LO6

• External influences- factors outside of a business that are beyond the owners control
• Social Factors- things that affect out lifestyle e.g. demographic issues, attitudes to work, disposable income, social trends, cultural beliefs
• Technological factors- these include machines used to automate the production process in a factory, hardware and software used for communication, purchasing and sales and mobile technology
• Economic factors- changes in the economy that affect the price and cost of goods and services. E.g. level of interest, exchange rates, unemployment rates, taxation
• Retained profit- the money remaining within a business once all costs, taxes and dividends have been deducted
• Environmental factors-green or sustainability issues that exist in a business surrounding area
• Legal factors- laws that affect how the business is run
• Business framework- shows how a business is structured and organised including how it is run