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Unit 2 How Business Operate Level 4 Regent College

1020 Downloads I Published: 22 Apr ,2020

Introduction

To operate any kind of business, it is important for company to effectively understand the business environment and its internal and external factors because both are directly affect the operational activities of the business (Trevino and Nelson, 2016). Thus, it is vital for organization to learn about the market trends and entire components such as laws, technologies, social environment and many more. Along side this, there are various sections that are present in both public and private business firms and have their own responsibilities and these are: HR, Finance, Production, Research and development and so on. Marks and Spencer which is a famous retailer that deals in clothing and other sectors has been taken under this assignment. Talented manpower of a company may aid firm in gaining good competitive advantages at marketplace.

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Task 2

2.1 Importance of accounting for business success

Accounting is an important process by which company maintain their day to day operational activities. It includes all the financial data to attaining better profitability level at market place by summarized as well as analysed all the records and data. Along with this, business accounting is one of the important activity for company because it define quantitative data in front of investors. In this, there are some importance of accounting are as follows:

  • Evaluating the overall performance of the company: Accounting define the financial statement in which company formed balance sheet which may leads in determining overall profit and loss. This will aid in analysing the growth of the company at market place.
  • Managing and monitoring cash flow: Accounting will helps in providing the overall performance of the company in relation to cash and capital as well. With the help of this company monitor all the accounting system in most effective way (Aronoff and Ward, 2016).
  • Help business to be statutory complaints: In this, company easily prepare an effective budget as per market trends and customers needs.

5.1 Functions of HR department in business

Human resource department play important role in every business organization as they formulate effective process and facilities within the company to attain better results. Basically the main aim of HR department is to hire skilled and capable workers for their business organisation to enhance profitability level. Along with this, manager also monitor entire business activities and workers which may leads in improving the overall performance of the company and workers as well (Finch, 2016). They also provide better raining and development programs to their workers as per their needs so that they effectively perform their duties. Apart form this, manager also tries to manage healthy relation with workers so that they easily attain set goals and objectives in appropriate time frame. Thus, human resource department is more important for business as they select skilled and eligible workers in order to attain better success at market place.

5.2 Key features of employment legislation

It is more important for business organization to follow all the rules and regulation of government authorities at the time of operating their business. Along with this, it is necessary that company follow ass the laws such as anti discrimination act that helps in protecting the workers from discriminated as per gender, age, caste and many more (Demuijnck and Fasterling, 2016). On the other side, health and safety acts also important to followed in which company provide safe work environment which may leads in improving the performance level of the workers. In context of Marks and Spencer, they follow all the legislation which may leads in attaining positive success at market place and at the same time also get workers loyalty for longer period of time. This will assist them in attaining strong position at market place. For better sustainability of workers company also give flexible working hours to its workers with fair salary. This will aid in enhancing the productivity level at market place.

Task 3

3.1 Profit & Loss Account for Marks and Spencer

Profit and loss statement of Marks and Spencer

     

Revenue

04/01/17

04/02/16

3/28/2015

Total Revenue

13282300

14976700

15341400

Gross Profit

13282300

14976700

15341400

Operating Expenses

Operating Income or Loss

316600

828800

1043400

Income from Continuing Operations

Total Other Income/Expenses Net

45300

29900

23100

Earnings Before Interest and Taxes

361900

858700

1066500

Interest Expense

141300

165200

173800

Income Before Tax

220600

693500

892700

Income Tax Expense

75900

119800

176000

Minority Interest

-7400

-2600

-1200

Net Income From Continuing Ops

144700

573800

716700

Non-recurring Events

Net Income

144700

573800

716700

Net Income Applicable To Common Shares

144700

573800

716700

As per mentioned table it has been evaluated that the total revenue of company is 13282300 in 2017 which is lesser form previous years. And the same hand the income of the company is 144700 which is also lesser as compare to previous years.

Task 4

4.1 Role of team-members and own

Team is an important factor which contribute in overall success of the company and at the same time also attain set goals and objectives. In a team, every single people perform their activities for attaining common end results which may leads in maximizing the profitability level. In this every people having specific roles and responsibilities as per their skills and capabilities (Foss and Saebi, 2017). By this they easily perform their activities with the purpose of attaining desirable targets. In a team, my role is to provide better guidance and prepare marketing strategies for increasing the chances of attaining maximum benefits. Along with this, I also take feedback and views form the workers in relation to the work so that I easily implement in the organization with the purpose of improving their performance which may leads in maintaining the healthy relation at workplace.

4.2 Notes which can be used to support future training events

For attaining positive results, it is vital for business organization to build an effective as well as strong team. For attaining the same, there are some steps which may leads in developing better team in most effective manner:

Stages of team development

This theory is one of the effective hypothesis which include four stages such as forming, storming, norming and performing. All these are help in development of the team which may leads in attaining set goals and objectives in appropriate time frame. With the help of this Marks and Spencer develop strong team which perform with the aim of achieving desirable goals and objectives.

Different types of motivational theories

Motivational theories: These hypothesis are also important for motivating workers at the time of performing their duties and activities (Chung, Yang and Huang, 2015). For achieving better growth level every workers wants to better motivation in which company provide them services and motivation to enhance their performance level at workplace. In this company can use Maslow's need hierarchy needs theory, Herzberg's motivation hygiene theory and McClelland's need theory. All these are helps in improving the performance level of the workers which directly contribute in accomplishing desirable goals and objectives.

Different kinds of leadership styles

Marks and Spencer follow different kind of leadership styles at the time of operating their business in most effective manner. It includes democratic, autocratic and laissez-faire style. This will aid in enhancing the workers involvement within the company.

4.3 Role of leadership and motivational style in context with different situations

For operating business, it is necessary for company to understand current marker situation and accept all the changes in effective manner. In this context, Marks and Spencer use various motivation theories at workplace (Carayannis, Sindakis and Walter, 2015). In this context, company adopt Maslow hierarchy theories for motivating workers at workplace. With the help of this company also determine the basic needs which is related with physiological, safety needs. As firm provide all the basic needs to workers. Along with this, esteem and self actualisation needs also helps in motivating workers to attain better results at workplace.

4.4 The way leadership style and motivational skills are used to influence workers

Leadership styles are also play important role in accomplishing their goals and objectives. In context of Marks and Spencer use autocratic and democratic leadership styles as per market trend and workers demand (Buhmann, 2016). With the help of this worker effectively perform their task in an appropriate way. It also helps in influencing the workers to perform well at workplace in order to attain set targets.

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Conclusion

From the above mentioned report, it can be concluded that it is important for business organisation to consider all the factors at the time of operate the business in effective manner. With the help of this company attain set goals and objectives in appropriate time frame. Along with this, various motivational theories and leadership theory is also used by business organization to improve their performance level at market place.

References

  • Trevino, L. K. and Nelson, K. A., 2016.Managing business ethics: Straight talk about how to do it right. John Wiley & Sons.
  • Aronoff, C. and Ward, J., 2016.Family business values: How to assure a legacy of continuity and success. Springer.
  • Finch, B., 2016.How to write a business plan. Kogan Page Publishers.
  • Foss, N. J. and Saebi, T., 2017. Fifteen years of research on business model innovation: how far have we come, and where should we go?.Journal of Management. 43(1). pp.200-227.
  • Chung, H. F., Yang, Z. and Huang, P. H., 2015. How does organizational learning matter in strategic business performance? The contingency role of guanxi networking.Journal of Business Research. 68(6). pp.1216-1224.
  • Buhmann, K., 2016. Public regulators and CSR: The ‘Social Licence to Operate’in recent united nations instruments on business and human rights and the juridification of CSR.Journal of business ethics. 136(4). pp.699-714.
  • Carayannis, E. G., Sindakis, S. and Walter, C., 2015. Business model innovation as lever of organizational sustainability.The Journal of Technology Transfer. 40(1). pp.85-104.
  • Demuijnck, G. and Fasterling, B., 2016. The social license to operate.Journal of Business Ethics.136(4). pp.675-685.
  • Pereira, B. A. and Caetano, M., 2015. A conceptual business model framework applied to air transport.Journal of Air Transport Management. 44. pp.70-76.
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