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How Business Operate Level 5 CBC College

1037 Downloads I Published: 20 Apr ,2020

Introduction

Internal and external factors of business environment create much impact on operations of a company. These elements consists competitors, ethics, corporate social responsibilities, stakeholders and more which demands a firm to create changes in operational activities (Amit, and Zott, 2015). Along with this, if an association wants to move its business in other countries then it needs to analyse factors like laws and legislations, political and economical activities. For this assistance, a report has been prepared for TESCO Company, which entails its business structure as well as how global factors affect its operations. This assignment has also consider the types and structures of organisations which lie in public and private sector in a country like United Kingdom. In addition to this, business functions and importance of departments like HRM and Accountant highlighted with benefits of team work to run business operations in an effective way.

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Task 1

1.1 Types of organisation found in public and private sector in United Kingdom

Organisations which come under control of government are consider as public and the rest one under private (Reim, Parida and Örtqvist, 2015). Companies which come under these sectors can be classified as:- Companies that included in private sector are divided on basis of ownership like:-

Individual ownership: In this type of enterprises, business is run by owners on individual basis.

Partnership ownership: Business in this sector is divided among partners equally.

Institutions under public sector are divided on basis of control:

State Government: It is consider as most appropriate factor for companies in order to establish their business.

Central Government: Companies under this category are fully controlled by national government.

1.2 Different structures within the businesses in United Kingdom

In a country, various companies are run their business in own manner according to different objectives. Therefore, all have different structures as seen below:-

Sole trader: These are incorporated organisation in which business is operated by an individual. Departmental stores, Health & Safety Institutions and small companies are come under this category. So, owners of such associations take entire risks to carry business operations in a proper way.

Partnership: In this section, business is divided among partners equally. This would help in maximising benefits as partners shares equal shares in profit or loss (Petro and Gardiner, 2015).

Limited liability company: This concept was enacted in the year 1977, under which owners used to make an agreement among partners. It includes sharing of profit, loss or liabilites as per capital introduce by them in business.

1.3 Impact of local and global economic environment on business operation

External and internal factors of environment affect the business environment in a wide manner. It includes economic, political and legal environment which impact at global and national level on operations of a company. In context with TESCO, it is a retail company of UK which sales products like clothes, food and electronic items. It has more than 6500 sores at various location. Therefore, it is vital for organisation to follow all the factors which can hinder their business operations. Among other factors, economic environment consider as an important one as it directly impact of business in both negative and positive manner. The main advantage of follow economical rule is that it helps in fulfilling the demands of a company. As per current situation, this firm has achieved the third largest position in retailer industry.

Task 2

2.1 Importance of accounting for business success

Accounting is an important department of organisation which carry out various functions for evaluating the final position of a company at the end of financial period. Accountants are used to make record of all transactions related to cash activity on regular basis (Sekaran and Bougie, 2016). Further, after making data they prepare some important statements like income, cash inflow and outflow, etc. These processes help stakeholders and investors to get quantitative information in order to make important decision. In TESCO, some major advantages of accounting can be explained as below:

Evaluating the performance of business: This department prepares financial statement which further used to make balance sheet. This sheet helps in evaluating whether company has gained profit or loss at the end of financial period.

Managing and monitoring of cash flow: In order to gain growth of business, senior managers are required to manage and control cash flow. So, by getting proper balance sheet they can carry out this operations in an appropriate manner.

5.1 Different functions carried out by the HR department in a business

Human Resource department of an association like TESCO carry out various activities in order to manage work of all employees in a proper manner (Santos, Pache and Birkholz, 2015). They provide all basic facilities to people who are associated with firm so that workers can work in a right manner. Along with this, main function of HR managers is to provide best human resource at workplace by using various method of recruitment and selection. Another responsibilities of them in a firm are identifying need of employees as well as fulfil the same on time, maintain healthy relationship among them, providing compensation and rewards to them according to their performance etc. These processes help in raising productivity and profitability in a wide manner.

5.3 Key features of employment legislation

In order to operate a business in a legal manner it is necessary for an organisation like TESCO to follow amendable rules and regulations formulated by Government of a country. These regulations help them to eliminate discrimination, harassment and abusiveness form workplace (Prajogo, 2016). For this purpose, HR managers are required to inform employees at the time of recruitment about company's policies and rights of them. These laws are established by regulatory bodies to improve working condition of them by providing healthy and safe working environment. In addition to this, if anything happens wrong with workers that makes them feeling awkward and embarrass then they can lodge complaints to superiors. But if same things repeat with them, then they can take legal actions against such persons also.

Task 3

3.1 Accounting workshop

Profit and loss statement of TESCO in the year 2017

Revenue

2017

Total Revenue

55295000

Cost of Revenue

52932000

Selling General and Administrative

1190000

Gross Profit

2363000

Total Operating Expenses

54122000

Operating Income or Loss

1173000

Income from Continuing Operations

 

Total Other Income/Expenses Net

-1028000

Interest Expense

-513000

Earnings Before Interest and Taxes

1173000

Income Before Tax

145000

Income Tax Expense

87000

Net Income From Continuing Ops

58000

Minority Interest

-24000

Non-recurring Events

 

Discontinued Operations

-112000

Net Income

-40000

Net Income Applicable To Common Shares

-40000

Interpretation: It has observed that due to establishment of business of TESCO in various countries, management is required to consider more on sales performance (Murillo and Vallentin, 2016). As per Profit & Loss Statement of TESCO in the year 2017, managers has analysed that in this year total revenue of this company has 55295000 but at the end of financial period, it has incurred (-40000) net incomes. So, they need to formulate some new strategies in order to increase sales performance.

Task 4

4.1 Analysis to determine your own and others’ roles within a team

For enhancing performance of an organisation in a wide manner, it is essential for them to engage people in group. As per requirement of task, management needs to select people in a particular team as well as determine their roles according to their skills. Therefore, in a team every individual has unique role and importance (Morecroft, 2015). In this assistance, being a part of group I have learned a lot like how to manage work of all in a right manner as well the way to engage them with each in healthy way. I was a leader of my team, so main responsibility of mine is to get right work of team-members. For this purpose I had provided them clear objectives as well as guidelines through which they can work accordingly. Along with this, I used to get feedback of each member in order to analyse their need and facilitates them as well.

4.2 Notes which can be used to support future training events

In order to get better outcomes and right work of employees, it is necessary for an organisation like TESCO to engage them in group task. Through this process, workers can overcome from their inabilities easily with the help of others. Therefore, in order to build a strong team, managers are need to concern on following points of team development:-

Forming: This phase is considered as initial stage for developing a team in which managers are required to introduce all members with each other as well as about their skills and knowledge regarding past performance.

Storming: As members in team are much skilled so chance of conflicts among them is naturally occurred as they haven't developed a relationship with each other. So, in order to prove who is better a feeling of competition is arises in this stage.

Norming: In this stage, managers are performed some activities through which people can know each other and starting making relationship with each other (Goffee and Scase, 2015).

Performing: It is the fourth stage of team development, in which leaders get much success in enrolling workers in group task by assigning roles and responsibility according to their skills.

Adjoining: It is the final step, in which team-members get success in accomplishing the task successfully in a given period of time.

Different types of Motivational theory

Motivational theories: This is the most beneficial theory as it result in motivating the employees and they will achieve the result in desired time that have been allotted to them. The motivational theories are evaluated below as:

Maslow's Need hierarchy theory: This theory states that human needs are the most important factor in order to effectively execute the task in planned manner (Cohen, 2017). The theory consist of various factors such as physiological, social, esteem, safety security and self actualisation needs.

Herzberg's motivation hygiene theory: It is a two factor theory which are used to provide proper working conditions and basic facilities to members of a group. Through this process managers can get high commitment of them in a required manner.

Various kinds of leadership styles

In order to influence members towards goals of a task, managers are required to possess some leadership skills. Along with this, as per current scenario of TESCO, is management needs to adopt some effective approaches of leadership like democratic, Laissez-faire and autocratic.

4.3 Appropriate use of different motivational theories in business activities

Motivational theories are used to encourage people of an association to accept changes and working pattern of organisation (Buhmann, 2015). According to situation of operational activities, managers use various theories like Maslow hierarchy theory, Herzberg's hygiene theory and more. For example, if employees are not accepting changes then through Maslow theory, employers used to discuss with them about benefits of new system which helps in reducing resistivity. Similarly, if problem arises in work then using Herzberg theory, managers used to identify needs of workers and provide basic facilities to them.

4.4 Impact of various leadership styles on employees

Style of leadership helps in solving problems of a company by leading a team in a proper direction (Bryman and Bell, 2015). Managers and leaders are used to timely change their strategies to resolve problems according to requirement. In context with TESCO, its management adopts democratic and autocratic leadership style as per need.

Task 5

6.1 Impact of customer service on business success

For any company, it is prime duty of administration to provide effective services to customers. Because consumers are like lifeline for them whose enrolment impact a lot on profitability and growth of business (Bernstein, 2015). Therefore, in this assistance management of TESCO used to provide necessary training to existing and new employees. These training assist workers to how to deal with customers and fulfil their demands on time. A highly trained staff at stores help in providing high satisfaction to people who used to come buy products there in a perfect manner.

6.2 Benefits of customer profiling to a business

Management of a company always try to keep interest of customers towards its products. As gaining retention of them help in enhancing sales performance as well as improving brand image of organisation at marketplace (Weiss, 2014). In context with TESCO, its management mainly focus on identifying demand of people as well as completing the same in a short period of time. The main benefit of customer's retention for a company is that it helps in achieving business objectives in required manner. Along with this, 5% of retention increases 125% sales performance as well.

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Conclusion

From this report it has analysed that every organisation whether private or public are needed to concern on various factors which impact on their business environment. Along with this, they should focus on strategies they used to get satisfaction of customers and if required make modifications in the same. In order to enhance sales performance and brand image of associations, managers should consider on providing effective services to customers with the help if trained staff. Visit webiste to buy assignment

References

  • Weiss, J. W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.
  • Bernstein, M. H., 2015. Regulating business by independent commission. Princeton University Press.
  • Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
  • Buhmann, K., 2015. Public Regulators and CSR: The ‘Social Licence to Operate’in Recent United Nations Instruments on Business and Human Rights and the Juridification of CSR.
  • Cohen, T., 2017. HTM Departments Should Operate like a Business. Biomedical instrumentation & technology. 51(4). pp.301-305.
  • Goffee, R. and Scase, R., 2015. The Real World of the Small Business Owner (Routledge Revivals). Routledge.
  • Morecroft, J. D., 2015. Strategic modelling and business dynamics: a feedback systems approach. John Wiley & Sons.
  • Murillo, D. and Vallentin, S., 2016. The business school’s right to operate: Responsibilization and resistance. Journal of business ethics. 136(4). pp.743-757.
  • Prajogo, D. I., 2016. The strategic fit between innovation strategies and business environment in delivering business performance. International Journal of Production Economics. 171. pp.241-249.
  • Santos, F., Pache, A. C. and Birkholz, C., 2015. Making hybrids work: Aligning business models and organizational design for social enterprises. California Management Review. 57(3). pp.36-58.
  • Sekaran, U. and Bougie, R., 2016. Research methods for business: A skill building approach. John Wiley & Sons.
  • Petro, Y. and Gardiner, P., 2015. An investigation of the influence of organizational design on project portfolio success, effectiveness and business efficiency for project-based organizations. International Journal of Project Management. 33(8). pp.1717-1729.
  • Reim, W., Parida, V. and Örtqvist, D., 2015. Product–Service Systems (PSS) business models and tactics–a systematic literature review. Journal of Cleaner Production. 97. pp.61-75.
  • Amit, R. and Zott, C., 2015. Crafting business architecture: The antecedents of business model design. Strategic Entrepreneurship Journal. 9(4). pp.331-350.
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