shoppers weekly. The Cha Doi Coffee measures its financial success in terms of increased market share and in earnings. With a total local market of $54 million, this is a tremendous opportunity! The keys to success will be the ability to offer quality gourmet coffees, take advantage of its small size, and reliance on an outstanding barista staff. In order to achieve these goals, the café will offer some the area’s finest gourmet beans from local distributors. Because of its small size, the café can enjoy larger margins in the form of lower overhead. The cafe will hand select baristas and offer salaries comparable to the chains. In turn the baristas will be trained to cross-sell, and sell the higher margin products. These reports prepared for and conduct an interview with the client to determine their financial direction and requirements and objective of plan was to liaise with the client and undertake a business needs analysis. Financial objectives Tax liability reduction goals To decrease expenses by 5% Wealth accumulation Asset development To increase revenue by 10% annually To increase net profit by 10% annually Outline Relevant legal and financial requirements - Consumer Affairs Act - Consumer Credit Code - Contract law Assessment 1 4
Assessment Task 1 | FNSACC501 - Corporations Act - Financial Services Reform Act (FSRA) - Industry codes of practice - National Guarantee Fund rules - Privacy Act - Relevant financial association's business rules and codes of practice - Taxation Act - Trade Practices Act Processes the client will need to undertake in order to achieve their financial goals, such as: - Personal investment strategies - Business registration - Insurance needs - Tax issues / requirements - advertising and marketing - administrative procedures - complaints and dispute resolution procedures - IT and administrative systems - policies and procedures in relation to client service - Product or service development. Detail strategies to put in place to ensure the above requirements are met - Planning, - Coordinating, - Directing, - Analysing or Controlling. Assessment 1 5
Assessment Task 1 | FNSACC501 Feedback The time you took to complete part 1 Answer: Was it by deadline. How specific was your questioning process? Did you ascertain all relevant financial requirements / goal of the client? Answer: The questioning process was asked two questions, as first are what are your the financial objectives and May you tell me about the relevant legal and financial requirements that you will need to be considered in order to achieve your specific objectives. Yes, ascertain all relevant financial requirements / goal of the client. The customers’ objectives are to decrease expenses by 5%, to increase revenue by 10% annually and to increase net profit by 10% annually. How detailed was your report?
You've reached the end of your free preview.
Want to read all 9 pages?
- Two '20
- Australian Business Number, Tax File Number, Taxation in Australia, Cha Doi Coffee