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Unit 3 How Business Operate Assignment Level 3

204 Downloads I Published: 20 Apr ,2020

Introduction

Business companies include various sectors and branches that has their own responsibilities and authorities. In United Kingdom, there are several business types along with distinct operation structures. These organisation can be differentiated by their prescribed goals and vision. Accounting can be defined for a company due to presented company failure and success in numbers. Manager and owners that can carry out in context of enterprise. Consumer relationship can be effective and assisting as well. Sainsbury's second biggest supermarket chain within the United Kingdom (Weiss, 2014). Employer duties is to contain adequate personnel so that practices are implemented in suitable review.

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Task 2

2.1 Importance of accounting for business success

To operate a business, this is sentential to document information, reports evaluate and make certain information in regard of debts, assets, profits, liabilities etc. Accounting information is fundamental for the decision making and management of Sainsbury's. Administration can not consider any decision without reasonable backup of data. Here are mentioned some benefits of accounting system for prosperity and growth of business:

  • Finance division can frame budget and manage activities.
  • Assist in income and expense documentation through administration.
  • Accounting can aid in acknowledging loss or benefits of operations with ascertained activities.
  • Assist in managing financial and market position of organisation.

5.1 Different functions of HR department in business

This is employer's duty to contain adequate personnel and qualified manpower in order to operate business activities appropriately. Several practices are performed through personnel that are discussed here:

  • Recruitment and Selection: HR can implement hiring procedure to fill vacant places and hire new applicants to enhance workplace (Adjei, and et. al., 2014). Organise various selection and hiring approaches such as internal and external recruitment for more effective execution of this function.
  • Training and Development: Administration organise appraisal, providing motivations for anticipating skills of worker through comparing standard outcome of performed practices. This also provide new modification, development and skills to worker to face issues and challenges.
  • Employee Relations Management: Employer forms friendly relations with members to retain them stimulated and dedication regard their work (Palattella and et. al., 2016). They manage negotiation procedure, anticipate conflicts and manage solution in more suitable manner.
  • Staffing: This is fundamental functions that assist in staff the qualified worker on the suitable job role and organise more effective practices to motivate work.

5.2 Key features of employment legislation

State of nation structure several regulations and policies to safeguard members rights as well as benefits the staff members. Here are mentioned some traits that legislation of employee consist of:

  • Government has framed health and safety law, so worker get secure working environment and positive workplace. With this, people get more authentic duration and working hours that affect their mental ability and health.
  • Discrimination legislation assist in rendering more fair treatment to disable worker where as employee equality act lead to fair treatment and less biasses on the gender, religion and other grounds (Omar, Leach and March, 2014).
  • HR deliver members more opportunities on the outcomes and performance basis, as equality can be rendered through treating and providing equal opportunities to both.

Task 3

3.1 Accounting workshop

Sainsbury's profit as well as loss statement of 2017

Revenue

2017

Total Revenue

31907000

Cost of Revenue

29919000

Gross Profit

1988000

Operating Expenses

 

Selling General and Administrative

1207000

Operating Income or Loss

781000

Income from Continuing Operations

 

Total Other Income/Expenses Net

41000

Earnings Before Interest and Taxes

777000

Interest Expense

165000

Income Before Tax

612000

Income Tax Expense

153000

Net Income From Continuing Ops

414000

Net Income

 

Net Income

459000

Preferred Stock And Other Adjustments

-

Net Income Applicable To Common Shares

459000

Interpretation: It can state that the company has earned 45,9000 net income in 2017 and 781000 loss and benefits in the year.

Task 4

4.1 An analysis to determine own and other's roles of team members

In a company, manpower seek for an effective team on the grounds of abilities and skills in regard of performing various tasks in more efficient manner as well as complete aims within determined time (Petro and Gardiner, 2015). My interpersonal abilities was developed, as healthy and friendly relations that was formed by subordinate. With this, my leadership and interaction abilities emphasise as the instructions and guidance that was rendered to worker in regard of tasks and duties assigned to employee. Teammates work various practices to effectively activities their targets and certain deadlines; if the group are allotted targets as per their skills. Beside this, I am able to manage various qualified workers along with competent employee for more longer time. Hence, company deliver more authentic activities as per the wants and requirement of consumer, thereby objectives and goals are attained timely.

4.2 Team Development

In Sainsbury, administration frame teams to deliver and develop productivity in services and items in market. There are numerous team development which personnel performed are claimed below:

Team Development Stages

  • Forming: This is initial phase in which members act more polite and positive understanding each other's opinion (Reim, Parida and Örtqvist, 2015).
  • Storming: This is next phase where team push themselves to edges formed in previous stags which lead often lead to conflicts.
  • Norming: In this phase, the team members establish understanding, respect opinion and provide authority to leader.
  • Performing: In this phase, team lead to hard work without friction and achieve their targets.

Motivation Theories

There are several methods, theories of motivation which can be used by a business organisation so as Sainsbury's. Here are mentioned some of those:

  • Hierarchy Need Theory of Maslow: It is most widely known and earliest considered motivation theory given by Abraham Maslow in 1940 – 1950. This majorly consider five major categories i.e. psychological requirement, safety need, love and belonging and esteem as well as self-actualisation. Lowest unsatisfied requirement become more dominant or the significant and most powerful requirement. As per the need of motivation, priority requirements are framed in the pyramid from bottom to top.
  •  Alderfe: ERG theory: this theory has distinguished the motivation acquirements into three categories i.e. existence, growth and relatedness. Safety and physiological requirements in combined way lead to existence requirement. Relatedness can be referred as esteem and belongingness in harmonised manner (Amit and Zott, 2015). Whereas growth can be termed as self-esteem and self-actualisation together. Alderfer also affirmed that higher-order requirement are satiate which are essential.
  • Expectancy Theory of Vroom: This theory emphasis over the content and procedure of motivation which integrates reinforcements reinforcement and equality theories. Expectancy where refer to the belief of an individual in success, instrumentality can be claimed as the belief a relation between goal and practices whereas Valence can be referred as individual's rewarding values.
  • Autocratic Style: In this method, the higher authorities conduct the process of decision-making and management holds the entire control over the operated practices.
  • Democratic Style: In this style of leadership, worker and members are allowed to involve in decision-making procedure and subordinates has role in the market conditions.
  • Laissez-faire Style: In this, executive deliver power to personnel to select their decision while performing practice. Hence, worker will implement practices in more ideal manner as they will be able to work task efficiently.

Conclusion

It can affirm from the above summarised assignments report that there are various types of organisation which varies according to the size, scope, structure and purpose within the business industry. Various activities and team working practices are organised which needed to followed by an organisation in order to achieve their objectives. This is essential to provide proper motivations and there are several theories of motivation through which an organisation can stimulate their worker. This can be claim that consumer services are more beneficial for the growth and success of organisation that they need to manage in their company.

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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.
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