Business Operations

Course CodeVBS006
Fee CodeS1
Duration (approx)100 hours
QualificationStatement of Attainment

DISCOVER THE ESSENTIALS OF BUSINESS OPERATIONS & PLANNING!

Business success depends upon a strong foundation of skills and knowledge in various aspects of business operations and planning. Are you wanting to:

  • Increase your understanding of business operations to improve current practices
  • Contribute more to a business by understanding more about how it work
  • Discover the way in which the changes in the worlds business environment impact on delivery of products and services
  • Develop knowledge to enhance career opportunities 

This course will give you a great starting point in this knowledge development. So if you are working in any of these roles:

  • Supervisor - looking to develop a management career
  • Departmental manager - wanting broader knowledge of the operations of the business
  • Business owner - seeking guidance to more effectively manage the way in which the business is operating
  • Entrepreneur - wanting to start a new business but in need of operational knowledge
  • Student in business or management 

Operations are relevant to so many different industries and sectors, making this a course which you will be able to use flexibly.

This course does overlap with Business Studies and Starting a Small Business, so you should choose to do one or the other, not any two of these.

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Lesson Structure

There are 6 lessons in this course:

  1. Introduction
    • Business law
    • Role of courts
    • Arbitration
    • Interpreting legislation
    • Civil liberties
    • Legal obligations
    • Business name registration
    • Trading hours
    • Staff employment
    • Partnerships - formal contract, legal identity
    • Consumer protection
    • Types of businesses
    • Starting a business -fast or slow
    • Buying or Starting a business
    • Market, location, regulations, insurance
    • Working from home
  2. Finance
    • Liquidity
    • Determining company liquidity
    • Financial institutions -banks, other money lending options
    • The money market
    • Risk management
    • Insurance
    • Financial terminology
  3. Financial Records
    • Why are financial records needed
    • Using financial accounting for decision making
    • Steps in keeping financial records
    • Simplest approach
    • Bookkeeping process
    • Cash book, Income book, Expenditure book, Receipt book
    • Purchase journal
    • Creditors ledger, Sales journal, Debtors journal
    • General ledger
    • Double entry system of bookkeeping
    • The ledger
    • Balance sheet
    • Profit and loss account
    • Cash flow
  4. Financial Management
    • Investing and taxation
    • Sole proprietorships, partnerships, companies
    • Budgeting
    • Calculating cash needed to start a business
    • Costing
    • Cost of employing labour
    • Benefits can add unforeseen costs
    • Other costs
  5. Business Planning
    • Introduction
    • What is a business plan
    • Improving results in business
    • How do you start a business plan
    • Market and competitors
    • Marketing and sales approach
    • Management and staffing
    • Business operations, Finance
    • Reviewing a business plan.
  6. Mistakes to avoid
    • Reasons for business failures
    • lack of market research
    • Poor record keeping
    • Ineffective marketing
    • Ignoring marketplace changes
    • Owners attitude
    • Spending on wrong things
    • Trying to do everything
    • Working out of home
    • Poor cash flow
    • Over dependence on borrowings
    • Improper financial planning
    • Pricing wrong
    • Bad debt collection
    • Lack of experience
    • Profitability ratios

Aims

  • Define the business community, the types of businesses involved and the interaction which occurs between different businesses.
  • Explain the difference between goods and services based businesses.
  • Define a range of commonly used business terms.
  • Research and analyse business opportunities by studying activities in the business world.
  • Assess the feasibility of a business opportunity and allocate resources to this business.
  • Carry out the basic procedures of recording and interpreting financial records and statements including the cash book, balance sheet, profit and loss statement.
  • Explain liquidity and productivity
  • Calculate profit and determine assets
  • Calculate the real cost of labour in a business.
  • Determine pricing based on costs calculated for providing a particular service or product.
  • Develop a budget for a simple business operation.
  • Develop a simple 3 year business plan (real or hypothetical).

What You Will Do

  • Research business publications to evaluate current trends in small business
  • Prepare management reports for several businesses
  • Contact lending institutions to enquire about money market investment schemes
  • Prepare a profit and loss statement, a ledger statement and a balance sheet for a hypothetical business
  • Speak with the taxation department about business related tax issues
  • List the assets and liabilities in an existing business
  • Develop a budget for a simple business operation

Business Tips - Reasons Businesses Fail

Insufficient Capital

  • Not enough money to get started:
  • Don't forget that money is needed to keep you going from the time you begin in business until the time you are bringing in a profit. In some businesses you might need to cover yourself for several years’ wages. In most businesses you need to cover yourself for at least a few months’ wages.
  • Not enough money to grow and develop:
  • A slow and steady rate of growth is safer than rapid expansion.
  • Remember: Businesses do not stand still  they either expand or shrink.

Depending too Heavily on Borrowings

At all costs, avoid borrowing any more money than necessary. If lenders change their minds and won't wait for repayments, or if interest rates increase; something you thought was manageable might all of a sudden cause the business to collapse. This has happened to many small business people as well as a significant number of big businesses in recent times.

Improper Financial Planning

You must know your financial position at all times and adjust the way you manage your business accordingly. It is easy to lose touch with the current situation and become distracted and involved with the day to day problems of running a business. Set clear goals and monitor your progress towards them.

Poor Cash Management

Don't overspend when you have it or you won't have it when you need it. This is a simple statement, but one which leads to the downfall of many businesses. If you don't keep accurate records of what you are owed, you might not realize you haven't been paid.

Watching the Volume of Business and Losing Sight of the Profit
The most successful businesses are generally those which do less work for more profit. Don't try to get too big too fast  instead, put your effort into getting better profits out of the work which you are able to get.

Not Collecting Money Owed to You

You need to be of strong resolve to get money out of your customers.

Remember - business and friendships are two very different things.

  • Don't go easy on people because you like them.
  • Don't avoid chasing money because you don't like the confrontation. If you can't take the right approach to collecting money you shouldn't be in business.

WHY STUDY WITH ACS?

There are lots of reasons why you should sign up to do this course with us, including:

  • The information is comprehensive and will give you excellent depth to your knowledge about aspects of operational management and planning
  • Within each lesson you have the opportunity to apply your learning to activities in order to extend your knowledge and research specific areas of interest, enhancing your understanding
  • Knowledge of the key operational areas will enable you to stand out from other applicants when it comes to applying for jobs, it will also give you greater confidence
  • Operations can take you in to all kinds of businesses, giving you flexibility now and in the future
  • Our subject specialist tutors will be there to support you throughout your course, they are only too happy to share their industry knowledge and experience with you
  • When studying with us you set your own deadlines, meaning you study at your own pace enabling it to fit around other commitments

TAKE THE NEXT STEP AND ENROL NOW!

You can enrol on the course now, but if you have any questions about the content of the course or studying with ACS, then please get in touch with us today - use our FREE COURSE COUNSELLING SERVICE to get in touch with our expert tutors. They will be pleased to help you!


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