Integrate Technical Knowledge, Critical Thinking and Professional Skills

Integrate Technical Knowledge, Critical Thinking and Professional Skills
Assignment Task:

Task:

Introduction This workbook and webinar 2 are focussed on the business life cycle (refer to Toolkit).

The activities cover each stage of the business lifecycle:

• Concept and start up

• Growth

• Expansion

• Mature/Stable

• Decline.

While we can place timelines around when each of the stages may typically occur, it’s important to note that time in itself is not an indicator of a business’s position in the lifecycle. Some start?ups for example reach expansion very quickly. Others may start on a positive trajectory into growth and expansion, but hit an obstacle (internal or external) that sends them straight into decline. During the global pandemic we have seen many examples of businesses experiencing accelerated growth or decline, outside of what we might typically expect in the lifecycle. Capstone Chartered Accountants Program Page 4 of 16 Workshop 2 Activities Activity 2-1: Business structure considerations Learning outcomes associated with this activity

• Integrate technical knowledge, critical thinking and professional skills to provide business advice.

• Demonstrate an embedded ethical approach in the application of technical knowledge and professional skills

• Demonstrate effective communication and collaboration skills in a variety of formal and informal business contexts.

A common question Chartered Accountants in public practice are asked by start-up business owners is ‘what is the most appropriate structure for my business?’. In this activity you will review the information below on Fleur Packaging to consider different business structures. We will continue to follow the business journey of Fleur Packaging in these activities and in Webinar 2. Watch the following video for an introduction to Fleur Packaging: https://youtu.be/mfIY_ou99hA. Please note this video is available to view with closed captions. Fleur London is an entrepreneur. While studying environmental science at university, she read several articles about the impact of plastic waste on our oceans, marine life, birds and animals. Initially on a personal crusade only, Fleur started reducing her own plastic usage, and set out to create alternative packaging products for her own use. She started researching waterproof, breathable materials, inspired by stories of sea passengers of centuries ago wrapping food in waxed cotton, or oilskins. While those materials are still used for wet weather gear such as rain jackets and bags, Fleur could find no suitable oiled fabric for wrapping food and decided to make one herself! Fleur spent months experimenting with local beeswax, pine tree resin, natural oils and organic cotton, and began to develop prototype wraps that could keep food fresh, and most importantly be reused. She created a long-lasting fabric that is completely natural, thin and flexible, easy to seal and clean. Although initially Fleur’s focus was on reducing her own plastic use, she soon started to make her beeswax wraps for family and friends, and also started selling them to her fellow students. After graduation from university, Fleur returned home and began to consider her wraps more seriously as a business venture.

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