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Unit 41 - How Business Operate - St. Patrick's College London

1173Downloads1 I Published: 20 Apr ,2020

Introduction

Business environment will include both intrinsic as well as extrinsic kind of components. For example clients, government, rivals and so on. This is essential to examine their influence on business operations (Welford, 2013). With aid of this, firm will gather data and information which is required to complete marketing activities. Present assignment is based on Tesco which is operating their business in retail segment. They are providing effective services and products to customers. Fundamental targets of superior of to set some targets which need to be get accomplished by workers within limited period of time.

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Task 2

2.1 Importance of accounting for business success

To regulate procedure of business in an effective manner, company requires proper finance. This is must for an enterprise to use available resources effectually; therefore, they will be able to cater qualitative items to customers significantly (Casadesus-Masanell and Ricart, 2011). There are several types of advantages which rendered accounting process to success as well as prosperity:

  • It is fundamental for finance unit to develop budget for each department so that they will be able to perform overall business activities in a proper way.
  • This is main responsibility of management to identify operational revenues which will be generated through operations of business.
  • An effective system needs to be utilized by firm; in this manner, they will be able to maintain their market position with appropriate financial status (Mosco, 2014).

5.1 Different functions of HR department in business

Fundamental target of manager is to appoint talented and skilled manpower at workplace; thus, they will be able to complete entire business operations in an effective way. Henceforth, there are some types of activities which need to be executed by human resource and these are stated as beneath:

Staffing: Aptitude test, group discussion and interview will be organised by manager of an organisation to find out skills as well as capabilities of the candidate; therefore, they will be able to choose best one amongst many people. It is must for superior to allot roles and duties to each employee according to their abilities; in this manner, they will easily accomplish their work within limited period of time (Trevino and Nelson, 2016).

Training and development: This needs to provide by superior to their subordinates; thus, they will be able to complete work up to the set standards. Various seminars or programs will be conducted by human resource manager as it aids to enhance capabilities and skills in an effective manner. Along with, they will be able to resolve any sort of problem effectually and appropriately.

Recruitment: It is require for employer of human resource to appoint best and suitable candidate; thus, they will fill the vacant position significantly. For above stated purpose, there are many kinds of methods will be used by them, for instance transfer, promotion, employment agencies and so on. Best suitable method will be used by organisation to fill the vacant place in firm (Rummler and Brache, 2012).

Employee relations: If there is an effective relationship amongst staff members then they will be able to complete their work properly. It aids to motivate them; therefore, they will be able to accomplish their work in an efficient manner. This results to reduce clashes between employees and they will easily determine appropriate solution.

5.2 Key features of employment legislation

Several laws and legislations are formulated by government of UK so that they will be able to protect staff members within workplace. Fundamental aim of it to decrease inequality at premises which can be in form of caste, gender, religion, race and so on. It is must for employer to render minimum wages to employees as per minimum wages act. Along with this, there are some more laws which need to be get implemented at workplace, such as health and safety act, equality act, employment act and many more (Clark Jr and Babson, 2011).

Task 3

3.1 Accounting workshop

Profit and Loss Statement for TESCO for the year 2017 are given below:

Income Statement

 

All numbers in thousands

 

Revenue

1/31/2017

Total Revenue

485873000

Gross Profit

124617000

Cost of Revenue

361256000

Operating Expenses

 

Research Development

-

Selling General and Administrative

101853000

Operating Income or Loss

22764000

Income from Continuing Operations

 

Total Other Income/Expenses Net

100000

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

13643000

Task 4

4.1 An analysis on determination of roles of team members

If individuals are working in group then, they will easily overcome from their shortcoming. Persons who are working in team have different type of mind set. This will aid them to complete their work within certain time duration. This will help them to improve their abilities as well as skills effectually (Baden-Fuller and Haefliger, 2013). Being a part of group, I analysed that this improves my satisfaction level and provide me growth and opportunities. Along with this, I will easily sort out problems in an appropriate way. As a result, work will get finished by me within certain period of time. Proper guidance are provided by leader to team members; thus, they will complete it with maximum effectiveness and appropriateness and in addition requisite results will be attain by company. They will implement latest methods into products as well.

4.2 Team Development

Manager of Tesco needs to develop some groups at workplace as this helps to improve production. In this manner, company will render appropriate products and services at marketplace. There are some stages which will comes under team development and these are stated as beneath:

Forming: This is considered as first stage and as per this, group has to written down their mission and targets. If group members are much familiar with each other then, they will easily fulfil coveted objectives within certain time span (Zott and Amit, 2013).

Storming: In this, people are presenting their own styles. Conversation amongst individual is much and tension will enhanced. HR will conduct some exercise which will create some thoughts and make persons more effective so they will accomplish their responsibilities.

Norming: Under this, individuals get started noticing each other; thus, they will recognise strengths of each others. This aids people to comprehend their duty in project. They get started to respect each others. An appropriate relationship is maintaining by individuals; hence, clashes get reduced and in addition problems will be sort out effectually.

Performing: It is the final phase under which employer has to give appropriate guidance as well as counselling to staff members; therefore, they will be able to complete work with maximum effectiveness. In this manner, production and profits of company will get improved.

Maslow's need hierarchy: With assistance of this hypothesis, needs and wants of staff members will determined effectively. There are some basic requirement which they want to fulfil, for instance shelter, food and water. If individuals are much motivated then, they will easily accomplish their work with maximum effectiveness. In this manner, desired targets will get finished timely. If basic wants get fulfilled then, they will move to the another level, i.e. they want security and protection from their manager (McGrath, 2013). It is must to maintain significant relations with co- workers through love, companionship etc. If their social desires get accomplished then they will go to another level to complete their esteem needs which is must for them. It is must for them to complete goals, i.e. achievement, confidence, respect and so on. Finally, each worker wants to get fulfilled their self needs like growth and success. This will aid to encourage staff members regarding work.

Herzberg's Motivation -Hygiene theory: Two factor theory is another name of this. It demonstrates that there are numerous elements at premises which aid to cater job satisfaction to staff members. There will be some components which will provide them dissatisfaction as well. It will not be treated as opposite to each other in any manner. This is fundamental for superior to cater appropriate working circumstances as well as facilities to staff members; thus, they will get motivated towards job and in addition accomplish work with maximum effectiveness (Welford, 2013).

Alderfer's ERG theory of motivation: It is also called as three factor hypothesis which is much associated with existence, relatedness as well as growth. With assistance of this, staff members will easily comprehend many types of elements. By understanding this, administration will easily help workers into their success and development.

There are many kinds of style of leadership which will be utilized by Tesco and these are described as below:

Autocratic style: As per this, manager will never take support of their workers into process of decision making. This will reduce involvement of staff members at workplace.

Democratic style: This method will help to increase participation level of employees. They will provide their suggestions to superior which work as a motivation for them.

Laissez-Fair style: According to this, leader allow persons into decision making process. It caters freedom to people; thus, this will assist to take judgement proficiently (Casadesus-Masanell and Ricart, 2011).

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

Manager of an enterprise need to develop some abilities related to motivation; therefore, staff members will confront various issues without any obstacles. This aids to inspire individuals to accept modifications. To analyse workers performance, leadership abilities will be used by superior because this also aid to determine their requirements. In this manner, they will be able to examine those methods through which weaknesses of employees will get removed and coveted targets and objectives will attain significantly (Mosco, 2014).

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

Many problems are facing by Tesco on continuous basis. This is connected with motivational as well as leadership abilities which are using by manager to sort out any type of troubles. For an example: latest methods will be implement by association and for this, they will take assistance of Maslow theory, because it aids to comprehend requirements and demands of staff members and democratic leadership styles as well. Similar to this, if autocratic styles is not using in firm then, this helps to motivate workers regarding working and they will embrace alterations without any issues (Trevino and Nelson, 2016).

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Conclusion

From above assignment this has been understood that there are many types of environmental components which will cater affect on operational activities of business either in a direct or indirect manner. By analysing this, manager will easily run business significantly. It is required to cater effective services to clients as this helps to gain their trust as well as loyalty.

References

  • Baden-Fuller, C. and Haefliger, S., 2013. Business models and technological innovation.Long range planning. 46(6). pp.419-426.
  • Casadesus-Masanell, R. and Ricart, J. E., 2011. How to design a winning business model.Harvard business review. 89(1/2). pp.100-107.
  • Clark Jr, W. H. and Babson, E. K., 2011. How benefit corporations are redefining the purpose of business corporations.Wm. Mitchell L. Rev.. 38. p.817.
  • McGrath, R. G., 2013.The end of competitive advantage: How to keep your strategy moving as fast as your business. Harvard Business Review Press.
  • Mosco, V., 2014. Political Economy. InThe Routledge Companion to Global Popular Culture. pp. 35-44. Routledge.
  • Rummler, G. A. and Brache, A. P., 2012.Improving performance: How to manage the white space on the organization chart. John Wiley & Sons.
  • Trevino, L. K. and Nelson, K. A., 2016.Managing business ethics: Straight talk about how to do it right. John Wiley & Sons.
  • Welford, R., 2013.Hijacking environmentalism: Corporate responses to sustainable development. Routledge.
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