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BBMM605 Business Plan

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BBMM605 Business Plan

0 Download32 Pages / 7,840 Words

Course Code: BBMM605
University: Charles Darwin University

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Country: Australia

Question:
Project – Your Business Plan should be written for a new start-up venture; any (for-profit, notfor-profit, social, environmental, charitable) type (e.g. creator, distributor, landlord, broker of any type of asset – financial, physical, intellectual, human) and any size (small, medium, large) of business. Part 1 of your business plan should contain detailed discussions of the following:
Executive Summary. At this stage only a draft of executive summary needs to be written, but it already needs to be clearly summarized: What the business going to produce; How the business is going to deliver value for its customers and other stakeholders; Why the business will exist and Why you are starting the business; and Where the business will operate. 
Business Description. Provide name of your business and background, and briefly describe the industry your business will operate in. Explain, in sufficient details, any uniqueness or distinctive features of your business; how different your business is going to be compared to competitors; and why customers would buy from you and not fromcompetitors. Marketing Research and Analysis. Conduct extensive marketing research and analysis and identify potential target market for your products/services; trends and buying habits of customers buying similar products / services; existing competition and potential competitors; and estimated market share your business is aiming to capture.Marketing Plan. Develop a detailed marketing plan – describe, in sufficient details, the products / services your business will offer; prices of your products / services compared to competitors, pricing strategies, discounts and loyalty rewards; place where your customers are going to buy your products and services; advertising and promotion you are going to use to promote your products / services and how much it will cost. You need to conduct some research and analysis to provide data supporting your marketing plan. 
Operations. Identify specific location where your business is going to operate and briefly describe advantages of the location; describe, in sufficient details, operational procedures of your business – how the business will operate – relate it to the business model of your business; briefly describe personnel requirements working in your business, qualification and experience that are required, wage rates; list suppliers of your business with a brief characteristics, and proximity to your suppliers. Management. Briefly describe management team and the key personnel of your business (qualification, skills and experience, contribution to the business); legal structure of your business; stock and employment agreements, ownership percentage of the business; division of responsibility and accountability, division of workload andPart 2: Project Part 2 of your business plan should contain detailed discussions of the following:Financial. Identify, outline, and estimate variable costs and fixed costs and the amounts.Support your estimated amounts by research you had conducted. Based on the data you had provided, estimate operational cost per month and calculate the Break-Even Point in Number of services and sales value. Consider a wage increase of 3% and overhead costs to go up by 5% due to price increases for the next year. Based on these price increases, calculate the new Break Even Point for the next year. 
Social, Environmental, Entrepreneurial (SEE). Describe the corporate governance plan for your business and explain social, environmental, and entrepreneurial component of your business – identify and discuss SEE KPIs your business is going to monitor, measure,and report to stakeholders. Describe any Intellectual Property (IP) you are developingfor the business and how you intend to protect your IPs.Critical Risks. Discuss potential risks and any potentially unfavourable industry-wide trends destabilising the business (e.g. new entrants, price cutting by competitors,government actions, changes in consumer taste and societal demands, difficulties and unexpected problems beyond business control. 
 
Harvest Strategy. Outline and discuss a plan for a liquidity event and exit strategy; transition of leadership and succession planning; IPO or sale of the business; whether you plan to franchise, or license any of your products or services. Milestone Schedule. Develop a timetable or chart to demonstrate when each phase of the venture is to be completed; show the relationship and dependency of events and provide deadline for accomplishment. 
Answer:

The name of the business will be “Med-Droid”. The main background for the business has been depicted with roviding online services associated to medicine and pharmacy related requirement. The users will be able to purchase edicines via online application and also get information about medicines. The main services associated to e-commerce services are related to expanding the market in the domain of online pharmacy. The business will be connected to the various partners in Australia who provides various types of medicine services (Veit et al. 2014).
Description of the Industry in which the business is going to operate
            The Australian health care industry is seen to be sophisticated and repetitive in terms of availability of the new products. In addition to this, it needs to be also seen that there is a consistent demand for full range of the medical supplies particularly for those which are seen to be old age patients. The imported devices in the country are usually depicted to be innovative and cost effective in nature. The Australian market is also seen to be motivated by number of cost control measures. In terms of the regulatory viewpoint the Australian market is very much accessible to the individuals seeking for service (Wang, Wang and Liu 2016).  
Uniqueness and distinctive features of the business
            The main distinctiveness of the business will be seen with developing a mobile application for the online medicine services which will allow the users to scan the medicine barcodes and search for comprehensive Australian medicine database. The recording of important health related information will be seen with the information such as medical condition, health processional contact details and allergies. The feature of the online application will also allow the users to set the important reminders for taking the medicines and attending the doctor’s appointment (Chaffey 2015).
Differentiated service in compared to the competitors
            The differentiated nature of the services in compare to the competitors needs to be identified in terms of providing the options of accessing the consumer medicine information and learn more about the medicines. The ecommerce website for the pharmacy services will also allow the consumers to take the different types of the services which are associated to the generating of the medicine lists and usage reports which will be suggested by the healthcare professionals via email. The phone application designed for both Android and ios platform will allow the users to store graph and share the test results pertaining to the various types of the services related to managing the heath information (Lovelock and Patterson 2015).
Customers buying from the business and not competitors
            The rationale for the customer choosing to buy from “Med-Droid” will be based on the discount pricing on the medicines and multiple options to make the payments. This is possible by the company as the company will buy the medical supplies in bulk and the partners will be able to provide the best price for the medicines. In addition to this, he creation of the separate profiles in terms of managing the medicine and health information records for others slam 7). The application will also provide a distinct service associated to ask for doctor consultation which is to be an added feature of the mobile application. These features are the main driving factors for the reasons why the customers will be buying from “Med-Droid” rather than any other pharma ecommerce mobile operator (Codeless Platforms 2017).
Marketing Research and Analysis
Potential target market for the products
            The main goal of the business is to target the individuals requiring medical supplies for any assistance. The main factors behind the target market needs to be also determined with the patients who are seeking for convenience, quality and cost effectiveness in terms of the prescribed medicines. This business will be largely conducive to the old age patients who are unable to visit a medical store to buy their medicines. Some of the various type of the focus of the other target markets of the business needs to be also determined with the inclusion of those individual who inding it difficult to buy a particular medicine form the store to unavailability (Mallick and Hamburger 2017).
Trends and buying habits of the customers
            The significant nature of the customers demand in Australia for the medical supplies in Australia needs to be taken into account with the various types of the factors which are seen to be associated to aging population. The ecommerce facility in medicines will be particular beneficial to these customer as they will be able to afford the medicines at a lesser price and also have the convenience of buying the medicine without the need of visiting stores. Several patients in Australia are further depicted to be affected with number of chorionic diseases. Such individuals are seen to be in constant need for buying of a particular medicine (Rouibah and Al-Qirim 2017).
Existing competition and potential competitors
            The competition in terms of global perspectives needs to be understood with maintenance high standard care and well-trained doctors in Australia who will be able to offer wide number of medical services. This is due to the fact the existing medicine facilitators in Australia are reliant on a low-cost structure. Some of the various types of the other consideration the competition in the industry needs to be identified in terms of the comparison of the company with the other countries like Singapore, Malaysia and South Korea (Suwalski et al. 2014).
Estimated market share for the business which it is aiming to capture
            The growth in the Australian healthcare industry in Australia needs to be determined with 7.7% in terms of CAGR is based on the economic benefits. There is also an increasing scope of the foreign direct Investment (FDI). There is also a considerable amount of increase in the revenue of the business pertaining to the increasing exports of the medical supplies. The policies pertaining to the Australian government has been focused on reducing the unnecessary spending and also freeing of the potentially strong area pertaining to the research and development (Suwalski et al. 2014).
The overall market share is seen to be generated from contribution pertaining to suppliers, care providers, insurers and consumers. The estimated factor driving the growth in the market share has been also seen to be depicted as per the encouraging the local investment and FDI in the biotech and medical technology. The increasing nature of the factors driving the growth for the company needs to be also determined as per the offshore delivery process (Pham 2016).
            The large healthcare players in Australia such as “Ansell, CSL, Mesoblast, ResMed, and Sirtex”. The overall spending of the Australian government concerned with the major funding of $ 20 billion on the Medical Research and copayment based on the GP consultations with an additional $ 7 on the copayment for the pharmaceutical benefits and scheme prescriptions (Moloney-Egnatios, ProductVisionaries 2015).
Marketing Plan
Products and Services Offered by the company
            The primary products and services offered by the company needs to be understood as follows:

Non-Prescription Drugs- The online supermarket pharmacy will allow the customer to buy from various nature of the products associated with the antacid, plasters and aspirin. The definite nature of such customers is defined as per buying from the online stores instead of the grocery stores (Modica and Stenneth 2017).
B2B Wholesale- This is identified as the main source of the ecommerce revenue. There are very few ecommerce players who are seen to be involved in the B2B ecommerce and marketing of the materials is usually provided with the manufacturers and the distributors. The marketing materials pertaining to the business of the company needs to be identified in terms of the distributors pushing these products to other delivery channels.
Governmental level pharma- The company is further seen to be relying on the products such as anti-hypertension, vaccines and diabetes drugs. There is a limited number of service aspects concerning the e-marking in this area has been seen with increasing growth opportunity for “Med-Droid”.

Prices of the products and services compared to the competitors
            The company will be following a competitive pricing policy so that more number of buyers are able to afford the services. It needs to be also discerned that there has been growing nature of the services concerning the general medicines. The criteria set for the pricing concerning the products are depicted after evaluating the strategic price set by “Ansell, CSL, Mesoblast, ResMed, and Sirtex” (Chiericozzi 2017).
Pricing Strategies
            The company’s main pricing strategy at the initial strategy will be depicted with a penetration pricing to maximize the gains from the market. It needs to be also discerned that most of the services offered by the company will keep a low price for their products for a limited period of time. This strategy adopted by the company will be conducive in addressing to the significant needs required by the customers in a particular market. Therefore, the products pricing at the initial states will follow an economy pricing strategy which will be conducive in defining the set number of the strategies as per the economy producing which will attract the interest of greater number of customers pertaining to the sales at the time of recession (Naber 2017).
Discounts and loyalty rewards
            The company will be able to provide discounts in most of the products as it will buy in bulk. This will lead to a higher scope of discounted price to the customers. In addition to this, there will be an integrated digital wallet for the company which will allow the customers to make the payments at a discounted price. This will be possible as for using the wallet there will be a small amount of initial deposit which is to be mandatorily made by the users of the service. The company will receive interest on these deposits which will be conducive for providing the discounts (Peter 2014).
Place of the distribution of the services
            The location selected for set up of the registered office for the company is seen in the Melbourne. The office will be located in the Burwood, Victoria near Hawthorn. The location selection is considered to be strategic in nature as there will be considerable amount of scope for the company pertaining to the large number of IT Consulting, Services and pharmaceutical companies. This will be conducive for the business in taking the relevant pharmaceutical services and IT assistance (Gupta and Dubey 2016).
Advertising and promotion
            The strategy to advertise the pharmacy has been depicted in terms of the providing the users with the social proof, scarcity, personalization, anchoring and Reciprocity. The social proof advertising strategy will include the testimonials form the users of the services. The people will have the option to encourage the patients for posting the online reviews and which will be used for advertising and provide a real scenario of the services. The scarcity aspect for the business will be further based on the advertising for limited one day sale for the general medicines.
Moreover, the advertising as per the personalization aspect will be taken into consideration with allow the users to book a personalized health screening which will require regular check-ins with the pharmacist. It will also offer the patients with number of other services which are required to proceed with providing a full diabetes care program. The anchoring advertising strategy will show how much   lower price is offered to the consumers and the relevant nature of the benefits which will be obtained by the consumers. This will show a comparison of the old price and the new price in their website and the mobile applications (Turban et al.2018).
            The strategy for setting the registered office of “Med-Droid” will be based in Melbourne. The office will be located in the Burwood, Victoria near Hawthorn. The main advantage of this location is considered with the availability of large number of IT Consulting, Services and pharmaceutical companies. This will be conducive for the business in taking the relevant pharmaceutical services and IT assistance.
Operational procedures
            The important nature of the operational procedure for the company will focus on receiving the orders from the ecommerce systems, receiving the information on the orders and shipping of the products. The initial process will begin from automating the ecommerce process the orders from the customers. This process will involve receiving the orders, processing the orders in the warehouse and shipping of the products. The subprocess of the company needs to be understood as per receiving the orders, checking the integrity of the orders, resolving of possible issues and entering personnel information. There should be significant consideration made for responding of bad order.
The details pertaining to the manual entry of the sales details needs to be taken into account with the data extracted from the ecommerce system which includes relevant details as per the sales order details, customer information and identification of the product ordered. The employees manually check the sales order for the data pertaining to the medicines and ID of the products ordered along with the transaction ID and payment details. The employees are also considered to check for the sales order and manually entering the customer details in the business software. In case an employee identifies any anomaly then it will be resolved at the earliest. The final stage will involve passing the orders to the warehouse for the final processing (Bai, Xie and Wang 2018).
Personnel Requirements
            The general requirement of the skill set for the individuals will be seen with strong communication skills, flexibility and market awareness. The personnel requirement as per the educational qualification needs to be considered with software engineers, accountants and data entry operators. The roles of the employees need to be identified with marketplace UX design
software development, sales partner acquisition, marketing by client acquisition, content moderation, customer service, legal services, product category management, back-office operation and payments handling.
Wage Rates
            The wage rates of the employee have been selected as per the average prevailing rate in Australia particularly in the territory of Victoria. The wage rates of the individual employees per annum along with the designated role is listed as follows:

Role of The Employees

Wage Rate (AUD)

UX Design Software Development (x6)

$ 112,750

Accountants (x4)

$ 92,192

Sales Partner Acquisition (x4)

$ 42,000

Marketing by Client Acquisition (x3)

$ 38,000

Content Moderation (x2)

$ 32,000

Data Entry Operators (x3)

$ 30,000

Customer Service (x3)

$ 36,000

Legal Services (x1)

$ 70,000

Product Category Management (x3)

$ 75,000

Back-Office Operation (x4)

$ 42,000

Payments Handling (x2)

$ 52,000

Total

$ 2,108,268

Table: PayScale of the employees of the new business in Australia
Description of the management team
The management team will be segregated into following divisions:

Chairman
Managing Director, online sales
Finance Director
Group General Counsel
Managing Director, purchases
Chief Executive Officer, online sales
Chief Executive Officer, purchases
Company Secretary
Chief Human Resources Officer
Executive General Manager
Chief Human Resources Officer

Key personal of the business

Qualification

Skills and Experience

Contribution to The Business

Chairman
 

BEng, MEngSci

Manage and provide leadership to the board of directors of the company. The chairman will act as the direct liaison between the management of the company and the board of directors via Chief Executive officer.

Managing Director, online sales

BApplSc (Phy)(Math)(Hons),
MSc (MgtSc), MA, FRAeS, FTSE

Formulating and implementing successful company policy, providing a directing strategy towards profitable growth and monitoring the activities of functional board of directors.

Finance Director

BEc, MAdmin, FAICD

The financial director will be responsible for ensuring stable financial health of the company and performing combination of financial control functions, operational and strategic roles which will be aiming at long-term growth.

Group General Counsel

BA, LLB

The group general counsellor will be responsible for handling majority of the cases which requires legal attention

Managing Director, purchases

BA (Syd), MA (Oxon)

The managing director of purchases will be mainly responsible for looking after the partners providing online medical supplies to the e-commerce business

Chief Executive Officer, online sales

MBA, BA(Hons)

The Chief Executive officer of the online sales will be mainly responsible for designing new paradigms of sales channels which will open new avenues to generate more revenue for the company.

Chief Executive Officer, purchases

BEc, MPolEc

The Chief Executive Officer of purchases will look after growth of the purchases by building overseas clientele relationship

Legal Structure of The Business
            The legal structure of the business will comprise of the chairman at the top position followed by the Chief Executive Officer and other board of directors under CEO.
Stock and Employment Agreements
            The employee agreement of the company will establish a legal contract on formal relationship between an employee and an employer. In majority of the agreements both the employee and employer will adhere to an understanding of important terms of employment such as general expectations, job duties, compensation, length and termination (Stories on Bond Street 2016).
Ownership Percentage of The Business
            As the business is a new start-up company it will be 100% owned by the founders. Therefore, there is no need of additional payment of interest to other financial stake.
Division of Responsibility and Accountability
            The division of responsibility and accountability will be segregated with whole conception, role expectation and role behavior. The concept of role conception will define in what way are person has been taught to raise false assumptions which may be considered with misleading titles or receiving predecessors during his or her last week on the job. The role expectation concept needs to be determined with influencing incorrect information and output of the results which are expected from a particular role. The conceptualization as per role behavior will define whether a person is actually carrying out the job (Smith, Erwin and Diaferio 2015).
Division of Work
            The division of work will be determined by segregating the different roles of employees which are seen in terms of UX design software development, sales partner acquisition, marketing by client acquisition, content moderation, customer service, legal services, product category management, back-office operation and payments handling (Sohaib and Kang 2014). Therefore, the personal responsible for UX design software development will handle all the work related to designing of the e-commerce website and performing regular maintenance. Sales partner acquisition will be responsible for handling all the purchases from medical stores at the best price possible. Similarly, the customer service team will ensure resolving of major customer queries in shortest possible time (Leong et al. 2016).
Identification, Outlining and estimation of the VC and FC
            The main costs pertaining to the fixed cost needs to be identified in terms of the various types of the expenses such as Premises, Salaries Interest on loan Commission paid to merchants, License, Rewards, incentives, Sales and Marketing. The amount pertaining to aforementioned overheads are listed in the table below. The consideration of the different types of the variable overhead of the business needs to be identified as per the Communication and cellular service expenses, Promotion Expenses, Adding new features to the Website, Logo Designs, Market survey Website Maintenance and Lease payments. The operational monthly cost needs to be considered with Premises, Lease payments, Interest on loan @ 3.59%, Communication and cellular service expenses, Promotion, Expenses and Salaries.

Start-up Requirements

 

 

 
 
 
 

 

Start-up Expenses

 

 

 

 

Particulars

Amount ($)

 

Fixed Costs

 

 

 

 

Premises (RENT & RATES)

$26,000

 

 

Salaries

$115,000

 

 

License and Patents

$18,000

 

 

Rewards and incentives

$20,000

 

 

Commission paid to merchants

$8,500

 

 

Sales and Marketing

$22,000

 

 

Total Fixed Costs

209500

 

Variable Expenses

 

 

 

 

Communication and cellular service expenses

$12,000

 

 

Promotion Expenses

$8,000

 

 

Adding new features to the Website

$18,500

 

 

Logo Designs

$3,500

 

 

Market survey

$7,500

 

 

Website Maintenance

$5,600

 

 

Lease payments

$4,200

 

 

Total Variable Costs

$59,300

 

 

Total Costs

$268,800

 

Average Monthly Costs

 

 

 

 

Premises (RENT & RATES)

$2,167

 

 

Lease payments

$350

 

 

Communication and cellular service expenses

$1,000

 

 

Promotion Expenses

$667

 

 

Salaries

$9,583

 

 

Total Average Monthly Costs

$13,767

 

 

x Number of Months:

12

 

 

Total Monthly Costs

$165,200

 

Total Startup Expenses

 

$434,000

 
 
 
 

 

Start-up Assets

 

 

 

Owner Funding

 

 

 

 

Owners Fund

$200,000

 

 

Total Owner Funding

$200,000

 

Loans

 

 

 

 

Other

 

 

 

Total Start up Funds

$200,000

 

Assets

 

 

 

 

Land & Building

$700,000

 

 

Softwares

$120,000

 

 

Computer

$35,000

 

 

Total Fixed Assets

$855,000

 

Total Start-up Assets

 

$1,055,000

Table 1: Start-up cost of the business including the monthly expenses
            The distribution of the start up cost has been segregated into fixed costs and variable costs. The fixed cost is identified to be $ 209500 and variable cost is identified as $ 268800. The company should look forward to reduce the variable expenses such as adding new features to the website as soon as it draws the interest of large number of stakeholders.

(1) Sales Forecast

 
 
 
 
 
 

(2) Cash flow forecast

 
 
 
 
 
 

(3) Depreciation Schedule

 
 
 
 
 
 

(4) Profit and Loss Forecast

 
 
 
 
 
 

(5) Balance sheet

 
 
 
 
 
 

 
 
 
 
 
 
 

(1) SALES FORECAST

 

 

 

 

 

 

Year

0

1

2

3

4

5

Projected Sales

 

500,000

523,600

555,170

592,805

633,793

(b) COST OF E-Commerce Website

 

8,500

8,925

9,327

9,793

10,381

 

 

 

 

 

 

 

(2) CASHFLOW FORECAST

 

 

 

 

 

 

 

Preop

 

 

 

 

 

Year

0

1

2

3

4

5

 

 

 

 

 

 

 

CASH INFLOWS

 

 

 

 

 

 

Cash from Sales

 

500,000

523,600

555,170

592,805

633,793

 

 

 

 

 

 

 

Capital Employed

200,000

200,000

206,000

212,180

218,545

225,102

Other cash inflows

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL CASH INFLOW

200,000

700,000

729,600

767,350

811,350

858,895

 

 

 

 

 

 

 

CASH OUTFLOWS

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments for materials

 

8,500

8,925

9,327

9,793

10,381

operating expenses (         )

0

 

 

 

 

 

Premises (rent, rates)

0

26,000

27,300

28,665

30,098

31,603

Salaries

0

115,000

118,450

122,004

125,664

129,434

Logo Designs

0

3,500

3,675

3,859

4,052

4,254

Lease payments

0

4,200

4,410

4,631

4,862

5000

Corporation Tax

 

66,810

74,389

80,739

88,768

97,640

Market survey costs

0

7,500

8,400

9,408

10,537

11,801

Other preliminary expenses

0

5,600

5,880

6,174

6,483

6,807

capital expenditure

 

 

 

 

 

 

Computers

0

35,000

36,750

38,588

40,517

42,543

financing repayments

 

 

 

 

 

 

Loan repayments

 

 

0

0

0

0

TOTAL CASH OUTFLOWS

0

272,110

288,179

303,393

320,773

339,462

Cash flow summary

 

 

 

 

 

 

NET CASHFLOW FOR PERIOD

200,000

427,890

441,421

463,957

490,577

519,433

OPENING CASH BALANCE

0

200,000

627,890

1,069,311

1,533,268

2,023,846

CLOSING CASH BALANCE

200,000

627,890

1,069,311

1,533,268

2,023,846

2,543,278

 

 

 

 

 

 

 

(3) DEPRECIATION SCHEDULE

 

 

 

 

 

 

Year

0

1

2

3

4

5

Fixed Assets

 

 

 

 

 

 

Land & Building

700000

630,000

560,000

490,000

420,000

350,000

Softwares

120000

0

-96,000

-172,800

-234,240

-283,392

Computers

35000

28,000

22,400

17,920

14,336

11,469

Total book values (i.e. net fixed assets)

0

658,000

486,400

335,120

200,096

78,077

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annual Depreciation

 

 

 

 

 

 

Land & Building-10% straight line

 

70,000

70,000

70,000

70,000

70,000

Softwares- NA

 

120,000

96,000

76,800

61,440

49,152

Computers-20% reducing balance

 

7,000

5,600

4,480

3,584

2,867

Total annual depreciation

 

197,000

171,600

151,280

135,024

122,019

 

 

 

 

 

 

 

(4) PROFIT AND LOSS FORECAST

 

 

 

 

 

 

 

Preop

 

 

 

 

 

Year

0

1

2

3

4

5

 

 

 

 

 

 

 

Revenue

0

500,000

523,600

555,170

592,805

633,793

 

 

 

 

 

 

 

Cost of E-Commerce Website

0

8,500

8,925

9,327

9,793

10,381

 

 

 

 

 

 

 

Gross profit

0

491,500

514,675

545,843

583,012

623,413

 

 

 

 

 

 

 

Gross Margin

 

344,110

350,026

366,779

385,679

405,967

Expenses/overheads

 

 

 

 

 

 

Premises (rent, rates)

 

26,000

27,300

28,665

30,098

31,603

Salaries

 

115,000

118,450

122,004

125,664

129,434

Logo Designs

 

3,500

3,675

3,859

4,052

4,254

License and Patents

 

18,000

18,900

19,845

20,837

21,879

Rewards and incentives

 

20,000

21,000

22,050

23,153

24,310

Software Renewals

 

8,500

8,925

9,371

9,840

10,332

Sales and Marketing

 

22,000

23,100

24,255

25,468

26,741

Communication and cellular service expenses

 

12,000

12,360

12,731

13,113

13,506

Promotion Expenses

 

8,000

8,160

8,323

8,490

8,659

Adding new features to the Website

 

18,500

18,963

19,437

19,922

20,421

Website Maintenance

 

5,600

5,880

6,174

6,483

6,807

Market Survey

 

7,500

8,400

9,408

10,537

11,801

Lease Payments

 

4,200

4,410

4,631

4,862

5,105

Total expenses/overheads

 

268,800

266,713

276,713

287,118

297,946

Profit before tax

 

222,700

247,963

269,130

295,894

325,467

Tax @ 30%

 

66,810

74,389

80,739

88,768

97,640

Profit after tax

 

155,890

173,574

188,391

207,126

227,827

Transfer to reserves

 

222,700

247,963

269,130

295,894

325,467

 

 

 

 

 

 

 

ROC

 

78%

87%

91%

98%

104%

Table 2: Forecast of Sales, Cash flow, Depreciation Schedule, P&L and Balance sheet
            The consideration of sales projections for the next five years can be depicted to be increasing in nature. This is identified with $ 500,000 in the first year, $ 523,600 in the second year, $ 555,170 in the third year, $ 592,805 in the fourth year and $ 633,793 in the fifth year. The depicts the success of market surveys, promotional initiatives and adding new features. The business should utilize such programs in the future years with more innovation which will lead to even further increment in the sales revenue.
The overall increase in net profit has also identified the efficiency of the cash flows. Lastly, the increasing ROC and enumerates that the business has effectively utilized the initial investment for the first five years. Such progressive increase in the cash flow statement and profit and loss forecast can be utilized for expansion opportunities or collaborating with other big e-commerce giants from sixth year onwards.
Balance Sheet

Assets

FY-1

FY-2

FY-3

FY-4

FY-5

Current Assets

 

 

 

 

 

Cash

$1,020,311

$1,405,876

$1,469,716

$1,619,688

$1,672,060

Accounts receivable

$500,000

$523,600

$555,170

$592,805

$633,793

Total current assets

$1,520,311

$1,929,476

$2,024,886

$2,212,493

$2,305,853

Fixed (Long-Term) Assets

 

 

 

 

 

Softwares

$120,000

$126,000

$132,300

$138,915

$145,861

Land & Buildings

$700,000

$735,000

$768,075

$806,479

$850,835

Computer

$35,000

$36,750

$38,588

$40,517

$42,543

(Less accumulated depreciation)

$197,000

$171,600

$151,280

$135,024

$122,019

Intangible assets

$20,000

$20,000

$20,000

$20,000

$20,000

Total fixed assets

$678,000

$746,150

$807,683

$870,887

$937,219

Total Assets

$2,198,311

$2,675,626

$2,832,569

$3,083,380

$3,243,073

 

 

 

 

 

 

Liabilities and Owner’s Equity

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Accounts payable

$24,000

$25,000

$27,000

$25,000

$27,000

Accrued Rent

$26,000

$27,300

$28,665

$30,098

$31,603

Bank Charges Payable

$72,000

$75,600

$79,380

$83,349

$87,516

Short-term loans

$25,000

$50,000

$75,000

$75,000

$75,000

Income taxes payable

$66,810

$74,389

$80,739

$88,768

$97,640

Accrued salaries

$115,000

$118,450

$122,004

$125,664

$129,434

Logo Designs

$3,500

$3,675

$3,859

$4,052

$4,254

Lease Payment

$4,200

$4,410

$4,631

$4,862

$5,105

Total current liabilities

$336,510

$378,824

$421,277

$436,793

$457,553

Long-Term Liabilities

 

 

 

 

 

Deferred income tax

$1,861,801

$2,296,802

$2,411,292

$2,646,587

$2,785,520

Total long-term liabilities

$1,861,801

$2,296,802

$2,411,292

$2,646,587

$2,785,520

Total Liabilities

$2,198,311

$2,675,626

$2,832,569

$3,083,380

$3,243,073

Owner’s Equity

 

 

 

 

 

Owner’s investment

$200,000

$206,000

$212,180

$218,545

$225,102

Net Profits

$155,890

$173,574

$188,391

$207,126

$227,827

Reserve and Surplus

$222,700

$247,963

$269,130

$295,894

$325,467

Total owner’s equity

$578,590

$627,536

$669,702

$721,565

$778,395

Total Liabilities and Owner’s Equity

$2,776,901

$3,303,162

$3,502,270

$3,804,944

$4,021,468

Table 3: Forecasted Balance Sheet 
            Based on the forecast of balance sheet there is no sign of discrepancy which can be observed with either assets or liabilities overheads. The company needs to consider the accurate appreciation on the assets in the long-term assessment. This should be based on consideration of replacing old long-term fixed assets such as softwares, land and buildings and computers.
Financial Ratios

Common Financial Ratios

Debt Ratio (Total Liabilities / Total Assets)

1.00

1.00

1.00

1.00

1.00

Current Ratio (Current Assets / Current Liabilities)

4.52

5.09

4.81

5.07

5.04

Working Capital (Current Assets – Current Liabilities)

 1,183,801

 1,550,652

 1,603,610

 1,775,700

    1,848,301

Assets-to-Equity Ratio (Total Assets / Owner’s Equity)

3.80

4.26

4.23

4.27

4.17

Table 4: Common Financial Ratios
            The current ratio of more than 4 shows that Med-Droid needs to efficiently utilise its liquid cash rather than just using it for fulfilling the operating expenses requirements. The company has ample potential of using the surplus cash flows into expansion activities such as creating a separate division service altogether. This will lower the current ratio to a more optimised level. The depiction of asset to Equity ratio shows that the company has sufficiently utilised its equities to finance its assets.
Financial Highlights of the company
            The bar graph representation can be identified with mostly linear trends from year one to year five. Despite of such a linear increase, the gross margin of the company in the third year could have been slightly increased by better utilisation of revenues into other sources of income.

X-Axis Label

Sales

Gross Margin

Net Profit

Year 1

$500,000

$344,110

$155,890

Year 2

$523,600

$350,026

$173,574

Year 3

$555,170

$366,779

$188,391

Year 4

$592,805

$385,679

$207,126

Year 5

$633,793

$405,967

$227,827

Table 5: Forecasted sales, gross margin and net profit
            The tabular representation of gross margin and net profit margin is mostly seen to be increasing in nature and therefore the business should incorporate for their strategic objectives to utilise the same. 
Capital Budgeting of Med-Droid

Capital Budgeting of MobileMed

Cost of Capital

30%

 

 

 

 

 

 

Year

 

Now

1

2

3

4

5

Cost of E-Commerce Website

46,925

 

 

 

 

 

Annual Profit/Loss

 

155,890

173,574

$188,391

$207,126

$227,827

Total Cash Flows

46925.11488

155,890

173,574

188,391

207,126

227,827

Discounting Factor

0

0.77

0.59

0.46

0.35

0.27

Present Value of Cashflows

46925.11488

119915

102706

85749

72520

61360

Cumulative Cash Flow

 

119915

222622

308371

380891

442252

Net Present Value

489176.9

Table 6: Capital budgeting for Med-Droid
            Based on the net present value the cumulative Cash flow considered after discounting rate of 30% is depicted to be positive in nature. This shows that the project should be accepted for investment.

Breakeven Analysis

 

 

 

 

Breakeven Sales Value =

Average fixed cost/% contribution

 

 

 

 

 

 

 
 
 
 
 

 
 
 
 
 

 
 
 
 
 

Average fixed cost

28733

 
 
 

Contribution %

50%

 
 
 

 
 
 
 
 

Year

Revenue

Contribution

Fixed Cost

Profit

1

500000

250000

28733.28

221266.718

2

523600

261800

28733.28

233066.718

3

555170

277585

28733.28

248851.718

4

592805

296402.5

28733.28

267669

5

633793.373

316896.69

28733.28

288163

Table 7: New Break-Even Analysis of Med-Droid
(Source: As created by the Author)
            The overall evaluation of breakeven clearly shows that the company has been consistently earning revenues more than its expenses for the duration of five years. Therefore, even with revenue generation of as low as $500000 in the first year, the company can achieve its breakeven point.
Social, Environmental and Entrepreneurial (SEE).
Corporate Governance Plan
            The important nature of the corporate governance actions taken by the company will be based on the several numbers of the initiatives which are seen to be based on the number of measures for enhancing the relationship amongst the auditors, stakeholders and shareholders. In addition to this, some of the different types of the other initiatives taken by the company needs to be identified as per the optimum utilization of the economic reforms (Axtell, Smith and Tervo 2017).  
Social
            The nature of the business has been seen to be focusing on the old age patients. This is identified as the main consideration for the social concern. The convenience provided to the old age patients needs to be identified as the main form of the service which is identified as the main factors towards the welfare of the society. It needs to be also considered that the important nature of the focus pertaining to the social factors is also seen with the discounted price structure for the medicines which are mostly consumed by the old age patients (Schaefer, Corner and Kearins 2015).
Environmental
            Med-Droid is committed to reduce the use of paper as much as possible. This is conducive for the business in reducing the global carbon foot print (Norcalcompactors.net. 2016). The company will also ensure that packaging of the medicines will use only bio degradable plastics and recyclable wrapper which will be able to ensure that most of the waste produced by the business will be ecofriendly in nature. These initiatives have been also seen to be beneficial for the business in terms of the main focus on the environmental factors (Wealthmanagement.bnpparibas. 2018). 
Entrepreneurial        
            The significant nature of the entrepreneurial inventiveness will be aimed at key focus on the old age patients, quality and delivery of the services. The entrepreneurial considerations for the business will be also able to focus on the various types of the depictions of the study which are seen to be related to the maximizing the profit and at same time putting more effort in gaining more recognition for corporate governance (Epstein 2018).
            The list of KPIs for the Social, Environmental and Entrepreneurial factors which are to be monitored, measured and reported to the stakeholders are discussed below as follows:

Measurement of success- Working towards the betterment of the lives of the people by providing more employment opportunities and empowering the careers
Developing Markets on the Forefront-This initiate will be considered to be socially responsible to the entrepreneurial efforts. The business will tend to focus more on the SEE as per the demography and environmental requirements (Schaefer, Corner and Kearins 2015).

Evaluation of the success in terms of the achievement of the KPI- Despite of the focus on the social, environmental and entrepreneurial initiatives the significant focus of the company will be considered with the initiatives relating to the social welfare (Sarason 2018). The entrepreneurs of the business perform an annual review of the financial performance, corporate governance efforts and sustainability factors (Tumarkin and Tumarkin 2010).
Engagement of the customers- It needs to be understood that the customers engagement is identified as the key component of any business pertaining to the SEE factors. This will be able to ensure that the business is able to focus towards more generation of the revenue and at the same time ensuring sustainability (Rigolizzo and Amabile 2015).

The key aspect of the intellectual property rights of the business needs to be taken into account as per the important nature of the consideration of the patents and license. The patents for the individual services provided by the websites are depicted to be bound by the legal process. These may also include other elements of the business which are seen to be associated to the use of inventions, literary, artistic works, designs, symbols, names and images from other third-party software providers which are not developed by the company. Therefore, use of any such content in the e-commerce website will be subjected to consideration under IP.
Critical Risks
New Entrants
            The new entrants in e-commerce is seen to be evident with more businesses entering into this type of business. Pharmacy is no exception to this and company needs to ensure that it is able to source the medicines at the best price. This will ensure that the company is ahead in terms of most of the competitors by providing the discounted price. The involvement of the company in the government level pharma will be beneficial in terms of relying on the products such as anti-hypertension, vaccines and diabetes drugs. There is a limited number of service aspects concerning the e-marking in this area has been seen with increasing growth opportunity for “Med-Droid”.
Price cutting by the competitors
            There is a high possibility that the company may be facing several types of the critical problems which will be associated to the reducing the price by the competitors. This will create additional pressure on the company in reducing the price even further. In order to minimize the risk associated to such problems, the company will be dealing with differentiated nature of services such as B2B Wholesale. This service is considering as the main source of the ecommerce revenue. There are very few ecommerce players who are seen to be involved in the B2B ecommerce and marketing of the materials is usually provided with the manufacturers and the distributors. The marketing materials pertaining to the business of the company needs to be identified in terms of the distributors pushing these products to other delivery channels.
Actions by the Government
            There may be several types of the legislations taken by the government which may be directly affecting the performance of the business. The government in Australia does not allow for e-commerce of prescription drugs. This is a major con for the business which will eliminate any possibility of revenue to be made from the prescribed medicines.  There are several types of the other legislations which are focused on the adulteration of the drugs pertaining to the strength, purity and differences in the labelling which is considered to be major challenge in terms of selling of such medicines in terms of ecommerce business.
Changes in the consumer taste and societal demands
            The business cannot exclude the possibility of the Changes in the consumer taste and societal demands. In this case the business may be facing several types of the challenges which will be associated to the consideration of the number of factors aimed at reduced sales. It may so happen that the consumers start to favor buying medicines from the stores due to the safety concerns. Such factors are seen to be unpredictable in nature. In addition to this, it may be also seen that the offline stores of the medicines are able to provide the same service at a reduced. This may happen due to the absence of the delivery agents will pertain to decreased delivery cost which may allow the price setters of the stores to include a low price.
Licensing of the products and services
            The intellectual property rights of the business are considered as the main risk associated to the licensing of the products and services. The patents for the individual services provided by the websites are depicted to be bound by the legal process. In case of non-adherence to any clause the company may face severe legal consequences.  These may also include other problems associated to the non-adherence of the elements of the business which are seen to be associated to the use of inventions, literary, artistic works, designs, symbols, names and images from other third-party software providers which are not developed by the company. Therefore, use of any such content in the e-commerce website will be subjected to consideration under legal actions (Pharmacytimes.com. 2018).
Harvest Strategy
Plan for liquidity event and exit strategy
            In an act of liquidity, the company will main focus on execution of the business. This will be ensured by remaining steadfast in terms of the achievement and execution of the business objectives. The primary focus of the business will be also depicted in terms of the various types of the measures which will include the relevant strategies as per maintaining a dedicated strategy towards the liquidity (Mbbp.com 2018).
Transition of leadership and succession planning
            The important considerations for the transition planning will be focused on the planning for emergency situations. The leaderless of the company will be able to plan their own departure from the current organization. It needs to be also identified that the various types of the strategies associated to the consideration of the important factors defining the process of departures and arrival of new staff required for the business to operate. The transition leadership will also include supporting of the on boarding process of the new leaders (Commons 2018).
IPO and sale of the business
            The company will initially float the shares to the public with the issue of the stock to early investors. These will be considered with floating the shares among the founder, family members and friends. The stocks of the company will be depicted as per the offering for sale to common public and will be ‘going public’ with the stocks in this manner (Carpentier and Suret 2015).
Plan to license the products
            The important nature of the planning pertain to the licensing of the products needs to be taken into consideration as per focus on the various types of the subjective consideration of the intellectual property rights. The intellectual property rights of the company will be able to include licensing of the IP as per important nature of the consideration of the patents and license. It needs to be further considered that the patents for the individual services provided by the websites are depicted to be bound by several number of legal process.
These may also include other elements of the business which are seen to be associated to the use of inventions, literary, artistic works, designs, symbols, names and images from other third-party software providers which are not developed by the company. Therefore, use of any such content in the e-commerce website will be subjected to consideration under IP.
Milestone Schedule
            The important consideration of the milestone events of the study has been considered with the Financial Evaluation, Social, Environmental, Entrepreneurial initiatives framework, Consideration of critical risks, Inclusion of the harvest strategy and Publication process. The segregation of the events of the milestone process will be further segregated into several types of the subgroups which needs to be identified in terms the conduction of various study across different weeks. The total length of the milestone report preparation for the business plan has been divided in 6 weeks.

Sequential Activities/ Period

Week 1

Week 2

Week 3 &4

Week 5 & 6

Financial Evaluation

ü   

 

 

 

Social, Environmental, Entrepreneurial initiatives framework

 

ü   

 

 

Consideration of critical risks

 

ü   

ü   

 

Inclusion of the harvest strategy

 

 

ü   

 

Publication process

 

 

 

ü   

List of References
Axtell, J., Smith, L.M. and Tervo, W., 2017. The advent of accounting in business governance: from ancient scribes to modern practitioners. International Journal of Business Governance and Ethics, 12(1), pp.21-46.
Bai, G., Xie, Z. and Wang, L., 2018. Practical Constrained Optimization of Auction Mechanisms in E-Commerce Sponsored Search Advertising. arXiv preprint arXiv:1807.11790.
Carpentier, C. and Suret, J.M., 2015. Canadian business angel perspectives on exit: A research note. International Small Business Journal, 33(5), pp.582-593.
Chaffey, D., 2015. Digital business and e-commerce management. Pearson Education Limited.
Chiericozzi, A., 2017. Export to China through cross-border Ecommerce: opportunities, challenges and operational guidelines.
Codeless Platforms. 2017. eCommerce Process Flow | Mapping eCommerce Processes Workbook.
Commons, 5. 2018. Leadership Transition & Succession Planning — 501 Commons.
Epstein, M.J., 2018. Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Routledge.
Gupta, M.P. and Dubey, A., 2016. E-Commerce-Study of Privacy, Trust and Security from Consumer’s Perspective. transactions, 37, p.38.
Islam, M., 2017. E-Health Care & Online Pharmacy (Doctoral dissertation, East West University).
Leong, C.M.L., Pan, S.L., Newell, S. and Cui, L., 2016. The Emergence of Self-Organizing E-Commerce Ecosystems in Remote Villages of China: A Tale of Digital Empowerment for Rural Development. Mis Quarterly, 40(2), pp.475-484.
Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.
Mallick, S.K. and Hamburger, N., 2017. Proof of P Vs. NP Millenium Prize Problem with Application to New ECommerce Field Theory with self energy and Artificial Intelligence with SO (32) Higgs-Englert-Bosonic Mean Field Mechanism.
Modica, L. and Stenneth, L., Here Global BV, 2017. Method and apparatus for representing an aerial delivery path. U.S. Patent 9,818,304.
Moloney-Egnatios, K., ProductVisionaries, LLC, 2015. Digital Health Information System. U.S. Patent Application 14/273,266.
Naber, J., 2017. Achieving Customer Loyalty from Email Campaigns by Using Data Mining Techniques (Master’s thesis, UHasselt).
Norcalcompactors.net. 2016. 9 Companies with Great Environmental Initiatives. 
Payscale.com. 2018. Attorney / Lawyer Salary (Australia) .
Peter, J., 2014. A Grand Affair. Chemistry, 1, p.3.
Pham, X., 2016. Suggestions for marketing planning for a medical store: Case: MP Pharmacy.
A Review of Federal Legislation Affecting Pharmacy Practice.
Rigolizzo, M. and Amabile, T., 2015. Entrepreneurial creativity: The role of learning processes and work environment supports. The Oxford handbook of creativity, innovation, and entrepreneurship, pp.61-78.
Rouibah, K. and Al-Qirim, N., 2017. FACTORS AFFECTING SOCIAL ECOMMERCE ADOPTION IN AN ARAB COUNTRY: FINDINGS FROM A QUALITATIVE STUDY. Issues in Information Systems, 18(2).
Sarason, Y.A., 2018. Social ventures: exploring entrepreneurial exit strategies with a structuration lens. International Journal of Social Entrepreneurship and Innovation, 5(1), pp.1-10.
Schaefer, K., Corner, P.D. and Kearins, K., 2015. Social, environmental and sustainable entrepreneurship research: what is needed for sustainability-as-flourishing?. Organization & environment, 28(4), pp.394-413.
Schaefer, K., Corner, P.D. and Kearins, K., 2015. Social, environmental and sustainable entrepreneurship research: what is needed for sustainability-as-flourishing?. Organization & environment, 28(4), pp.394-413.
Smith, M.L., Erwin, J. and Diaferio, S., 2015. Role & responsibility charting (RACI). In Project Management Forum (PMForum) (p. 5).
Sohaib, O. and Kang, K., 2014. Cultural Aspects of Business?to?Consumer (B2C) E?commerce: Acomparative Analysis of Pakistan and Australia. The Electronic Journal of Information Systems in Developing Countries, 61(1), pp.1-18.
Stories on Bond Street. 2016. A Step-by-Step Guide for Drafting an Employment Contract (Template Included). [online] Available at: https://bondstreet.com/blog/employment-agreement/ [Accessed 7 Sep. 2018].
Suwalski, M.W., Goodall, C., Libo, S., Moy, C.S. and White, A.E., Walgreen Co, 2014. Integrated pharmacy error tracking and reporting system and method. U.S. Patent 8,635,081.
Suwalski, M.W., Goodall, C., Libo, S., Moy, C.S. and White, A.E., Walgreen Co, 2014. Integrated pharmacy error tracking and reporting system and method. U.S. Patent Application 14/159,367.
Tumarkin, O. and Tumarkin, O. 2010. 8 Metrics to Evaluate Entrepreneurial and Management Skills. [online] Balanced Scorecard Software – BSC Designer. Available at: https://bscdesigner.com/8-entrepreneurial-kpis.htm [Accessed 8 Sep. 2018].
Turban, E., Outland, J., King, D., Lee, J.K., Liang, T.P. and Turban, D.C., 2018. Marketing and advertising in e-commerce. In Electronic Commerce 2018 (pp. 361-401). Springer, Cham.
Veit, D., Clemons, E., Benlian, A., Buxmann, P., Hess, T., Kundisch, D., Leimeister, J.M., Loos, P. and Spann, M., 2014. Business models. Business & Information Systems Engineering, 6(1), pp.45-53.
Wang, W.T., Wang, Y.S. and Liu, E.R., 2016. The stickiness intention of group-buying websites: The integration of the commitment–trust theory and e-commerce success model. Information & Management, 53(5), pp.625-642.
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Introduction 
A contract is an agreement between the parties which is enforceable legally in the courts. There are several provisions of law which governs how the terms related to the contract would operate. A contract consists of a set of provisions which are known as contractual terms. The weightage of such terms are not equal as one term may have a more significant consequence as compared to the other in relation to their brea…
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United Kingdom London Economics Management University of London 

TLAW202 Corporations Law
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Course Code: TLAW202
University: Top Education Institute

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Country: Australia

Answers:
1.
If any person wants to carry out his business in the form of a company, then, it is necessary that the registration or incorporation requirements of such country must be met. In Australia, the Corporation Act 2001 and the guidelines laid down by ASIC provides with the steps that must be accomplish in order to establish a corporate entity.  (Malbon & Bishop, 2006).
A company is of great significance as it is treated as a …
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