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Unit 2 How Business Operate Level 5 Regent College

1513Downloads1 I Published: 21 Apr ,2020

Introduction

A business is affected by the environment in which it operates therefore it becomes crucial to analyse the factors which impact the business and its operations. These factors can we both internal and external. For the purpose of carrying out these operations in an affective manner, a company have to manage its resources well, these resources our manpower, finance Etc. In order to evaluate how a company like Tesco works, a report has been prepared. The key highlight it features of this report would be the type of organisation, role of teamwork and customer service on the success as well as failure of business, functions of HR department role of accounting, And the key features of employment legislation (Weiss, 2014).

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Task 1

1.1 Classification of business on the basis of public and private sectors

Public companies are those companies which are owned and managed by the government, the ultimate aim of this kind of organisations is to seek the benefit of the society in general, most of the public companies would be in the sector of healthcare and social care, Law-enforcement etc.The government would be having a controlled stake in these organisations, usually more than 51%.When an enterprise his own or managed by an individual or a group of individual and 30 mate aim is to earn more and more profit than that organisation is called as a private company. In public sector types of ownership for defined as on the basis of the state ownership and Centre ownership, however in private sector it is decided by individual ownership, joint ownership also known as partnership or joint stock company (Goldratt, 2017).

1.2 Structures within the business of Public and Private Companies

The structure of an organisation can be of various types, and different types of organisation carries a different structure these are discussed as below:

Sole Proprietorship: It is owned and managed by a single individual and the owner would have greater control and flexibility towards the organisation with almost nil legal control over the firm (Bernstein, 2015).

  • Partnerships: These involve two or more individuals who have decided to come together for the purpose of doing business and making profits. The liability of both the partners under this kind of structure is Unlimited and they are liable for their personal property as well.
  • Limited Liability Partnership: Under this kind of organisational structure, The Two or more individual will come together to do business but with a stipulation of having limited liability and they will not liable for any personal property in case of default but the partnership will be liable (Dijkman, and et. al., 2015).
  • Corporations: These are big businesses which were having a bit more complex structure, it is for me to earn higher revenues and involved in such big business activities that would have a greater impact on the society and will enable company to earn higher profits.
  • Non-profit corporations: The ultimate aim of this kind of businesses is not to on profit but to serve mankind. It provides services to citizens for their benefits. The organisation is usually done on a charitable basis and most of the funds received from charity.

In United Kingdom, organisations are divided on the basis of their particular age as well as objectives. The structure of this is this is also clearly states that in order to meet the team wants and needs of various individuals within the society, it is necessary to have a different kind of structure of a particular business (Mackey and Sisodia, 2014). It is not possible to operate with the same structure Because the aims at object is of business are different and therefore has to be met in the same manner. Although, it can be said that there are two types of organisation private and public but their ultimate aim is to serve mankind (Amit and Zott, 2015).

1.3 Implications on business at local, national and global economic environment

Tesco is the British retailer, which was established in the year 1919 and since then it has grown into a big giant retailer which provide services in various countries of Europe. It is headquartered in England; United Kingdom. The exposure of the company is on international level. Therefore, some of the key areas of policy which is influenced the business can be discussed as follows:

Economic policy: it refers to the policies related to the economy of country that of the frame by the government. Because Tesco operates in more than one country, its policies are affected by various decisions taken by different governments while framing economic policy (Warner, 2018). Some of the major element of economic policy is the taxation policy of government. If the economy of a country grows, so will be the profits of the corporates and businesses that runs within that country. Monetary policy is framed by the apex bank of a country also have impact on the operations of the business. For example, the rate of interest will be kept hi by the central bank, then culprits will borrow less money and therefore will lead to lower production in the economy and that would mean less profits for companies and vice versa. Hence it can be said, that economic policies to have a significant impact on the workings of Tesco within and outside the UK.

Legal Policy: There is a constant change that is taking place with the laws and regulations of every country. These laws are framed keeping in mind the benefits of the ultimate citizen, and therefore it becomes even more important for organisations like Tesco to make sure that they are right all the rules and regulations framed by the government. If the company does not able to stand on the expectations of consumers regarding fulfilment of legal regulations and laws. It will hamper the image and reputation of company, which will thus, result in lower profitability for company. If a company wants to operate on a global level it has to make sure that it’s products and services match with the legal standards and laws of Global level.

Task 2

2.1 Importance of accounting for business success

For the purpose of running a business, it is quite necessary that various transactions are recorded in a proper manner so that the results can be evaluated and the performance of the company can we assessed after the end of a particular period. Hence it can be said that accounting is a very important aspect of any business. It involves recording of the areas assets, liabilities as well as income, expenses of the business. If these will not be recorded properly, Tesco will not be able to evaluate its performance and therefore necessary decisions will not be taken (Doppelt, 2017). There are two aspects of accounting as well, it is management accounting and French shall accounting. Management accounting is related with recording of the transaction at its initial stage, on the other hand, Financial accounting is related with analysing those recorded transaction and taking decisions based on facts and figures available.Tesco contains a separate accounting department within its company, which make sure that all the transactions are recorded properly and the accounts of the company are managed in affective manner. Some other benefits of having in proper accounting system would be to know the budget as to how much shall be spent and what profit is expected etc.

5.1 Functions of HR department

Human resource management is a very important aspect of any business because it involves management of the human capital of an organisation. There is a separate department for management of human resource in Tesco, the major function of HR department of the company can be laid down as follows:

  • Recruitment and selection: this department is responsible for hiring and recruiting fresh talent from various sources within the company (Reim, Parida and Örtqvist, 2015). The ultimate aim is to enhance the productivity of organisation through experience and knowledge of talented individuals. The process of recruitment Involve various steps in Tesco, and an individual selected after a proper analysis of his personal statement.
  • Training and development: once the right kind of talent are selected within the company, it is the responsibility of management to make sure that they are properly trained and of love, so that there is Chris can win arrest and they will be able to walk more effectively for the organisation. Tesco spends very good amount on the training and development of employs and workers, which enables it to serve its customers well and compete effectively in market.
  • Management of employee relations: it is the responsibility of HR department that right kind of implied relations are maintained between the management and employees as well less workers. If there will be lack of harmony between the two then it will result in lower productivity as well less profitability (Palattella and et. al., 2016).

5.2 Key features of employee legislation

The government of UK has came up with various legislations in order to protect rights of employs and make sure that there is no violation of such rights on the part of employers. The main features of such legislations are protection of individuals from discrimination caused due to age, sex, religion, colour etc. it also insures their rights Through proper regulations like minimum wages, irregular dismissals.

Task 3

3.1 Accounting workshop

Income Statement of Tesco for the year ended 2017

Particulars

Amount in USD

Revenues

74.01B

COGS

70.01B

Gross Profit

4.4B

Selling and Gen exp

1.99B

EBITDA

1.35B

Non-Operating Income

2.64M

Int. Exp.

1.16B

PBT

191.92M

TAX Prov.

115.15M

Net Profit

177M

Task 4

4.1 An analysis on determination of roles of team members

Working in amass encourages colleagues to diminish their shortcomings by imparting perspectives and insights with each other. It additionally help individuals to work in a productive way alongside, achieving an undertaking in a brief timeframe. Through this procedure, representatives can upgrade aptitudes and offer an abnormal state of duty so as to accomplish set objectives and destinations in a fitting way. Being a piece of such group, I have encountered an abnormal state of fulfilment and in future can function admirably together in a coordinated way. By working in aggregate I have picked up capacity to explain any write errand effortlessly. I have additionally seen from administration perspective that in an organisation, working in group helps in showing signs of improvement consequence of results (Adjei and et. al., 2014). What's more, I have assessed that for expanding adequacy of a group, assemble director need to clarify destinations, receive proper initiative and reasonable enrolment so he can pick up responsibility of all colleagues in a proficient way.

4.2 Team Development

Team development is a sensual for carrying out specific activities in the business. Tesco believes in developing its team By using various stages of team development, these are discussed as below:

  • Forming: it involves attracting individuals Within team members towards goals and objectives of business.
  • Storming: under this, roles and responsibilities are allotted to team members.
  • Norming: At this stage, team members are able to learn the ideas as well as procedures by working with each other in collaboration, they can also work in reducing conflict within each other.
  • Performing: in this stage, every individual will understand about his task in the team and will work accordingly

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

In order to meet with various challenges of business it is necessary that proper leadership is there within the organisation which can take company forward. An efficient leader will be having right kind of motivational strategy to motivate its workforce and make the best out of them, both leadership and motivation is an Essential aspect for proper management of the crucial human capital that exist within Tesco.

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

There are various leadership styles which can be used by a manager for a litre to influence the workers within Tesco. These Styles will have a direct impact on how individuals will work within the company (Omar, Leach and March, 2014).

Task 6

6.1 Impact of customer Service

If the services provided by Tesco to its customers will be effective it will lead top customer retention and thus will generate higher level of profits for company on a sustainable basis. Better customer service will create good reputation and brand image of the company among people and thus will lead to growth in value of company.

6.2 Benefits of customer retention

Studies have shown that 5% retention of customers can lead to a increase in profit margin by 25% for Companies working within Retail Industry. It is thus very important that Tesco should focus on retaining its customers, instead of adding more customers. Through this it will be able to gain customer Loyalty and enhanced brand image (Petro and Gardiner, 2015).

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Conclusion

From the above discussion, it can be said that the business is influence with alias factors that prevails within the internal as well as external environment. These include economic and legal policies and the leadership and motivational aspect of the company. The structure of an organisation is different, and it has been created for the purpose of serving different needs.

It is also evaluated from the discussion, that right kind of practices shall be followed by the companies in order to retain customers and provide them effective services on a consistent basis.

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.
  • Mackey, J. and Sisodia, R., 2014. Conscious capitalism, with a new preface by the authors: Liberating the heroic spirit of business. Harvard Business Review Press.
  • Warner, K., 2018. Building rules: How local controls shape community environments and economies. Routledge.
  • Doppelt, B., 2017. Leading change toward sustainability: A change-management guide for business, government and civil society. Routledge.
  • Palattella, M. R., and et. al., 2016. Internet of things in the 5G era: Enablers, architecture, and business models. IEEE Journal on Selected Areas in Communications. 34(3). pp.510-527.
  • Adjei, H., and et. al., 2014. Assessing the Corporate Social Responsibility Activities of Atwima Kwawoman Rural Bank Limited and its Impact on the Communities it Operates. European Journal of Business and Innovation Research. 2(4). pp.36-47.
  • Omar, A.T., Leach, D. and March, J., 2014. Collaboration between nonprofit and business sectors: A framework to guide strategy development for nonprofit organizations. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations. 25(3). pp.657-678.
  • 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.
  • Dijkman, R.M., and et. al., 2015. Business models for the Internet of Things.International Journal of Information Management. 35(6). pp.672-678.
  • Goldratt, E.M., 2017.Necessary but not sufficient: a theory of constraints business novel. Routledge.
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