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Unit 3 How Business Operate Level 4 City College

1819Downloads1 I Published: 20 Apr ,2020

Introduction

A business operates in business environment and that atmosphere consist many intrinsic and extrinsic aspects that have some power to affect business operations in positive of negative manner (Sekaran and Bougie, 2016). These factors are suppliers, government, customers, technology economic circumstances, competitors etc. all these elements should be taken into consideration by management in order to efficiently operating all business activities in most successful manner. This assignment revolves around Sainsbury company that is a popular retail store that is operating its business activities in United Kingdom. Present report pays attention to information about various kinds of organisations along with differences of public and private sort of corporation. Major duties of all functional levels of corporation are interconnected and also manage manpower, funds, information and many other things in order to serve extraordinary quality services to corporation. This action is useful in accomplishing all goals in limited period of time for making higher rate of profits in marketplace.

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Task 1

1.1 Distinct type of public and private sector association

In market, there are many type of organisations that would be public or private. Both type of corporations has some differentiations with other as they possess distinct size, structure, objective and scope but each and every sort of association has a major objective which is to produce good quality product and services in order to serve clients for grabbing attention of large number of buyers in respect to profit making (Bryman and Bell, 2015). This type of behaviour is aidful in capturing larger share of market.

Non-profit Organisation:- These corporations are set by government and people collectively in order to manufacture a prominent quality goods and services in order to fulfil requirements of people whom are living in society for upgrading level of society. Main objective of businessmen/women is to promote art, science and commerce fundamentals in market. Profit that is generated through business activities is again invests in operational actions in order to maintain smoothness of production so that manufacturing of units keep going.

Non-government Organisation:- These associations are developed those people whom are not part of government and conduct business activities to serve goods and services for catering necessities of society. Government set up various plans and schemes for providing help to these type of associations so that corporations could work in most efficient manner.

Profit Based Organisations:- this type of corporations are set by individuals or group of human beings in order to use money, material, manpower and marketing activities for grabbing profit to aid personal life. Main objective of this type of firms are to produce and serve appropriate quality goods and services for generating as possible as high rates of profit. Sainsbury is a retail store that was established by individual for providing different type of products and services to customers at one place. Most important thing for this type of companies is to capture wider market share by generating appropriate sales revenue.

Voluntary Organisation: These associations are set by group of people that are came for a specific purpose to conduct activities to accomplish all targets within limited period of time for providing help in enhancement and growth in economy and to eliminate all kind of issues that are raised in environment.

1.2 Different structure of public and private sector organisations

Private sector comprises various firms that are stated as beneath:

  • Sole Proprietorship:- This kind of firms are started by individual person to operate business operations for attaining a prominent amount of profit. All decisions and activities are held as per direction of business owners as he/she has full rights for having profit and bearing all losses if would be occur.
  • Partnership:- In other word these are also called as corporate entity that defined as those type of ventures that are started by making agreements for all members for running business operations in marketplace.

Public sector associations have below form of business which are described:

  • State Ownership:- These organisations are run by state government for providing employment opportunities to people for enhancing their standards of life. Administration of these organisations formulates policies and strategies in context to governmental laws and legislations.
  • Local Ownership:- These type of corporations are set by local by district government for providing appropriate items and society for developing status of societal person.

1.3 Impact of Local, National and Global Economic Environment on Sainsbury

Business environment is very complex and dynamic because it runs many organisations which are set by individuals for their specific purpose and sector. When association wants to expand their business operations from local to international level then appropriate strategies and planning should be use for enhancing customers base by promoting company in most adequate manner. Sainsbury is a retail store that is providing quality services and products in market for fascinating more number of people for make some improvisations in sales volumes. It is required from management of company that appropriate policies and strategies should be formulate as per considering all governmental aspects. This action is helpful in enhancing market share and position along with making some improvements in goodwill and reputation in front of clients.

Task 2

2.1 Importance of Accounting for Business Success

Finance department is constructed by management of association in order to provide all adequate guidance to funds like preparation of budget, execution of formulated budget in real business activities. Accounting process is defined as recording, analysing, measuring classifying and interpreting all information by business executives in order to make sense upon expenses and incomes. This is helpful in conveying all financial information to all stakeholders members of company like customers, shareholders, creditors etc. so this action will definitely enhance market share and goodwill in industry. These are sevel benefits of accounting procedure that is stated as beneath:

Systematic Record:- Main objective of launching accounting procedure into business activities for maintaining proper records of all incomes and expenses for analysing financial status of corporation.

Assess Business Performance:- When all records is maintained then management can find out what is going on and is everything is going perfect or not. Range of profit also gets measured by this tool and a proper estimation could be make upon all available finance.

Protect Investors and Promote Transparency:- Finance department formulates some financial document that aids management team in conveying information regarding revenue generation of Sainsbury.

5.1 Different Functions of HR Department in Business

Major responsibility of human resource department is to keep most skilled and talented staff member for accomplishing all business action in most appropriate manner so that all targets could be achieved. Sainsbury is a retail store that have efficient and sufficient manpower in their corporation whom are providing quality to services to their client. There are various activities that human resource department conducts in a business:

Recruitment: When Sainsbury has a blank position then a proper planning would be constructed then an adequate series of steps would be launched for selecting a most talented and skilled person to perform all business activities and this process is called as recruitment.

Staffing: There are many methods that management take into consideration for acknowledge skills and virtue of individual person for selecting best candidate for organisation. In Sainsbury company staff members are assigned duties according to their skills and talents. This action helps in accomplishing all task with less number of human efforts.

Training and Development: It is required for human resource manager that they assess performance of employees on regular basis so that efficiency of task conduction could be measured then manager estimates that whether training and development program is need or not.

Employee Relations: When all staff members are invited and part of decision making process then workers feel themselves more connected with association and do their all allotted task and duties with maximum effectiveness.

5.1 Key Features of Employment Legislations

Government of every country formulates some rules and regulations for protecting human rights at workplace in order to make available better atmosphere and organisation culture to all workers whom are engaged in business activities. Therefore, there are some attributes of employment legislations that have their impact upon working environment of organisation. Effects of laws are stated as beneath:

  • Staff members get positive environment at workplace along with feeling of security. Health and safety act allows management to hire those persons whom are fit by their health for doing all kind of business activities.
  • Employers allot task to workers according to their skills and virtue for accomplishing all actions with maximum efficiency but performance of all employees should be evaluate and assessed regularly and in short period of time so that efficiency could be maintained.
  • It is required from human resource department that they take care all human resource requirements so that they work with full enthusiasm and energy.

Task 3

3.1 Accounting workshop

Profit and loss statement of Sainsbury for the year 2017

Revenues

2017

Total Revenue

31907000

Cost of Revenue

29919000

Gross Profit

1988000

Operating Expenses

Amount

Selling, General and Administrative

1207000

Operating Profit & Loss

781000

Income for Continuing Operations

Amount

Total Other Income/Expenses Net

41000

EBIT

777000

Interest Expenses

165000

Income before Tax

612000

Income Tax Expenses

153000

Net Income from Continuing Operations

414000

Net Income

Amount

Net Income

459000

Net Income Applicable To Common Shares 459000

Interpretation: As per above report, Sailsbury have total revenue about 31907000 and its net

income is 459000. Income before tax is 612000 as Operating Expenses of firm are 1207000.

Task 4

4.1 An analysis to determine own and others roles of team members

Team building is appropriate activity which help me to enhance capabilities as I require to coordinate employees and make them work with each other. It is essential that workers get adequate instruction and guidance in respect to duties and tasks. My communication skills and interpersonal skills improves, as I require to construct bond with members and provide them adequate instructions. Along this, my leadership abilities also improves as various motivational and democratic leadership styles were used to keep workforce dedicated and inspired towards job.

4.2 Team Development

These are various steps that are executed by superiors of Sainsbury, to construct unit and coordinate workers efforts are stated below:

Forming: Management group people in respect to their skills and abilities; thereby provide them duties which members will perform to accomplish objectives.

Storming: It is necessary that human resource conducts brainstorming activity to acknowledge their ideas and make them competent towards duties.

Norming: This stage defines that management construct policies and tactics; along this they even establish relations with members to anticipate conflicts and issues faced by them.

Performing: This is last step which defines that superior provide direction and guidance to

employees; thereby make them work effectively (Goffee and Scase, 2015). These are various motivational theories that are used by administration of TESCO to increase morale of employees and make them perform tasks effectively are defined below:

Maslow’s need hierarchy: This theory determine that staff members prime want is to earn adequate money to fulfil their physiological demands such as food, water and home. After attaining this level, employees want job security and safe working environment to perform tasks effectively. Along this, they even require to have friendly relations with superiors and colleagues. Administration require to give recognition, promotion, awards to members to

increase their morale and make them dedicated towards job. At last, employees want to get satisfaction and perform activities with their potentialities and work in creative manner. Thus, these are various tactics that top personnels consider to motivate members and make them complete activities adequately.

Herzberg’s Motivation-Hygiene theory: This model defines that management require to provide adequate working conditions and facilities to make employees feel connected and dedicated towards job. Employer responsibility is to provide achievement, growth, promotion, recognition to increase morale of members (Morecroft, 2015). Along this, they even require to provide positive working environment, job security, adequate salary, construct relations with employees. These are various components which are necessary to be taken care as they are dissatisfies which impact on performance of staff.

Alderfer’s ERG theory of motivation: This concept defines that management can increase morale of employees by providing them adequate compensation for their living. Along this, employer even require to establish relations with members to keep them dedicated and motivated. Thus, administration is able to make employees capable to grow in their career (Buhmann, 2015).

Different leadership style that are used by superiors of TESCO are as follows:

Autocratic style: This tactic defines that seniors conduct decision-making process and don’t involve members, so management take judgements timely and select alternatives as per their knowledge.

Democratic style: This concept specifies that administration involve employees in decision-making process and meeting; so that they are able to make them feel members connected with firm. This benefit seniors to take adequate judgements as subordinates provide them accurate and complete information about market conditions (Allen, 2017).

Laissez- faire style: This tactic defines that executive give powers to workforce to select options and decisions while conducting activities. Thus, employees will execute activities in effective manner as they will be able to perform tasks efficiently.

Conclusion

It can be concluded that administration duty examines internal and external components of business environment to assess their impact on business operations. Market consists organisation which differ with each other on basis of size, scope, structure and objective. HR, finance, production, marketing and R&D are various units which require to perform activities effectively. Management require to utilise funds, material and manpower efficiently. Profit and loss statement helps finance department to analyse information about expenses and income. Along this, superior uses motivational theories and leadership styles to increase morale of employees and make them perform tasks effectively. This benefit organisation to provide quality items and services to customers and enhance market image and reputation.

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References

  • Allen, W. T., 2017. Our schizophrenic conception of the business corporation. InCorporate Governance. pp. 79-99. Gower.
  • 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 system 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.
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