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Unit 3 How Business Operate Level 5 Regent College BTECH HND

476 Downloads I Published: 22 Apr ,2020

Introduction

Business environment refers to such environment in which an organisation operate their business functions in order to achieve stability for longer period of time. Business environment includes internal and external factors which may affects and influences the business operations of an organisation either in negative or positive way. It includes finance, human resource, raw material and many. The present assignment report is based on Marks and Spencer which operated its business in United Kingdom and across worldwide and has provided quality clothing, home and food products.. The project also covers different types of organisation includes private and public sectors along with their structures. Importance of customer services and team work in achieving growth and success of an organisation has also been discussed under this report. In addition with this, importance of accounting, different departments and key features of employment legislation (Adjei and et. al., 2014).

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Task 1

2.1: Importance of accounting for business success

The company should required to prepare data about assets, reports on transactions, debts, liabilities and more in order to operate business in more effective and efficient manner. Through this, the company able to identify true and fair financial position of company of accounting year. Recording all transactions happened on daily basis help management of M&S in knowing cash inflow and outflow. These all activities are done by the accountant department of an organisation. The person who carries all such activities is known as accountant. In M&S, accounting department are helps in identifying and monitoring the economic information which helps in analysing proportion of equity and debt in a systematic manner. Along with this, it will also help management in preparing future budget with the resource the company have at present (Dijkman and et. al., 2015).

5.1: Functions of HR department

Human resource department is an important function of an organisation which plays a valuable role in achieving growth and success in market for longer period of time. Therefore, M&S should have an effective management who are capable of identifying the skills and knowledge of human resource along with their weak areas on the basis of which different HRM practices should be adopt. HR managers are liable to manage and monitor performance of employees so to improve their productivity. It will directly help in improving the overall performance of an organisation. There are various functions which need to be performed by HR departments which are described as below:

Recruitment and Selection: The main function of HR department is to recruit skilled and knowledgeable candidates who contributes maximum efforts in achieving desired goals and objectives of an organisation. In M&S, HR manager need to adopt various method of recruitment and selection in order to fulfil requirements of human resource in an organisation.

Training and development: M&S is multinational company which uses advanced technologies in the process of different business activities. Thus, it can be proper utilised only when the employees have proper knowledge of working on using such latest technologies. Therefore, training and learning programs shall required to be conducted in order to increase their knowledge and skills of using new system to perform their delegated roles and responsibilities.

Compensation and Benefit: HR department is liable to bring motivation and self-confidence among employees through providing various benefits such as rewards, compensation etc. after comparing their actual performance with standard (Doppelt, 2017).

5.2: Key features of employee legislation

The UK government has implemented various legal laws and legislations for the betterment of employees working in company so as to encourage them to perform better. The main motive of formulating laws and legislations is to avoid any discrimination which may takes place at workplace ion the basis of the characteristics of employees. Another objective of such laws and legislation is to protect employees from any hazards or accidents which may occurred while performing business activities. The governmental authorities of UK has formulated various laws such as Equality Act, 2010, Health and Safety Act, Sex discrimination Act etc. Such laws and legislations should required to comply by every organisation for the betterment of their employees (Weiss, 2014).

Task 3

3.1: Accounting workshop

Profit and Loss Statement for M&S for the year 2017 which are described as below:

All numbers in thousands

 

Revenue

1/31/2017

Total Revenue

1062200000

Gross Profit

124617000

Cost of Revenue

937583000

Operating Expenses

 

Research Development

-

Selling General and Administrative

101853000

Operating Income or Loss

22764000

Income from Continuing Operations

 

Total Other Income/Expenses Net

812966000

Interest Expense

2367000

Earnings Before Interest and Taxes

22864000

Income Before Tax

20497000

Income Tax Expense

6204000

Minority Interest

2737000

Net Income

13643000

Dividend charges

-

Net Income Applicable To Common Shares

758297000

Interpretation:

It has been observed from the P&L of M&S that company has earned total revenue of 10622 million due to which the company have attained strong position in market. The net income of M&S is 13643000 which clearly shows that the company has attained good financial position in market.

Task 4

4.1: An analysis on determination of roles of team members

Performing in group always brings profitable result to company as effective employees grouping together to achieve common goals. Sharing views and idea with each other help in making an effective decisions and plans for the betterment of an organisation. This will provide an opportunity to employees to enhance their skills and knowledge which help them in performing well. As working in a team, I have gained lots of new knowledge and skills to perform task in an effective manner (Goldratt, 2017). I have also observed that working in a team will bring more profitable outcome as compared to work on individual basis. Along with this, I have analysed that to increase effectiveness of team, desired goals and objective should be identified clearly among team mates. Adopting suitable leadership style is also required to be adopted in order to bring motivation among workers.

4.2: Team Development

The managers of Marks & Spencer required to understand the stages of team development as defined as below:

Forming: This is the first step in which employees come together to form a group in order to achieve desired target.

Storming: In this stage, the opinions and views of team members are considered along with the conflicts in order to resolve them as soon as possible (Warner, 2018).

Norming: In this stage, the team members are directing to learn something new in order to complete allotted task with the help of taking support for their co-workers.

Performing: In this stage, every team mates understand their roles and responsibilities in order to perform in right direction.

After completing all such stages, the the leaders motivate team members to engaged in different business activities in order to gain new knowledge and skills. For this, Marks & Spencer need to use Herzberg theory, Maslow theory of Motivation etc. which help in imporving the performance of employees (Mackey and Sisodia, 2014).

4.3: Need to leadership and motivational style in context with different situations

It is important for managers or employer to improve their motivation skills in order to enhance skills and knowledge of employees so that they can effectively deals with issues and problems arises due to uncertainty and complex environment. It may affect daily operations of business organisation. Therefore, the management need to motivate employees to accept changes while performing business activities. The leaders is held responsible to identify the needs of workers at workplace and accordingly take corrective measures and techniques in order to eliminate their weaknesses and bring profitable result to company (Reim, Parida and Örtqvist, 2015).

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

In the corporate organisation such as Marks & Spencer faces many problems during daily business operation. Therefore, leaders and managers are held liable to resolve all issues and problems through adopting leadership and motivation skills. This will help in enhancing the skills and capabilities of workers due to which they give maximum efforts in achieving desired goals and objectives. For example, Application of Motivational theory such as Maslow theory which help in identification of needs of employees whereas also required to adopt leadership style such as democratic style of leadership which help in giving freedom to their employees to perform in their own way which enhances productivity of employees as well (Palattella and et. al., 2016).

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Conclusion

It has been concluded from the above project report that an organisation whether private or public are able to operate its business functions only when they have an effective management who are capable to analyse the impact of internal and external factors of environment. Through this, they can successfully run their business in more systematic manner. It is also important for an organisation to identify the needs of employees and the issues they faced at workplace which help them in implementing corrective measures to resolve which brings motivation motivation and self-confidence among employees.

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