Re: ESSAYYHELPP,Assess the strategies management may use to respond to the influences
I know your essay was due last week, but hopefully this will be helpful for any Business Studies extended responses in the future!
- This question refers to two main parts of the syllabus: Financial management strategies and Influences on Financial Management.
- If it is a case-study extended response (like part IV of the HSC exam), you will need use a case study of an Australian business throughout your response. Easy ones to use are Apple and Qantas.
If you ever find yourself strapped for time and you need a good mark on a case-study extended response, I suggest you do this:
- Memorise three finance strategies (e.g. factoring, leasing and expense minimising) and learn a brief definition of these.
- Memorise three finance influences (e.g. short term borrowing vs. long term borrowing, debt vs. equity finance, influence of the Australian Securities and Investment Commission) and learn a brief definition of these.
- Google some facts about the case study of your choice and if possible, memorise a couple of statistics (e.g. Apple's retains a lot of its profit, meaning it doesn't have a great need to further debt finance. Last year, Apple retained ... in net profit).
- Make a brief plan with three main body paragraphs. Each paragraph talks about how ONE strategy can address ONE influence (e.g. 1st Paragraph is how factoring can improve cash flow management, even when a business is burdened by paying off short term and long term debt).
- Talk about your case study in each point. Where you can't remember a fact or statistic about your case study business, make something up!
If you have more time, there's a lot more you can do to prepare. But if you only have an hour to prepare, you can get a 17/18 out of 20 using this method. I hope your essay went well!
Tom
