WHAT ARE THE THREE TYPES OF ECONOMIC BUSNESS SECTORS
PRIVATE SECTOR
PUBLIC
THIRD SECTOR
WHAT ARE THE THREE TYPES OF INDUSTRIAL SECTOR
PRIMARY - RAW MATERIAL - EXTRACTION
SECONDARY - MANUFACTURING - TRANSFORMING
TERTIARY - FINANCIAL, TRANSPORT, RETAIL - SERVICES
WHAT DEFINES PRIMARY INDUSTRIES
NO RAW MATERIALS
HIGH CAPEX PURCHASES
HIGH VALUE STOCK
INDEPENDANT DEMAND
WHAT DEFINES SECONDARY INDUSTRIES
HANDLE RAW MATERIALS
CAPEX PURCHASES
REPEAT BUSINESS
DEPENDANT DEMAND
WHAT DEFINES TERTIARY INDUSTRIES
BUYS FINISHED GOODS HIGH PURCHASE COST >80% HIGH OVERHEADS LARGE SUPPLIER BASE DIRECT END-USER LITTLE LEVERAGE DEMAND STIMULATED THROGH ADVERTISING ADD NO VALUE
WHAT DEFINES A PUBLIC SECTOR ORGANISATION
THEY ARE OWNED BY THE GOVERNMENT
AIM TO PROVIDE A SERVICE
FINANCED THROUGH THE STATE - TAX PAYER
ACHIEVE DEFINED SERVICE LEVELS
WHAT REGULATIONS IMPACT THE PUBLIC SECTOR?
PUBLIC CONTRACT REGULATIONS 2015 PUBLIC PROCUREMENT REGULATIONS 2016 LATE PAYMENT OF COMMERCIAL DEBTS REGULATIONS 2013 EQUALITY ACT 2010 PUBLIC SERVICES ACT 2012
UTILITIES CONTRACT REGULATIONS 2016 CONCESSIONS CONTRACT REGULATIONS 2016 LOCAL GOVERNMENT TRANSPARANCY CODE 2015 ENERGY EFFICIENCY DIRECTIVE ARTICLE 6 SMALL BUSINESS ENTERPRISE & EMPLOYMENT ACT 2015
WHAT ARE THE 4 TYPES OF PUBLIC TENDER
OPEN
-OPEN TO ANY POTENTIAL BIDDER
RESTRICTED
-PRE-QUALIFIED SELECTED SUPPLIES BID FOR CONTRACT
COMPETITIVE DIALOGUE
-DIFFICULT TENDER WHERE SUPPLIERS HELP DEFINE SOLUTION
COMPETITIVE PROCEDURE WITH NEGOTIATION
-SUPPLIERS HELP DEFINE SPEC WHERE NO OFF SHELF IS AVAILABLE LIKE SOFTWARE SOLUTIONS
WHO DECIDES WHAT VALUE FOR MONEY IS?
ANY HOW IS IT MONITORED?
THE NATIONAL AUDIT OFFICE HELP DEFINE IF PUBLIC SECTOR IS GIVING VALUE FOR MONEY TO PUBLIC
IT IS DEFINED BY MONITORING
- ECONOMY - MINIMISE COST WITHOUT OVERLY REDUCING QUALITY
- EFFICIENCY - RELATIONSHIP BETWEEN OUTPUT, SERVICES AND RESOURCES
- EFFECTIVENESS - EXTENT TO WHICH OBJECTIVES ARE ACHIEVED
WHAT DEFINES A PRIVATE SECTOR BUSINESS
IS OWNED BY AND CONTROLLED BY INVESTORS
FUNDED BY INVESTMENT, REVENUE AND DEBT (LOANS)
AIMS TO MAKE PROFIT FOR STAKEHOLDERS
WHAT BUINESS TYPES FALL INTO
UNINCORPORATED
INCORPORATED
UNINCORPORATED
SOLE TRADER
PARTNERSHIP
INCORPORATED
PRIVATE LIMITED COMPANY
PUBLIC LIMITED COMPANY
WHAT ARE THE PROS/CONS OF SOLE TRADERS
PROS
- MAKE ALL DECISIONS AND DECIDE DIRECTION OF BUSINESS
- KEEPS ALL THE PROFITS
- LOW OVERHEADS
- NO CONFLICT WITH STAFF DECIDE WHO TO EMPLOY
CONS
- FULL EXPOSURE TO ALL BUSINESS DEBTS
- HARD TO GET LARGE LOANS FOR BUSINESS DEVELOPMENT
- NO ECONOMIES OF SCALE
- MINIMAL INPUT ON BUSINESS DECISIONS
WHAT ARE THE PROS/CONS OF A PARTNERSHIP
PROS
- MEMBER OF PARTNERSHIP SHARE PROFITS
- SPLIT INVESTMENT INTO BUSINESS
- EASIER TO RAISE LOANS
CONS
- DECISIONS HAVE TO BE SHARED / DECIDED OVER
- PROFITS ARE SHARED
- ALL MEMBERS CARRY DEBT NOT LIMITED
WHAT ARE THE PROS/CONS OF A LIMITED COMPANY
PROS
- AIM TO GIVE SHAREHOLDERS PROFIT DIVIDENDS
- PROTECTS OWNERS FROM PERSONAL LIABILITY COMPANY OWNS DEBT
- SHARES ARE STABLE CAPITAL ISNT AFFECTED BY TRADING
- DIRECTORS PROVIDE DIRECTION AND EXPERTISE
CONS
- EXPENSE AND REDTAPE
- SUBJECT TO REGULATION - PUBLIC DISCLOSE
- SHARE TRADING CAN RESULT IN UNWATED CHANGE OF OWNERSHIP
WHAT ARE THE REGULATIONS AND BODIES PRIVATE COMPANIES HAVE TO ABIDE BY
INTERNATIONAL LABOUR ORGANISATION - ILO
INTERNATIONAL STANDARDS ORGANISATION - ISO
THE CONSUMER RIGHTS ACT - 2015
TRANSPORT DRIVING REGULATIONS
WHAT IS THE DIFFERENCE BETWEEN PUBLIC AND PRIVATE COMPANIES IN TERMS OF
1) OBJECTIVES
2) RESPONSIBILITY
3) STAKEHOLDERS
4) ACTIVIES AND PROCESSES
5) LEGAL RESTRICTIONS
6) COMPETITION
7) VALUE FOR MONEY
1) Private Aims To Make A Profit Public To Provide A Service
2) Private Buyers Are Responsible To Directors And Investors Profits, Public Are Responsible To The Public.
3) Private Stakeholders Are More Limited, Everyone Can Be A Public Stakeholder
4) Private Aim To Ensure Profits Are Maintained And Improved By Their Own Processes, Public Follow Processes Defined To Ensure Public Get Value For Money.
5) Private Limited Legal Restrictions, Public Have Many
6) Private Very Strong Competition, Public Little To No Competition
7) Private Aim To Make Profit For Stakeholders - Public To Ensure Within Budgets And Services Maintained.
WHAT DEFINES A THIRD SECTOR ORGANISATION
NOT FOR PROFIT
PROVIDE A SERVICE TO PUBLIC
MULTIPLE STAKEHOLDERS AND CUSTOMERS
AIM TO RAISE AWARENESS TO CAUSE OR ISSUE
WORK WITH COMMUNITY TO DELIVER INITIATIVES AND BENEFIT AREA
RECEIEVE DONATIONS AND SPONSORS FOR FUNDING
WHO REGULATES THIRD SECTOR
THE CHARITIES COMMISSION
- REGISTERS CHARITIES
- DETECTS MISMANAGEMENT
- ENHANCES PUBLICS CONFIDENCE KNOWING CHARITY IS REGULATED
