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Unit 3.23 How Businesses Operate 15 Credits

1768Downloads1 I Published: 18 Apr ,2020

Introduction

Business environment is a collection of factors which impacts on operations, growth and sales performance either internally or externally. From these elements, some are under control of management while others are far behind. Therefore, in order to operate business in a perfect manner management need to analyse these attributes in a proper manner (Gassmann, Frankenberger and Csik, 2014). In order to understand how companies are divided in a country, an organisation has been taken in this report named by Marriott hotel. This firm comes under hospitality sector of UK whose employers take entire responsibility to turn affect of factors of business environment in positive manner. This assignment has highlighted some concepts important concept of business environment as well role of HR and Accountant in running the operations.

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Task 1

1.1 Different types of public and private organization in UK

There are many corporate firms at UK place whose business criteria are classified them as public or private one. Public sectors organisations are controlled by regulatory bodies and managed by inter-department committee and concerned minister. These companies are generally work for serving welfare to citizens. While private associations are emerging for providing best services to people of national and international countries in order to earn more and more profit. British petroleum, NHS and Rolls Royce are some public organisations of UK. While Sainsbury, ASDA, Hilton Hotel come under private corporations.

1.2 Different structures within businesses and reason for variation

Organisations of UK come under public and private sectors have many differences in terms of structure and target based audience. Along with this, business structures of private associations are divided on the basis of ownership also. A brief discussion of some major sections of private companies is described below:-

Private Organisation:

  • Director:- Every association has at least one director who is liable to manage all operations of daily basis in a proper way.
  • Company secretary:- These persons take decisions on behalf of directors in a firm as well as take care all administrative matters like maintaining official records, registers and budget data and more.
  • Shareholders:- An association has various shareholders like investors, employers, suppliers and more are some company's owners who receives the benefits of success and profitability as well.

Public organisation- Owners of companies under this category have limited and less liability as compared with private one. The business structure of these associations consist board of directors, employers, employees and shareholders.

1.3 Impact of local and global economic environment on selected business

Governmental norms, rules and legislation have great impact on almost all organizations which lie under territorial regions of a country. Therefore, it is necessary for management of firms to consider regulations before formulating their strategies and designing organisational structure. In addition to this, environmental factors also have a greater influence on associations either internally or externally. These elements are mostly affected when a company wants to expand their current business at global level. In context with Marriott Hotel, it comes under hospitality sector whose main objectives is to provide high satisfaction of customers in order to gain profitability. Due to global economic environment currency rate is changing regularly which impacted on profitability of all firms in both positive and negative way.

Task 2

2.1 Importance of accounting for business success

Management accounting is an important part of associations which tells current position of it at marketplace in terms of finance. Accountant of organisation make records of financial data which further used in making statement of income, profit & loss account and more. These statements are used in decision making process of stakeholder and investors (Adjei, et. al., 2014). In addition to this, management of account is also helpful in controlling expenses as well as in allocating funds within various departments and raise funds accordingly. In MARRIOTT HOTEL, accounting is important in controlling cost, expenses and preparing budgets in an appropriate manner.

5.1 Functions of HR department in business

HR department of organisations performs various activities in increasing the growth of business in an appropriate manner. It includes recruitment and selection, training and development, reward and compensation, etc. which helps in introducing eligible employees as well as facilitates them all requirements (Bernstein, 2015). These functions help in designing workplace and organisational culture as per requirement of business. In context with MARRIOTT HOTEL, its main objective is to provide effective services to customers so that they can retain with firm for longer period of time. Therefore, for this purpose HR managers provide training to employees so that they can learn how to behave with different type of customers, understand their demand or needs and fulfil requirements accordingly on time.

5.2 Key features of employment legislation

Laws and legislations of a country are made in order to protect employees of an organisation from various discrimination and harassment. These discriminations are generally occurs in companies which have diverse organisational cultures which can be done on basis of their different caste, race, religion, nationality and gender (Palatella, et.al., 2016). Therefore, Government of UK has established various laws like equality act, sex discrimination act, employment act and more. These regulations are amendable for firms including Marriott Hotel to provide healthy and safe working environment to workers.

Task 3

Profit & Loss Account for Marriott Hotel

Revenue

12/31/2017

Total Revenue

22894000

Cost of Revenue

19192000

Gross Profit

3702000

Selling General and Administrative

894000

Non Recurring

159000

Others

290000

Operating Income or Loss

2359000

Income from Continuing Operations

 

Total Other Income/Expenses Net

726000

Earnings Before Interest and Taxes

3124000

Interest Expense

288000

Income Before Tax

2836000

Income Tax Expense

1464000

Net Income From Continuing Ops

1411000

Net Income

 

Net Income

1372000

Preferred Stock And Other Adjustments

-

Net Income Applicable To Common Shares

1372000

Interpretation: Through this P & L statement, it has analysed that Marriot Hotel has incurred 1372000 at the end of financial period of 2017. But before tax it has received 2836000 which show that in this year, interest rate was high.

Task 4

4.1 Role of team-members and own

Team-work in an organisation provides various advantages like reducing conflicts, improving relationship among workers, accomplishing a task on time and more. For this assistance, management of a firm is required to select the most appropriate members in team and allocate them roles and responsibilities as per their skills (Doppelt, 2017). Therefore, being a leader of team, I have carried out various activities in order to influence members towards achievement of goals in a proper way. I used to provide proper guidelines to all persons associated in my team so that they can understand what to do in perfect manner. Along with this, main responsibility of mine is to get right work of them in a short-period of time as well as reduce their conflicts as much as possible. So, I have provided basic training to team-members so that barriers can be removed from their part of work and they can do work well.

4.2 Team Development

For raising productivity and profitability in a short period of time, a company's manager and leader needs to engage employees in group task. So, by collaboration of people in a systematic way, an association can complete a project successfully on time (Ward, 2016). Therefore, it is a prime duty of management of Marriott Hotel to develop a team in followings manner:-

Stages of team development – Managers are needed to consider on five different stages for development of team that are forming, storming, norming, performing and adjourning. In this process, first step is forming which refers to introduce members with each each other by describing about their abilities and skills (Dunning, 2014). Storming is second step in which all members shows their best to prove who is better from others. In normalization process, people start to know each other and start making relationship in a healthy way by sharing about ideas. In fourth step i.e. performing, team members get achievement of success by contributing their skills and high commitment while in last stage which is adjourning in which all people enjoy success of completion of task.

  • Motivational theories – After developing team, managers use three motivational theories that are Maslow's need hierarchy, Herzberg's Motivation Hygiene theory and Alderfer's ERG theory. These theories are used to analyse performance of each member as well as provide reward to them for their appreciation.
  • Different types of leadership style – In order to get right work of members, leaders need to adopt some leadership style like democratic, contingency and situational leadership.

These steps and theories of leadership and motivation help in completing a project in a given period of time. Along with this, motivational theories assist managers and leaders to encourage employees in accepting challenges and changes with full commitment which helps in enhancing performance of association in a proper manner.

Task 5

6.1 Impact of customer service on business success

Every organisation whether public or private focuses more on providing effective customer services which helps in increasing growth of business (Storey, 2016). For this process, managers use different techniques and strategies to gain attraction of people. In hospitality industries, customers are lifeblood whose retention helps in achieving growth in a wide manner. Therefore, Marriott Hotel is used to interact with people of national and international level in a systematic manner. This firm provides various offers to old customers as well as gives special services to people who come for first time. Thus, this process helps in enhancing profitability as well as brand image of hotel. The main targeted audience of this hotel is tourists of other countries. So, in order to gain attention of them, managers of Marriott provides all information on websites and social sites about its services. This will prove more beneficial for its growth and aid in establishing the firm at various locations.

6.2 Benefits of customer profiling to business

In order to gain high retention of customers, companies build various strategies in unique way to provide effective services to them (Shenkar, Luo and Chi, 2014). In context with customer profiling, it is a way of creating a portrait which help in making decision for improvement of services. This will prove beneficial for success of business in following ways:-

  • Better communication: Profile of customers help employees in making good interaction with people in effective way. Through this process, employers can understand needs and demands of particular consumers properly as well as fulfil the same in a proper way.
  • Minimize the competition: Making good connection with regular client aid organizations to gain retention of them for longer period. Through this process, they gain high level of competition also.
  • Increase profit level: Keeping interest of customers with company's products or services helps in increasing profitability and productivity at marketplace.

Conclusion

From the above report, it has been observed that carrying out business operations in a required manner is not an easy task for a company. Managers for this purpose require to make proper plan and strategy which helps in reducing the chance of errors. In addition to this, they have to consider on numerous factors also which impact on business operations. In order to accomplish set target on time, employers are needed to engage employees in team so that they can contribute their efforts in achieving the same. Visit our website to buy assignments

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References

  • Shenkar, O., Luo, Y. and Chi, T., 2014. International business. Routledge.
  • Storey, D.J., 2016. Understanding the small business sector. Routledge.
  • Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer.
  • Dunning, J.H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. 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.
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