Chapter 1- Stakeholders

Chapter 1- Stakeholders

1. Employees

   • Employees can benefit because if the business succeeds they wont risk losing their jobs and/or could mean they have an opportunity for a pay rise
   • Employees can get promotions if the business succeeds

2. Creditors

   • Creditors will benefit because they'll gain their money back quicker the more successful the business
   • if the company is successful and expands they're more likely to borrow more money

3. Local Community

   • The can benefit by a business succeeding because it can mean more job opportunities for the local community
   • More businesses means more access to supplies in their area

4. Suppliers

   • If a business succeeds it means an increase of demand for supplies
   • Due to the increase demand on the wholesaler the knock on effect improves their turnover

5. Owners

   • Owners will benefit greatly from the success of their business because their will be a greater turnover
   • an opportunity to expand their business
     • more credit rating/more employees

6. A Stakeholder is a person or group of people who have an interest in a business

7. Customers

   • Customers are interested in the success of a business because if the business gains a lot of profit they can afford to keep prices cheap whereas if they weren't succeeding they'd have to raise their prices

8. Customer Service

   • Customer service plays a big part on the success of a business because if the service is bad it will discourage cutomers in using that business meaning losing customers
   • Having good customer service encourages more customers
   • Customer service is the service given to customers/future customers before or after the purchase of good or services

9. Profit

   • Profit is the difference between an amount of money earned for the business and the amount of money spent on the business e.g. buying supplies/decorating

10. Revenue

    • is the earnings/income of a business

11. Sponsorship

    • Sponsorship/sponsoring a business is giving money to another business to help it succeed or help advertising it