Answer guide to FIELD ATTACHMENT /FIELD TRIP

[Admin]

4. For any field attachment carried out
(a) Give the general description of the business you were attached to (04 marks)
(b) How did the business you were attached to ensure its sustainability? (05 marks)
(c) Advise the business owner(s) on the importance of avoiding labour turnover (05 marks)
(d) (i) Mention challenges faced by the business you were attached to (06 marks)
(ii) Mention books of accounts used by the business (05 marks)

 

[Pljo]

4. (a) General description

• Business name, address and contact
• Business location
• Products/services offered
• Purpose i.e. vision , mission, goals, and objectives
• Date of establishment
• Source of funding
• Nature /legal form of ownership
• Description of fixed assets
• Target customers
• Uniqueness of the business
• SWOT analysis.

(b) How the business ensure its sustainability

• Using team work
• Having good customer care
• Re-investing profit/ploughing back profits
• Emphasizing skills development
• Having proper financial management
• Building customer confidence
• Being innovative

(c) Importance of avoiding labour turnover

• Avoids additional recruitment costs
• Avoids increased costs of production
• Avoids increased costs of training replaced employees
• Avoids loss of know-how and customer good will
• Avoids potential loss of sales
• Avoids damages that may be done to loss of morale

(d) i) Challenges faced by the business include.

• Insufficient capital for expansion
• Limited skills to professionally perform duties
• Challenge of remunerating expectant owners of the business
• Competition with similar businesses
• Limited sources of supply of commodities
• Challenges of bad debts
• Limited time of operation.