Business Report

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BUSINESS REPORT

EXPLAIN HOW INTERNAL AND EXTERNAL INFLUENCES MAY IMPACT ON BUSINESS OPORTUNITIES IN NSW.
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BUSINESS REPORT

EXPLAIN HOW INTERNAL AND EXTERNAL INFLUENCES MAY IMPACT ON BUSINESS OPORTUNITIES IN NSW.
INFLUENCES IN THE BUSINESS ENVIRONMENT
INFLUENCES IN THE BUSINESS ENVIRONMENT

EXECUTIVE SUMMARY
Business opportunities in NSW are impacted by internal and external factors. Internal and external factors influence the business opportunities as they determine the success and failure of opportunities in the business environment. External influences are factors which mainly influence the environment outside the business and therefore they determine what the management staff inside the business must do to adjust with the changes in the external environment. External influences include factors such as; economic, financial, geographic, social, legal, political, institutional, technological, competitive situation and markets. Internal influences are factors affecting the business from within i.e. internally. Internal influences include factors such as; product, location, management, resource management and business culture. The following business report is commissioned to examine the influence of external and internal factors of business opportunities in NSW.
EXTERNAL INFLUENCES
ECONOMIC INFLUENCES
The economic influence includes factors which relate to changes in the wider economy i.e. booms and recessions in the economy. The benefit of a growing economy allows opportunities for a business to increase profit, so businesses are able to experience rising living standards. ‘Booms’ and ‘upswings’ benefit business opportunities as they are periods where the economy is going through a positive phase where businesses have the opportunity to increase their positive total revenue. Consequently, this will lead to a rise in employment, consumer spending