Where this happens, accounting should show the transaction in accordance with its real substance; that is, on the basis of how the transaction affects the economic situation of the firm. This means that accounting may not reflect the exact legal position concerning that transaction. This most frequently applies to leases and hire purchase transactions. Hire purchase is used by businesses to purchase assets in stages. Take the example of a machine being acquired by hire purchase. Legally, it does not belong to the business until the last installment is paid and an option has been taken up by the business to become the owner of the machine. Effectively, the business has used the machine since it first acquired it in the same way as it would have done had it paid for it in full at that time. The substance over form concept says that the business should show the full value of the machine being bought on hire purchase in its financial statements as though it were legally owned by the business (as an asset), and show the full amount still owing to the supplier of the machine separately as a liability. One aspect that is really important to all accountants is to ensure you are a high level of ethical and principles if you want to practice in Australia. Materiality The accounting concepts already discussed have become accepted in the business world, their assimilation having taken place over many years. However, there is one overriding rule applied to anything that appears in a financial accounting statement – it should be material. That is, it should be of interest to the stakeholders – those people who make use of financial accounting statements. It need not be material to every stakeholder, but it must be material to a stakeholder before it merits inclusion. You also need to ensure you are up to date with all news that is happening in the accounting and bookkeeping industry Accounting does not serve a useful purpose if the effort of recording a transaction in a certain way is not worthwhile. Thus, if a box of paper clips was bought it would be used up over a period of time, and a cost is incurred every time someone uses a paper clip. It is possible to record this as an expense every time it happens, but obviously the price of a box of paper clips is so little that it is not worth recording it in this fashion. The box of paper clips is not a material item, and therefore would be charged in full as an expense in the period it was bought, irrespective of the fact that it could last for more than one accounting period. In other words, do not waste time in the elaborate recording of trivial items. Accountants distinguish between what they call revenue expenditure (expenditure on items that are not intended to be kept for very long, such as goods for resale and raw materials; or the benefits of which only last a short time, such as labour costs) and capital expenditure (expenditure on non-current assets, i.e. items purchased to be used in the business, such as machines, motor vehicles, and buildings which are not intended to be resold). The definition of revenue expenditure is unhelpful, given that labor is not kept at all but wages are. You can learn about accounting And Bookkeeping Statutory Regulatory information by clicking the following link However, if an item is not material, it will always be treated as revenue expenditure. For example, a stapler would normally be classified as a non-current asset – it is likely to be used for a long time – and, therefore, as an item of capital expenditure. However, in reality, it would be treated as an expense in the period in which it was bought because it is not a material item. Study Accounting can be a creative way to be an accountant or bookkeeper, you can either study a Diploma of account - https://www.edna.edu.au/online-courses/diploma-of-accounting/ or a bookkeeping course https://www.edna.edu.au/online-courses/certificate-iv-in-bookkeeping/. Businesses operate their own individual rules to determine what is material and what is not. There is no law or regulation in the Australia that defines these rules – the decision as to what is material and what is not is dependent upon judgment. A business may decide that all items under $200 should be treated as expenses in the period in which they were bought, even though they may be used for the following ten years. Another business may fix the limit at $500. Different limits may be set for different types of item. Other helpful accounting resources include:
GENERAL PROJECT INFORMATIONBelow is an example of questions when you are enrolling in a Diploma of Project management or some type of other Project management course - https://www.edna.edu.au/online-courses/diploma-of-project-management you can expect that you will be reviewing Project that have been completed in the past and identify how the project could have been improved. Thi section will focus on the initiation and planning stage of the project. If you are looking for other great PM resources have a look at this article. The Carmichael Coal Mine and Rail Project was introduced by Gautam Adani, who is the founder of the Adani Mining Pty Ltd and is known as the Australian subordinate of the Adani association. The Adani Corporation was established in Ahmedabad, India and is interested in worldwide trading, power generation, coal mining and trading, oil refining, gas distribution, logistics, and management of ports. Adani is offering to reinforce a 27.5 million tons per annum thermal coal mine (Adani Mining, page 11), costing $16.5 billion to take place in the northern Galilee Basin. The project will bring benefits towards the community such as, 1,500 direct jobs, thousands of indirect jobs and many other businesses. It is approximately 300km away from the Queensland coastline and 160 kilometers of Clermont, Central Queensland. The production will begin by gathering coal that is delivered by the new Northern Galilee Basin connected to the Goonyella railway and shipped to Abbot Point Port. The project consists of two crucial elements,
- Coal Mine; Greenfield coal including, an open cut and underground mining.
- Railway Line; Greenfield Rail Network; supported by rail facilities to export coal via the existing Goonyella railway and delivered to the Port Abbott Point.
- Climate Change
- Traffic and Transport
- Air Quality
- Hazard and Risk
- Waste Management
- Social Impacts etc.
- According to State Development and Public Works Organisation Act 1971 (Qld), the project has been proclaimed to be a ‘significant Project’ requiring a (EIS). (State Development, 2014)
- According to (DSEWP), The Carmichael Coal Mine and Rail Project has been proclaimed to be a ‘controlled action’ by EIS under the Environment Protection and Biodiversity Conservation Act 1999. (State Development, 2014)
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Project Management Theory and Practice Below is a summary of a critical Project Managment document in Australia – The document Project Management Theory and Practice – the focus of the review will be on the initiation and planning stages of the document. It outlines some of the major documents required - Love reading and learning about Project Management - visit the website for more information. Background In 2010, the first edition of this book was released, with the current edition, the third edition recently published in 2018. The third edition, written for students, gives them a broad idea of project management and it is not particularly focused on any one industry. The publication takes an in-depth look at the Work Breakdown Structures (WBS), Earned Value Management (EVM), Portfolio Management (PPM), enterprise project management, professional responsibility an ethics, and agile life cycle. The text also includes a section written by industry experts sharing their insights and expertise on the challenges and changes facing the industry (Richardson & Jackson 2018, pp. xxi-xxii). The reason I have chosen to include this book in my assignment is because of the authors’ motivation to help simply the language used in project management materials. One of the authors was teaching project management at the University of Houston and found that there were not many texts available then that students could easily understand. The authors went on with the objective to create a resource that supports the PMBOK Guide so that it can help students who are studying for the various project management certifications (Richardson & Jackson 2018, p. xxi). As a student with no project management experience, I heavily rely on this resource to help me understand the project management processes and concepts and have found the simple language used to be very beneficial in helping me grasp the complex project management concepts. Summary on the initiation and planning stage This text explains that the reason why the initiation stage is important is because the primary goal of this stage is to have an idea dissected and investigated before determining if it is one worth pursuing and is in line with organisational goals. It enjoins that this is the phase where stakeholders are first consulted, the business case is developed and reviewed, and the Project Charter is signed off (Richarson & Jackson 2018, p. 96). The publication also writes that the initiation stage plays a critical part in the project management process as it ensures there is a clear understanding of what the project is and what its requirements and goals are (Richardson & Jackson 2018, p. 103). The book further outlines that in the initiation process of the project, the preliminary scope statement is developed – this statement turned the vision into quantitative specifications that gives a better understanding of the technical requirements of the project (Richardson & Jackson 2018, p. 102). The reason why the planning stage is important as this is the stage where each knowledge area is identified and addressed during this stage (Richardson & Jackson 2018, p. 106). The planning stage of a project commences once the initiation stage is approved and the book describes in great detail that this stage is about figuring out what is required and how it is going to be achieved. The text also explains that this stage is the opportunity to look at what potential hazard may arise and prepare for them to give the project the best chance of success (Richardson & Jackson 2018, pp. 105-110). Read Review on Project Management for dummies here. Documents are created to address the knowledge areas. The documents vary depending on the project but the following are some of the common artefacts included in a project plan:
- Approved scope definition
- Work Break Down Structure
- Baseline performance testing and user acceptance plans
- Estimate of materials and time
- Sequence of work order
- Risk and stakeholder and Commnications management plans (Richardson & Jackson 2018, p. 109)
I can’t believe it is now almost 4-years since I launched my business and it has been one hell of a ride! There have been days where we were riding on a high and exceeding our sales and customer expectations, and there have been days where we were really worried about whether we would be able to meet our payment obligations and just couldn’t get a sale over the line to save our lives. Business, if you get into it for the right reasons, can be highly rewarding. Even on days where you are not meeting your sales targets. If you get into business just to make money though, you will be in for a huge shock. To avoid this shock or do your best to minimize it think about studying a Business diploma – course info available here or using the number of resources provided by the Australian government. No success occurs overnight. Success takes time, hard work, perseverance, and determination. It takes the right team to bring out the best of the business, to bring the business to great heights, and to help the business rise up and overcome its hurdles. There were times I really wished I knew some of the things I know now, and I want to share this with you. Hopefully, it can help you cut out a lot of heartbreaking moments and sleepless nights, and help you achieve successes in your business much quicker than I did!
Know your market inside outThis is business basics. Knowing your market inside out, knowing your customer intimately and knowing what they need and what their triggers are can help you build an irresistible offering. Do not ever underestimate the need to know your market inside out. Take insurance startup – Huddle. They saw the crisis of trust customers had with insurers and saw the gap in the market. They pounced on this opportunity and used all the information they could get about their market to market, sell and improve on their offering! Thanks to this, they now provide over $1 billion in insurance coverage for about 500,000 members!
Test out your commercial strategyResearch, analyse, build. Research, analyse, amend. Now, keep repeating this. Your commercial strategy is not a set-and-forget aspect of your business. You need to constantly make sure you have as much intimate details about your market as possible. Even sometimes down to how many times they call their mum! The market is constantly changing and not reviewing and your strategies, your policies and your processes on a regularly basis is a death sentence. Sometimes, change happens overnight and your business must be ready for it. A good example of this is driverless cars. If you a business that is currently depending on drivers and you don't adapt to the new technology your business will be out of business very soon. A good starting point would be to create a touchpoint strategy. Consider what media you will use to reach your target audience, and what your message will be. Every touchpoint you have with your prospect is a potential to build a relationship and sell, sell, sell; regardless of the market changes. When a customer is loyal to you, and they have a reason to stay loyal to you, even when the market changes, they will continue to buy from you. Give them a reason to stay loyal to you.
Getting your pitch rightIf your business is at the capital or fundraising stage, be sure to get your pitch right and practice it with your family and friends before facing potential investors. Family and friends are great at giving you honest and brutal feedback on how you went and what you can improve on. When designing your pitch, you need to make sure you have refined and tested your business plan, and most importantly, know it like the back of your hand. You will be heavily grilled on your business plan by savvy investors and you need to know your strategies, your market, your research, and your projections (as well as how you have arrived at your projections) insanely well. Find out what is the characteristic of a good business here. If your business has already started and you are lacking traction, interview your customers and find out why they have bought. You might need to change your marketing strategy, or your price point, or even your offering itself to serve your market! If your business hasn’t started, be sure you have already tested that your product is something the market needs and that your marketing strategy is going to be viral! Most importantly, your passion needs to show in the delivery of your pitch! Show them how involved and in love you are with your offering! Show them how much your product or service can revolutionise the marketplace! Show them how you are in this for the long run and are ready for the challenges you may face! Don’t show any sign of weakness, especially not knowing your market or your offering well enough. This will put any investor off investing a single dime in your business. Employees also play a big part which is outside the scrope of this post but if you are interested visit this site. You might also want to look at if working from home is really a good idea.
Which course meets the requirements for me to register as a BAS Agent with the TPB?Do I need to undertake a course with an Australian institution or will my overseas qualifications suffice? What level of education do I need? Will my qualification be accepted? There are many accounting and bookkeeping courses out there on the market, but how do you know which course is accepted by the Taxation Practitioners Board for registration as a BAS Agent?
What qualification is accepted by the Taxation Practitioners Board?According to the Taxation Practitioners Board’s website, an applicant must hold at least a Certificate IV in Accounting and Bookkeeping (or any of the Certificate IV in Accounting or the Certificate IV in Bookkeeping – both of which have now been superseded) to meet the primary qualification requirement if you want to register as a BAS Agent. Visit website here - www.edna.edu.au/online-courses/certificate-iv-in-bookkeeping/
Who offers the Certificate IV in Accounting and Bookkeeping course?The institutions approved to deliver the Certificate IV in Accounting and Bookkeeping program include registered training organisations and TAFEs offer these courses and you can look them up here. Generally, the courses cost more at TAFE than they do at a private registered training organization. You will find that the core units are all the same – as they have been set by the Department of Education and Training, but the elective units will vary from institution to institution. These education institutions are registered and regulated by the Australian Skills Quality Authority or its relevant state authority such as the Victorian Registration and Qualifications Authority or the Department of Training and Workforce Development Apprenticeship Office. If you want to learn more about accounting and bookkeeping you can find out more about studying a diploma of accounting. The courses they offer are nationally recognised and the outcomes of these qualifications are reported to the National Centre for Vocational Education Research in an effort to monitor quality and data on student satisfaction.
What are the requirements for me to register as a BAS Agent?To register as a BAS Agent as an individual, you must be able to meet the following requirements:
- You must be at least 18 years old.
- You must be a fit and proper
- You must satisfy the qualification and experience
- You must maintain, or will be able to maintain, professional indemnity insurance cover that meets the TPB’s requirements.
- You must complete an online application, provide the required supporting documents and pay the required application fee of $135.
Cost Management Plan
1.1 PurposeThe reason a cost management plan has been put in place is to ensure that projects finances are managed to the best ability of our team. Having a cost management plan in place will allow the project team to successfully complete Mr Jones’s shed within the allocated budget constraints. There are multiple cost components associated with this project as well as many metrics, cost variance considerations, and reporting which this plan will detail. For this project to be considered a success, all key project team members and stakeholders must follow the guidelines stated in this plan.
1.2 ScopeThe cost management plan for the building Mr Jones’s shed includes many internal and external cost components. All metrics and variance analysis must be applied to these cost components throughout the project lifecycle. These components include: Internal
- Shed assembly
- Equipment Hire
2.0 Cost Management Roles and ResponsibilitiesDylan will be responsible for managing the project. Along with Fred, Eddie, Bob, Gary, And Tony, Dylan will be ensuring that the chosen budget adheres too. Fund allocation has been set out for various sections of the project and has been overcompensated for to ensure any price rise of materials, equipment hire, or council assistance will not affect the project in a negative way. All tradesmen on this project have been designated a selection of materials to use and will not be requiring anything other than what has been detailed in the WBS and the project budget. Project management course information available at https://www.edna.edu.au/online-courses/diploma-of-project-management/
2.1 Project SponsorThe Project Sponsor for building Mr Jones’s shed is Fred. Fred will be responsible for approving the projects cost management plan and the budget developed by Karen and Dylan. Fred will also be responsible for potential approval of additional funding that Dylan may need to complete the project. Fred will report project budget and funding status directly to the customer to keep him involved in the project
2.2 Project ManagerThe project manager for Mr Jones’s shed project is Dylan. Dylan is responsible for managing the day to day funding for the project. Also, Dylan will be creating a Work Breakdown Structure which will detail all work that will be performed by Fred’s employees. Dylan will have the authority to allocate project funding and expenditure as detailed in the cost management plan. For further funding of this project, Dylan will need to seek the approval from the project sponsor. Dylan will need to develop metrics and variance analysis tools to provide weekly status updates to the project sponsor throughout the three-week project.
2.3 Project TeamThe project team is responsible for completing the assigned work in agreement with the cost management plan. The project team will also be required to forward on all metrics to allow Dylan to create a detailed and accurate variance analysis, so he can ensure that the project is staying within the allocated budget.
2.4 Contractor SupportThe contractors providing cement installation and council land checks for the project will be responsible for providing initial project cost estimates, which will include all the costs required to complete the task. The contractor will also need to provide a Work Breakdown structure detailing the designated tasks and their associated costs. The contractors will be responsible for completing the work within the funding requirements.
3.0 Cost Management ApproachThe approach that will be taken for this project to be managed correctly and allow a successful completion will include cost planning/estimating, cost tracking, cost reporting/metrics, and cost variance. The cost planning/estimating process was used for two budgets. Fred requested that Dylan will need to estimate the total costs of a shed that was built using high grade materials and equipment, as well as a budget detailing a shed being built by using industry standard equipment. To do the estimations Dylan is tasked with researching commercial databases as well as contacting vendors that Fred currently uses to gather all pricing information. Dylan will be able to utilise information and lessons learned from Fred’s Shed’s companies previous shed projects to assist with the cost planning/estimating process. Earned Value management techniques will be utilised to track project costing performance and directly compare with the budget baseline. Using this technique will help Dylan assess and measure the performance and progress of the project to ensure Mr Jones’s shed is completed within the requested $40,000 budget. Reporting will be provided by a detailed profit and loss statement to allow Fred to see if this project is making a profit or is making a loss on Fred’s business. Due to the small size of the project, the profit and loss statement will be updated weekly allowing Fred to keep up to date on how the project is progressing. Using variance analysis will allow Dylan to manage and identify cost variance throughout the project life cycle. Variance analysis will be used to compare the real-world progress with the planned cost performance of the project. To ensure all facets of the project are covered, a trend analysis will also be used to track how the project is trending from start to finish. Good resource available here.
3.1 Cost Planning and EstimatingOnce the resources that will be needed to complete Mr Jones’s shed have been determined, Dylan and Fred will work out the staffing and resource requirements required to complete the project by using past experiences/lessons learned, researching commercial databases as well as contacting selected vendors. The project manager and contractors will develop internal and external WBS’s for the project which will detail the labour costs and estimated duration of each activity. Once the WBS has been developed, an estimation will now occur by utilising the detailed information now available. Once the total costs have been added up a request for funding will then be completed. Once the project budget is proven to be within the requested budget and has been approved, a project cost baseline will now be determined after a comparison of each WBS element to ensure the estimated work complies with the project budget. Any adjustments that will be required for the cost baseline will only be done once the project manager has gained authorisation from the project sponsor.
3.2 Cost TrackingProject team members and contractors who will be contributing to the successful completion of Mr Jones’s shed project will be instructed to record their work on the correct time sheets that will be for each labour category of the WBS cost accounts. The final working day of the week will be the time when the project manager will gather all of this information, and utilise the Earned Value management technique to track the progress of the project on a weekly basis. This comparison will allow the project manager to develop metrics as to how the project is performing compared to the cost baseline, which will also assist with the development of variance analysis, trend analysis and relevant reports
- Cost Performance Index (CPI) will be reported weekly and is the project’s EV/AC
- Schedule Performance Index (SPI) will be reported weekly and is the project’s EV/PV
- Control thresholds for CPI and SPI are:
- Yellow: within +/- 20% must be reported to the Project Sponsor. If it is determined that there is no effect on the project’s cost baseline, then there may be no further action required.
- Red: greater than +/- 20% must be reported to the Project Sponsor. Corrective measures must be taken to move the project back to an acceptable performance level (process detail in paragraph 3.3).
|Earned Value Metric||Frequency of Reporting||Yellow||Red|
|CPI||Weekly||0.8≤CPI≤1.2||CPI<0.8 or CPI>1.2|
|SPI||Weekly||0.8≤SPI≤1.2||SPI<0.8 or SPI>1.2|
- Cost Variance (CV) will be reported weekly and is the project’s AC subtracted from EV
- Schedule Variance (SV) will be reported weekly and is the project’s PV subtracted from EV
3.4 Cost Control MeasuresIf the unlikely event of exceeding the thresholds of CPI or SPI which are stated above, corrective measures must be considered and taken to allow the project to fall back into the acceptable threshold of performance. The project manager will consider all control measures that will aid in the efforts of bring the project back within control. An informative analysis will of the chosen control measure will then be provided for the project sponsor. The analysis will consist of:
- Description of the selected control measure
- Staff involved with implementing the control measure
- A timeline detailing how long it will take to implement
- Risks or concerns with the implementation
- Estimated effect on the project performance
4.0 ApprovalsAs mentioned earlier on in the cost management plan (3.0), two budgets were to be developed detailing two different approaches as to how the project will be completed. Both budgets came within the requested $40,000 limit and both have different levels of build quality. The high-quality build consisted of higher quality materials which have the benefit of longer warranties, have longer life expectancies, higher capacity for electrical outlets, larger restroom, more storage opportunities, and also have a more appealing appearance throughout the whole shed. As well as the higher-grade materials budgeted, selecting plant and equipment that was to be hired for job completion also were of a higher quality standard which in many cases could potentially speed up the build process. The other budget consisted of standard industry materials and equipment to be used. The materials used in this proposal represent a quality product, but the warranty length is less and may have a selected taste in regard to product appearance. But all materials perform the same duties and have the same purpose as the ones proposed in the higher priced project budget. This budget was designed to fit the customers needs and nothing more. Unlike the other proposal, which was to provide the best possible experience whilst staying within the required budget. The signatures of the people below indicate an understanding in the purpose and content of this document by those signing it. By signing this document you agree to this as the formal Cost Management Plan for the Mr Jones’s Shed Project.
10 Reasons Why You Should Study AccountingAccording to our visitors, accounting is the most popular course over the years. Asan accountant, you are required to give information about the financial position and status of an organisation and it’s a very important job. An organization would not be able to handle financial decisions without them. Accountants are responsible for the financial situation of the company so you’ll have to make sure that money is flowing! Let’s find out why it’s so popular and why you should study it. View more details here for Bookkeeping and accounting course. If you have already completed a certificate IV course in account or bookkeeping you may qualify to study the Diploma of accounting, information available here on how to enrol in that accounting diploma.
You need basic math skills
Every industry needs an accountant
You can start your own business or accountancy firm
You can work abroad
More consultation, less number crunching
Seasons to make big money
- Grow your connection with volunteer work
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Accounting is your Parachute
What is a SWOT analysis in Business?A SWOT analysis is a useful way to understand and evaluate one’s strengths, weaknesses, opportunities and threats when faced with a decision. What makes a SWOT particularly powerful is that with a little thought, it can help you uncover opportunities that you are well-placed to take advantage of. By understanding the strengths and weaknesses of yourself, or your business, you can then manage and eliminate any threats that may present. What do find out more information on how to complete SWOT analysis for your online business view details of our diploma of Business courses by clicking here for more information or have a look at the diploma of management course information here. If you are not ready to study at the Diploma level you court start by enrolling in a certificate IV level course such as the Certificate IV in Business administration. This qualification will give you the foundation you need to have a better understanding of business administration tasks.
How do I do a SWOT analysis for a small business?First thought of by Albert Humphrey in the 60s, the SWOT analysis is a very powerful tool to help you understand your strengths and weaknesses, or your business’ strengths and weaknesses. It is important to ask the hard questions, no matter how uncomfortable or confronting it might be. The characteristics of a successful business remain the same regardless if you remain the same regardless if you are trying to change the world with driverless technology or you have a small business at the local business district. Here are some examples of questions you can ask to help you complete a SWOT analysis. Strengths
- What advantages does your business have?
- What do you do better than anyone else?
- What unique resources can you draw upon that others cannot?
- What do people see as your strengths?
- What is your organisation’s unique selling proposition?
- What are the benefits of this strategy or this plan?
- Why would a client choose you over your competitors?
- What could you improve on?
- What should you avoid?
- What are people in your market or your customers likely see as your weakness(es)?
- What factors cause you to lose sales?
- What factors cause you to lose customers?
- What opportunities can you spot?
- What areas of the market is unserviced or under-serviced?
- How can you help fix a problem the market/industry / a client has?
- What changes are there in technology?
- What local events are there that you might be able to present at?
- What obstacles do you face?
- What are your competitors doing?
- Are there any quality standards or specifications for your job, products or services?
- Are there any changes occurring within your industry – legislative or technological advancements or consumer sentiment?
- Do you have any bad debt or cash-flow problems?
- Could any of your weaknesses seriously threaten you or your business?
A business example of a SWOT analysisStrengths
- Qualified workers
- Constantly meet regulatory requirements without any haste
- Able to respond very quickly
- Can change direction very quickly
- Low overheads
- Avoid negative conversations in the workplace
- Has little to no market presence
- No funds for marketing
- Vulnerable to vital staff being sick or leaving the organisation
- understanding of Budgets and industry
- More technically capable and cheaper software out on the market
- Local government wants to encourage small businesses
- Competitors slow to adopt new technologies
- Industry expanding with customers now more educated on their options
- Workforce requirements
- Favouritism for staff with a particular manager
- A small change in the focus of a large competitor might wipe out any market position the business has
- The downturn in the market
- Burnout from over working