Consultation Report for Starting an Optometrist Shop in Maryland, New South Wales, Australia

This report provides consultation to an entrepreneur aiming to start a new optometrist shop in Maryland, New South Wales, Australia. It covers business name registration, taxes, special industry requirements, management, balance scorecard, financials, banking procedures, company registration, partnership agreement, risk assessment and management.

PROJECT
STUDENT’S NAME
DATE

Introduction:
Management plays significant roles in operations of business organisations. The
managers at the top levels ensure that the business operations comply with the legislations
and market trends. The top level management consisting of the CEO, directors and
departmental heads form strategies. The middle level managers communicate the strategies
formed by the top level managers to the lower level managers who in turn communicate the
strategies to their subordinates. The middle level managers and lower level managers also
communicate the feedback and opinion of the lower level employees to the top level
managers. Organisational management plays pivotal role in ensuring that all the departments
operate in a well-coordinated manner which contribute to superior business performance of
the organisation as a whole (Obolensky 2017). However organisational management has
become so complex that entrepreneurs require to seek consultation from management firms.
The aim of the report is to provide consultation to an entrepreneur aiming to a new
optometrist shop in Maryland, New South Wales, Australia (Maryland.gov 2019). The entire
research would be presented from the point of the consultation firm.
Business name registration, taxes and any special industry requirements:
Registration:
The Department of Industry, Innovation and Science, Government of Australia
mentions that new business ventures in Australia have to get registered with the Australian
Securities and Investment Commission. The ministry also suggest the business organisation
to protect their respective registration names using trademarks (Business.gov.au. 2019).

TFN/ABN/GST/PAYG:
Tax File Number (TFN):
As per the Australian Taxation Office (ATO), Government of Australia , business
organisations need to fill Tax file number declaration (TFN) to enable their business
customers to decide the amount which has to be deducted their payments as taxes. The
business organisations can either fill the form online or download the same on A4 sheets to
fill by hand in block letters (Ato.gov.au. 2019).
Australian Business Number (ABN):
The business organisations are also required to obtain their individual Australian
Business Number or ABN. The registration applies nationally and requires no registration in
events of change of states. The registration fees of ASIC is $ 35 for a year and $ 84 for three
years. The business venture would receive confirmation in two working days and up to five
working days in case the payments are made using ETF, bank transfer or BPay
(Business.gov.au. 2019).
Goods and Service tax (GST):
The Australian Taxation Office or ATO mentions that the business organisations have
to register for GST. The rate of GST in Australia at present is 10 percent which the business
organisations are supposed to levy on the selling prices of goods. The amount collected as
GST is to be paid to the Government when due (Ato.gov.au. 2019).
Pay As You Go (PAYG):
The Pay As You Go is a system of paying taxes in instalments which businesses and
investors in Australia can avail. However, PAG does not exempt the business organisations
and investors from furnishing annual tax returns with ATO.

Any special industry requirements:
The business ventures in Australia have to comply with several laws which apply to
all industries in general as well as laws which apply to the particular in which they operate.
The laws like Fair Trading laws and Consumer Acts apply to all industries (Business.gov.au.
2019). As far as the optometrist under study is concerned, the firm should comply with the
guidelines issued by the Optometry Board of Australia. For example, the law clearly
mentions that optometry practitioners and store owners should graphic and visual
representations to treat patients with caution. Similarly, if their advertisements market any
treatment procedure require surgical treatment, the advertisement must mention, ‘Any
surgical or invasive procedure carries risks. Before proceeding, you should seek a
second opinion from an appropriately qualified health practitioner.’ clearly
(Optometryboard.gov.au. 2019).
Management
Interlocking the functions of the management of planning, organizing, staffing,
directing and controlling in order to achieve the objectives effectively and efficiently is
known as management (Campling, 2008).
Selection of the management personnel with requisite strengths, qualifications,
experience
 The managers in an organization are ranked from top to down with string chain of
command in order to ensure that decisions are implemented in the best way.
1. The top-level managers include the board of directors, CEO, vice-president. They provide
the vision, direction and the formation of the various strategies for marketing, production,
sales.

A vision statement of a company outlines where a company wants to be whereas a mission
statement of a company outlines the way to achieve the vision statement. In order to
implement, a strategic direction is required which establishes the internal responsibilities for
every department. Strategic direction allows a worker to know his role in the achievement of
a goal.
To create a competitive advantage, it is significant to know about the benefits which the
product or service of an organization will provide along with the target market and the
identification of existing or forthcoming competition.
2. The middle-level managers are to report to the top-level managers and communicate the
strategies to low-level managers. They are the ones who turn decisions into actions and
implement the strategies formed by top-level.
3. The key aspect of the management structure is the bottom level managers. They assign the
tasks to each employee and supervise them and resolve dissatisfaction among them (Oldcorn,
1996).
The business organisation would also have to hire professional advisors like insurance
and legal advisors. Every company has to maintain certain books of accounts and prepare the
financial statements of the company. An accountant is required who records all accounting
data and to verify the accuracy of money transactions. A cash flow statement (CFS) is
prepared which record the inflows and outflows of cash (Campbell, 1977).
 To ensure that a company operates within legality, a corporate lawyer is appointed
who also advises the company on their legal rights and obligations.

Chief Executive
Officer
Director of
Marketing
Director of
finance
Director of
operations
Manager,
Marketing Manager,
SCM
Manager,
Accounts
Manager,
Inventory
Manager,
Administration
Manager, HR
Figure 1. Figure showing hierarchy in an organisation
(Source: Author)
Strategic directions, growth initiatives and management:
The apex of the new business firm would require to define the business strategies and
take growth initiatives. The middle managers should arrange for training sessions for their
subordinates to improve the performance of the latter. The apex management should define
the vision and mission which the organisation seeks to achieve. The marketing manager
should form the marketing strategies which the company would follow to achieve
competitive advantage in the market. The marketing department should also support the apex
management to form the marketing strategies which the firm take to achieve the business

target. The management should ensure that the other departments of the company collaborate
with the marketing department to propel the firm towards achievement of the business goals.
Balance scorecard:
For maintaining the strategy, a balanced scorecard is used. BSC is strategic planning
which assists management to achieve goals whereas SWOT is used to define the goals. It is
used to know the strengths, Weaknesses, opportunities, and threats of a company.
Key Performance Indicators are used to know and evaluate the effectiveness of
achieving goals. Overall performance is focused by High KPI whereas low KPI focuses on
employees in departments (Davis and Federal Facilities Council Ad Hoc, 2005).
Lagging indicators are one which is hard to improve and are output oriented whereas
leading indicators are hard to measure and easy to influence. A lagging KPI records actual
performance whereas leading KPI is a measurable factor that changes before a company
starts to follow a trend.
There should be a monetary or non-monetary reward system for employees to
motivate them. It may be based on their performances. Benchmarking system is used to
identify opportunities for improvement and is a process of measuring the company’s
performance with other company’s performance.
Corporate Social Responsibility is used to assess the effects of a company on the
environment and its impact on social welfare. Reporting of the CSR is to be done in the
Board’s report. Contribution on the CSR, a composition of the CSR committee and a brief
outline of the CSR policy is mentioned in the Board’s report (Simpson and Taylor, 2013).

Vision and
Strategy
Organisational
capacity
Internal
Processes
Customers
Financials
Figure 2. Balance score card
(Source: Author)
Bank account, cash handling and banking procedures
To ensure the smooth flow of operations in a company there should be a proper
system of handling cash. A separate bank account is always maintained under the head of the
company’s name for cash inflows and cash outflows and all the banking regulations norms
are required to be followed up. There should be proper internal control in the company for
effective use of cash and control of it.
A client agreement is a service agreement which most businesses provide to their
client and is signed by the parties. The agreement provides for the services which are to be
rendered to the client, mode and the method of payment by the client, dispute resolution and
mediation method, termination of client agreement, and if there is to be any limitation on
liability if any of the clauses are not met.

A clear return or refund policy is vital to be mentioned for a healthy client-business
relationship.
A credit policy is provided to clients who cannot pay the whole amount of product. A
Proper number of installments with due dates should be clearly mentioned.
Sometimes businesses provide the reward or points system on a certain purchase of
their goods or on the specific amount spent by the client. A company provides either
encashment or discount on those points collected by the clients.
A company may come up with certain discount policies on certain specific events or
dates. Products should be properly mentioned on which discounts can be availed off.
Company Registration/ partnership agreement
It is significant to register a company in order to have its own legal entity. An
Australian Company Number is obtained which has a unique nine-digit number which is
managed by the Australian Securities & Investments Commission (ASIC) (Ryan and McCaw,
1965).
Risk Assessment and management
The evaluation of hazards which are harmful to the company is known as risk
assessment. The first step in assessing the risk is the identification of hazards and then to
determine what or who could be harmed. The next step is of evaluation of risks and
development of control measures followed by a review. Risk management is a process of
identifying, assessing and controlling the risks or the threats which are harmful for an
organization (Crouhy, Galai and Mark,2000).
Risk register of optometrist shop
R
is
k
Docu
ment
contr
Risk
identi
fier
Risk
Categ
ory
Risk
Descr
iptio
Likeli
hood
of
Impact
of the
risks
Risk
respo
nse
Owne
r of
risk
Risk
respo
nse
Owne
r of
Risk
Due
date
for

n
o
ol
infor
matio
n
n risks categ
ory action
respo
nse
actio
n
the
actio
n to
be
comp
leted
1 Profit
and
Loss
state
ment,
balanc
e
sheets
Fallin
g
profit
s in
spite
of
stron
g
marke
ting
strate
gies
Mark
et
risks
1.
Mark
et
risks
can
origin
ate
due
to
intro
ducti
on of
new
prod
ucts
by
existi
ng
comp
etitor
s
and/
or
entry
of
new
firms
with
simila
r
prod
ucts.
2.
Mark
et
risk
can
be
the
outco
me of
intro
ducti
on of
low
Very
high
consi
derin
g the
inten
se
inter
natio
nal
and
local
comp
etitio
n the
MNC
faces.
1. Fall
in
revenu
e and
losing
of
consum
ers.
(short
term
impact)
2.
Losing
investo
rs, and
supply
chains
due to
falling
capacit
y to
give
positive
ROI.
(mediu
m
term)
3.
Goodwi
ll risk
and
losing
of
global
market
positio
n (long
term
loss)
Strat
egic
decisi
ons,
mark
eting
strate
gies
Finan
ce
depar
tment
,
Mark
eting
depar
tment
Stren
gtheni
ng
marke
ting of
produ
cts,
introd
ucing
new
and
innov
ative
produ
cts
with
less
comp
etitor
s
Mark
eting
depar
tment
2
years

price
d
varia
nts
by
local
comp
anies.
For
exam
ple,
stron
g
comp
etitor
s like
Rado
intro
duce
more
innov
ative
opto
metri
cs
prod
ucts
2 Profit
and
loss
state
ments
,
suppli
ers
invoic
es,
Invent
ory
regist
ers
Rising
cost
to
acquir
e raw
mater
ials,
falling
qualit
y
para
meter
s of
raw
mater
ials
procu
red
Suppl
y
chain
risks
Suppl
iers
suppl
y
good
s
whic
h do
not
meet
the
qualit
y
stand
ard
para
mete
rs.
Exece
ssive
trans
port
cost
Medi
um
1.
Increas
ed cost
of
materia
ls.
2. High
cost of
manufa
cturing
3.
Interru
ption in
the
manufa
cturing
costs.
4.
Lower
degree
of
econo
mies of
scale.
High Procu
reme
nt
depar
tment
al
head
Restr
ucturi
ng
suppl
y
chain
Procu
reme
nt
depar
tment
al
head
1
year

5.
Higher
levels
of
materia
ls
wastag
e
3 Unjus
tified
loss of
capita
l,
Unjsu
tified
loss of
data,
Unexp
lainab
le
alter
of
infor
matio
n
Emplo
yees,
custo
mers
or any
other
stake
holde
r
Cyber
theft
risks
Cyber
attac
ks
lead
to
loss
of
custo
mer
and
finan
cial
data
of
extre
me
busin
ess
signifi
cance
. Loss
of
custo
mer
data
and
finan
cial
resou
rces
onlin
e
lead
to R1
Incre
asing
at a
fast
rate
1. Loss
of
senseti
ve
busines
s data.
2. Loss
of
financia
l
resourc
es.
3.
Unauth
orised
access
to the
busines
s
strateg
y
informa
tion of
the
compa
ny.
4. R1
High Apex
mana
geme
nt
and
all the
depar
tment
al
heads
1.
Tighte
ning
of
securi
ty.
2.
Alloca
ting
new
email
ids
and
passw
ords
to
each
emplo
yees.
3.
Mand
ating
subor
dinate
s to
obtain
appro
val of
superi
ors to
acced
e to
specifi
c
infor
matio
n.
4.
Makin
g it
comp
ulsory
for all
Apex
mana
geme
nt
and
all the
depar
tment
al
heads
2
years

emplo
yees
to
excha
nge
officia
l
infor
matio
n
exclus
ively
on
the
forma
lly laid
path
of
infor
matio
n
sharin
g.
5.
Emplo
yees
holdin
g
assist
ant
mana
gers
and
beyon
d
shoul
d lock
their
syste
ms
using
a four
layer
passw
ord
securi
ty.
4
Canno
t be
docu
mente
Emplo
yees,
custo
mers
Natur
al
disast
ers
Natur
al
disast
ers
Rarel
y
Depend
s on the
serious
ness
Imme
diate
Gover
nmen
t,
securi
Evacu
ation
Gover
nmen
t,
securi
Cann
ot be
speci
fied

d
or any
other
stake
holde
r
lead
to
loss
of
resou
rces,
inven
tory
and
asset
s
and
intensit
y of the
calamiti
es
ty
perso
nnel
etc
ty
perso
nnel
etc
5
Gover
nmen
t and
legal
websi
tes
Apex
mana
geme
nt
Chang
e in
legisla
tions
Chan
ge in
laws
requi
re
comp
aneis
to
comp
ly
with
the
new
laws
Medi
um
Require
s
Unileve
r to
adapt
the
relevan
t areas
of
operati
ons as
per the
laws
Imme
diate
Apex
mana
geme
nt
and
all the
depar
tment
al
heads
Compl
iance
Apex
mana
geme
nt
and
all the
depar
tment
al
heads
Cann
ot be
speci
fied
6 Financ
ial
state
ments
Apex
mana
geme
nt,
financ
e
depar
tment
, CFO
Econo
mic
risks
1.
Chan
ge in
inter
natio
nal
curre
ncy
excha
nge
rates
2.
Chan
ge in
taxes.
3.
Adver
se
econ
omic
chan
ges
4.
Emer
gence
of
Medi
um
Require
s
Unileve
r to
adapt
the
relevan
t areas
of
operati
ons as
per the
laws
Imme
diate
or
withi
n the
date
of
enfor
ceme
nt
speci
fied
speci
fied
Apex
mana
geme
nt
and
all the
depar
tment
al
heads
Compl
iance
Apex
mana
geme
nt
and
financ
e
depar
tment
Imme
diate
or
withi
n the
date
of
enfor
ceme
nt
speci
fied
speci
fied

econ
omic
polici
es
resul
ting
from
R5.
5.
Scarci
ty of
raw
mate
rials.
6.
Incre
ase in
polici
es of
finan
cial
instit
ution
s
7
Risk
regist
er Apex
mana
geme
nt,
securi
ty
office
r and
any
other
emplo
yee
Fire,
exlosi
ons
Loss
of
mate
rials,
loss
of
equip
ment,
injury
of
empl
oyees
, loss
of
prod
uctivi
ty,
casua
lty in
case
of
large
scale
explo
sions
Medi
um
Unileve
r loses
produc
tivity,
employ
ees,
resourc
es
Imme
diate
or
withi
n the
date
of
enfor
ceme
nt
speci
fied
speci
fied
Apex
mana
geme
nt
and
all the
depar
tment
al
heads
Risk
mana
geme
nt
strate
gies
Apex
mana
geme
nt
and
financ
e
depar
tment
2
years
8 Financ
ial
Apex
mana
Good
will
1.
Loss
Medi
um
Unileve
r loses
Imme
diate
Apex
mana
Risk
mana
Apex
mana
3
years

state
ments
geme
nt
and
top
mana
gers
includ
ing
CFO risks
of
custo
mers
2.
Loss
of
inves
tors
3.
Loss
of
suppl
iers
4.
Loss
of
mark
et
positi
on
produc
tivity,
employ
ees,
supplie
rs,
patents
and
assets
geme
nt
and
all the
depar
tment
al
heads
geme
nt
strate
gies
geme
nt
and
financ
e
depar
tment
9
Financ
ial
state
ments
Apex
mana
geme
nt
and
top
mana
gers
includ
ing
CFO
Capit
al
risks
Weak
ening
of
capit
al
base
due
to
lower
gener
ation
of
capit
al
Medi
um
Unileve
r loses
produc
tivity,
employ
ees,
supplie
rs,
patents
and
assets
Imme
diate
Apex
mana
geme
nt
and
all the
depar
tment
al
heads
Stren
gtheni
ng
marke
ting of
produ
cts,
introd
ucing
new
and
innov
ative
produ
cts
with
less
comp
etitor
s to
boost
reven
ue
gener
ation
and
streng
then
good
will
Apex
mana
geme
nt
and
financ
e
depar
tment
4
years

1
0
Financ
ial
state
ments
Apex
mana
geme
nt
and
top
mana
gers
includ
ing
CFO,
R&D
head
Techn
ologic
al
risks
Mode
rn
techn
ology
leave
s
perev
ious
techn
ology
versi
ons
redu
ndant
Medi
um
Require
s
Unileve
r to
carry
on
continu
ous
researc
h on
product
technol
ogy,
operati
on,
ecomm
erce
technol
ogy etc
Imme
diate
Apex
mana
geme
nt
and
all the
depar
tment
al
heads
Requi
res
Unilev
er to
carry
on
contin
uous
resear
ch on
produ
ct
techn
ology,
opera
tion,
ecom
merce
techn
ology
etc
Techn
ologci
al
office
r
3
years
Conclusion
Thus, it can be concluded that there are many requirements which have to be followed
up the company for effective operations and smooth running of a business. A number of
factors have to be taken care of.

References
Ato.gov.au. 2019. TFN declaration. [online] Available at: https://www.ato.gov.au/forms/tfn-
declaration/ [Accessed 1 Feb. 2019].
Buckley, M. (1977). The structure of business. Harlow, Essex: Longman.
Business.gov.au. 2019. Business.gov.au. [online] Available at:
https://www.business.gov.au/guide/starting [Accessed 1 Feb. 2019].
Campbell, S. (1977). Accountant. Cleveland, Ohio: Educational Research Council of
America.
Campling, J. (2008). Management. Milton, Qld.: John Wiley & Sons Australia.
Crouhy, M., Galai, D. and Mark, R. (2000). Risk management. New York: McGraw Hill.
Davis, J. and Federal Facilities Council Ad Hoc, C. (2005). Key Performance Indicators for
Federal Facilties Portfolios. National Academies Press.
Maryland.gov. 2019. Maryland.gov. [online] Available at:
https://www.maryland.gov/Pages/default.aspx [Accessed 1 Feb. 2019].
Obolensky, N., 2017. Complex adaptive leadership: Embracing paradox and uncertainty.
Routledge.
Oldcorn, R. (1996). Management. Basingstoke: Macmillan Business.
Optometryboard.gov.au. 2019. Optometryboard.gov.au. [online] Available at:
https://www.optometryboard.gov.au/policies-codes-guidelines/guidelines-for-advertising-
regulated-health-services.aspx [Accessed 1 Feb. 2019].
Ryan, F. and McCaw, K. (1965). Australian company registration practice. Sydney:
Butterworths.

Simpson, J. and Taylor, J. (2013). Corporate governance, ethics, and CSR. London: Kogan
Page