business

Business SWOT Analysis

SWOT Analysis

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?
Weaknesses
  • 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?
 Opportunities
  • 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?
 Threats
  • 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 analysis

Strengths
  • Qualified workers
  • Constantly meet regulatory requirements without any haste
  • Able to respond very quickly
  • Can change direction very quickly
  • Low overheads
Weaknesses
  • 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
Opportunities
  • 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 
Threats
  • 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
   

By user23395, ago
Accounting

Top reasons to study accounting

Top reasons to study accounting (it’s more than just numbers…)

What do famous personalities like Sir Mick Jagger (The Rolling Stones), Julia Sweeney (American comedian and actress), Kenny G (saxophone extraordinaire) and Peter Falk (TV’s legendary detective Colombo) all have in common? Accounting – They either studied accounting or were professional accountants! Studying accounting - https://www.edna.edu.au/online-courses/certificate-iv-in-bookkeeping/ gives you a much broader perspective than additions and subtractions. Once you have completed that bookkeeping course you can graduate to a diploma of accounting by undertaking this course and receive an accredited qualification. Ask any student of accounting, and he/she will readily affirm that studying accounting is not just about the numbers. Their influence in business and society in general goes much beyond ledgers, balance sheets and numbers. As a student of accounting, you don’t necessarily need to end up working as a ‘traditional’ accountant, writing ledgers and preparing Profit & Loss Statements. Studying accounting opens the doors to a whole range of allied careers, including:
  • Finance Managers
  • Business Analysts
  • Business Managers
  • Investment Advisors
  • Risk Management Specialist
While the current workforce in accounting and related jobs is estimated at around 188,000 (as of November 2015), a 5-year projection by the Australian Government, in their Job Outlook (to November 2019) had estimated that there would be over 50,000 new job openings for accountants (and associated jobs). A revealing report by the Australian Workforce and Productivity Agency (AWPA), titled Demand and Supply of Accountants, sheds some interesting light on why you may wish to consider studying accounting, and what prospects lay ahead for you if you do decide to pursue a career as an accountant or a related profession.

Numbers DO matter

Australia Bureau of Statistics (ABS) statistics indicate that, not only is there a healthy demand for accountants, but that the median earnings for accountants track roughly 22% higher than the benchmark “All occupations”. These numbers confirm that studying accounting does bring you the benefit of great jobs, but also pay that’s relatively better than many of Accounting’s peer disciplines.

Age doesn’t matter

Accounting students, enrolled in a certificate, diploma or professional degree program today, should be heartened by the fact that they could be absorbed into the workforce shortly upon completing the course. ABS data shows that, while 31% of accountants are in the 25-34 year age group (compared to 22% for all other professions), studying accounting can also bring youngsters in the age group of 20-24 years into the workforce.  The need to fill the imminent void that will be left by retiring accountants (Boomers and Gen X’s) means you are more likely to position yourself to fill that void if you start your Accounting studies now!

Great employment potential

Studying accounting offers you great long-term potential for employment, whether you are an Australian student, or an overseas student studying accounting at an Australian institution. An Australian Department of Employment study indicated that: Studying accounting opens doors to employment: Over 86% of individuals with an accounting qualification were contributing members to the labour force, compared to 82.5% of individuals with other qualifications

By user23395, ago
Accounting

Bookkeeping | Accounting – BAS agents requirements

What are the requirements for me to register as a BAS Agent?

Navigating the BAS Agent registration requirements can be confusing, especially the primary qualification criteria, since the TPB website does not specify exactly which qualification comes under the Certificate IV in Financial Services in bookkeeping or accounting.

Which qualifications are accepted?

According to the TPB website, an applicant must hold at least:   Higher qualifications are also accepted – meaning if you hold a Diploma of Accounting, a Bachelor of Accounting or a Master of Accounting, it will satisfy the primary qualification requirement.

BAS Agent Registration Requirements

To register as a BAS Agent as an individual, you must satisfy a certain set of criteria, not just holding the accounting and bookkeeping certificate:
  • You must be at least 18 years old.
  • You must be a fit and proper person – this takes into account:
    • whether you are of good fame, integrity and character;
    • whether you have been convicted of an offence involving fraud or dishonesty;
    • whether you have been penalised for being a promoter of a tax exploitation scheme;
    • whether you have been penalised for implementing a scheme that has been promoted on the basis of conformity with a product ruling in a way that is materially different from that described in the product ruling;
    • whether you are an undischarged bankrupt; and
    • whether you have been sentenced to a term of imprisonment, or served a term of imprisonment in whole or in part.
Click here to find out more about this requirement and the definitions that apply.
  • You must satisfy the qualification and experience requirements – you must have:
    • successfully completed a Certificate IV in Accounting and Bookkeeping (or one of its superseded qualifications or higher) from a registered training organization or an equivalent institution;
    • must have completed a board-approved course in basic GST/BAS taxation principles (which may be included in the Certificate IV in Accounting and Bookkeeping); and
    • completed 1,400 hours of relevant work experience in the past 4-years.
  • 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 and provide the required supporting documents.
 

What happens after I submit my application with the TPB?

After you have submitted your application, the TPB will respond with a decision to either grant or reject your application for registration. You will usually hear from them within 30-days of submitting your application. If your application is approved, details of your registration will be recorded and published on the TPB register, you must inform the TPB of your professional indemnity insurance details within 14-days of approval, and the Australian Taxation Office will be notified that your registration has been approved. Alternatively, if your application is rejected, you will be advised of the reasons and of your appeal rights; and the ATO will be notified of the TPB’s decision to reject your registration. Important: This information is current as at the 19th of September 2018 and as available on the TPB website.  

By user23395, ago
Accounting

Certificate IV in Accounting and Bookkeeping qualification

Is the Certificate IV in Accounting and Bookkeeping enough for me to register as a BAS Agent?

There have been many questions asked as to whether the new FNS40217 Certificate IV in Accounting and Bookkeeping meets the primary qualification requirement for one to register as a BAS Agent. The answer is, yes. However, there is more to the qualification requirement than simply the completion of the Certificate IV in Accounting and Bookkeeping course. There are more to the registration requirements than just the primary qualification factor. Details available here -www.edna.edu.au/online-courses/certificate-iv-in-bookkeeping/ In February, the Department of Education and Training announced the changes it has decided to make which affects, amongst other qualifications, the Certificate IV in Accounting and the Certificate IV in Bookkeeping. They have decided that, after thorough consultation with the industry, to combine the two qualifications and from the 14th of February 2019, the two qualifications were superseded by the Certificate IV in Accounting and Bookkeeping. You can also study the Diploma of accounting by clicking on the following link https://www.edna.edu.au/online-courses/diploma-of-accounting/  

Primary Qualification – BAS Agent

The Tax Practitioners Board is yet to update the information on their website to reflect the new qualification, although it has been confirmed that it is accepted as a primary qualification.

BAS Agent Registration Requirements

To register as a BAS Agent as an individual, you must satisfy a certain set of criteria, not just holding the accounting and bookkeeping certificate:  
  • You must be 18-years of age – you cannot be under 18 years old to apply.
  • You must be a fit and proper person – which takes into account whether you are of good fame, integrity and character; whether you have been convicted of an offence involving fraud or dishonesty; whether you have been penalized for being a promoter of a tax exploitation scheme; whether you have been penalized for implementing a scheme that has been promoted on the basis of conformity with a product ruling in a way that is materially different from that described in the product ruling; whether you are an undischarged bankrupt; and whether you have been sentenced to a term of imprisonment, or served a term of imprisonment in whole or in part. Click here to find out more about this requirement and the definitions that apply.
  • You must satisfy the qualification and experience requirements – you must have successfully completed a Certificate IV in Accounting and Bookkeeping (or higher) from a registered training organization or an equivalent institution, must have completed a board-approved course in basic GST/BAS taxation principles (which may be included in the Certificate IV in Accounting and Bookkeeping), and completed 1,400 hours of relevant work experience in the past 4-years.
  • 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 and provide the required supporting documents.
  Now that you know what the requirements are, you can a) start working towards achieving them, or b) register if you already meet the requirements!  

What happens when I finally lodge my application with the TPB?

After you have lodged your application, the TPB will respond with a decision to either grant or reject your application for registration. If your application is approved, details of your registration will be recorded and published on the TPB register, you must inform the TPB of your professional indemnity insurance details within 14-days of approval, and the Australian Taxation Office will be notified that your registration has been approved. Alternatively, if your application is rejected, you will be advised of the reasons and of your appeal rights; and the ATO will be notified of the TPB’s decision to reject your registration.   Important: This information is correct as at the 19th of September 2018 and as available on the TPB website. This information may change at any time. Please refer to the TPB website for more information.    

By user23395, ago