioritising organisational objectives
• Research alternative ways to accomplish strategic objectives
• Development of supporting plan
• Manage and execution of the plan
• Revise and review of the development plan

a. What is a strategy map? What are the four (4) perspectives in a strategy map?

b. Explain the process to develop a strategy map.

a. Strategy map refers to the visual representations that highlight cause-and-effect as well as logical connection between the organisational strategic objectives. It is considered as one of the most effective aspects of the balanced scorecard methods because it is being utilised to communicate quickly about the way value is generated by a company (Moraga et al. 2020). The four perspectives associated with the strategy map are:

• Learning and growth
• Business processes
• Financial data
• Perspective of customers

• Determining organisational values, vision, and mission
• Defining four perspectives such as finance, customer, business process, and learning and growth
• Determining strategic goals (Barbosa et al. 2020)
• Determining business goals
• Illustrating the rationales for business goals
• Determining metrics
• Identifying initiatives
• Developing a draft strategic map

a. What are knowledge management systems?

Risk Management Processes with Quantitative Risk Analysis and Decision Tree

b. Explain the key features of knowledge management systems.

a. Knowledge management (KM) is defined as the process used to identify, accumulate, store, analyse, and share information valuable for an organisation’s effective performance. KM is usually captured by documenting daily organisational working procedures, methods used for solving problems within companies, frequently asked questions, and many others (Martins et al. 2019). Therefore, the tool or software that can be used to meet the purpose of KM is termed as knowledge management system. KM system records are kept updated based on events occurring within the organisation and distributed to internal and external audiences in a permissible manner. This is performed to maintain business transparency as well as keep employees and stakeholders aware of facts, processes, and events taking place within the organisation and this eventually helps in the decision-making process.

• Analysis and Reporting: Data is stored in the KM system in such a manner that it can be in the decision-making process by senior authorities. This includes recording financial data, non-financial transactions, performance indicators, and others. Other than this, the work quality of employees is noted to further help to improve their performance and productivity (Sobolewska and Bitkowska, 2020).
• Multi-device accessibility: KM systems can be accessed from different computing devices to make them user-friendly.
• Real-time knowledge gain: Knowledge is distributed among team members when each update about their work, discusses problems, and shares opinions. Hence, an integrated workplace can be realised and productivity can be increased with increase in knowledge sharing (Barley et al. 2018). 

a. Explain the purpose and benefits of key performance indicators (KPIs)

b. What are financial and non-financial key performance indicators (KPIs)?

a. KPI are metrics used to measure and compare the performance of an organisation based on target values and obtained value against strategies inculcated for organisation performance and goals that are developed. KPIs’ purpose is to specifically and critically understand present performance of organisations based on targets that predefined and evaluate future performance (Domínguez et al. 2019). KPI is beneficial since future planning for organisation growth can be developed based on present state both non-financially and financially. For example, ROI (return on investment) can be measured based on present sales, customer retention, stakeholder cooperation, and others. Thus, future goals and their implementation process can be manipulated effectively within a short period and helps in overcoming complex issues faced previously.

b. Financial KPI is used to evaluate the economic prosperity or degradation of an organisation over a certain period and consider specific metrics. This includes deviation in balance sheet components, sales growth of certain products or services or customer segmentations, expense categories, and others. This helps in managing assets and liabilities and maintaining balance between them in future (Al-Mamary et al. 2020). Non-financial KPIs are metrics used to assess areas of organisation performance and activities that are crucial to achieve strategic goals and objectives. Employee satisfaction, customer satisfaction, productivity, quality management, and others are found to be the non-financial KPIs within business environment. Both financial and non-financial KPIs are intertwined with each other and measuring them individually acts as qualitative and quantitative indicators for decision-making.

a. Discuss the purpose and key features of the annual operational plan.

b. Explain the process to prepare an annual operational plan.

a. Annual operational plan is the process of documenting techniques and methods applied to achieve short-term organisation objectives through resource allocation. Its purpose is to provide a fundamental framework to carry out daily activities planned and interlinked to obtain desired goals effectively (Parmer, 2020). Human resource allocation, procurement planning, financial estimation, monitoring, timeline development, and cost estimation are a few techniques used to attain the purpose of operation planning.

• Clarifying goals: Objectives and goals to be achieved are vividly mentioned in understandable form so that employees and managers can interpret them properly.
• Responsibility segregation and distribution: Roles and responsibilities are divided among employees based on their capability and time estimation to complete tasks is provided.
• Optimisation of resource: Financial and non-financial resources are identified and their potential to help meet the goal within time are evaluated and recorded.

• Set up of goal: Goals and objectives that would be obtained within a short period are developed by discussion with stakeholders and the management team of the organisation.
• Define scope and constraint: Scope that is included within goals is defined such as techniques and methods that would be included and excluded. Along with this, constraints that can distribute defective workflow are identified using the risk analysis process so that they can be mitigated effectively without any severe consequences.
• Review: Previously developed plans are compared with present plans to find out discrepancies and they are re-evaluated.
• Strategy Development: This process is important as tactics that would be included for business development and growth are developed and vital decisions are made.
• Budget development: Financial estimation, timeline planning, and cost-benefit analyses are done in this process.
• Responsibility distribution: Responsibility among employees is distributed, and teams are formed based on job roles and work that have to be performed.
• Monitoring: Testing and monitoring methods are developed for analysing effectiveness of operation plans crafted.

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SWOT Analysis for Strategic Business Planning

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