Effective Communication & Improving Performance

This study explores the role of HR, Marketing, and Finance in improving performance and strategies for firm growth and management. It discusses collaborative working practices, factors impacting business, and the role of financial management. The case of TESCO is used as an example.

Effective Communication & Improving
Performance

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Role of HR, Marketing and Finance:......................................................................................3
2. Understanding of collaborative working Practices.................................................................4
3. Factors which impact on the business:....................................................................................4
4. Role of financial Management................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCE...................................................................................................................................6

INTRODUCTION
Improving performance refers to the improvement of the strategies which are carried out
for the development of the firm. For a firm improvements are always required which can help in
the growth of the firm and help in the management of the firm for the better functioning.
TESCO is a British multinational grocery and and general merchandise market whose
headquarter is in Welwyn Garden City, Hertfordshire, England, UK. It is the third-largest retailer
in the world. It has 6800 shops across the world which generates a huge amount of revenue of
around £64 million.
This study includes role of HR, Marketing and Finance, Collaborative working process,
Factors which impact on business and knowledge of role of finance management and repoting,
MAIN BODY
1. Role of HR, Marketing and Finance:
Driscoll model of reflection focuses on what is to be done, what company is doing now and now
what company will do.
What is to be done by company
HR-HR describes a formal working system in the organization, they aim for the management of
people, resources and improves the management of the firm. Their main responsibilities lie in
three sub categories namely: staffing, employee compensation & benefits and defining/
designing work. The main aim of HR is to maximise the performance and increase the
productivity of the firm. This is the mandatory task for the HR at TESCO, building and
providing the best strategy for the best management of the TESCO(Dube and Marnewick,
2016).
Marketing- Marketing plays a major role at TESCO marketing department aims for meet the
customer demands by analysis of the data and the carried out during the marketing process.
Ensuring the survival of the firm by increasing the market share by providing the best strategy.
Improves the image of TESCO in the organization by promotion, sales and marketing strategies.
Analysing the price ratio and providing the efficient price to the customers and generating the
profitable revenue. Marketing department aims to offer the best product and services in the
market which can be used to evaluate the market this can be done through providing customers

with best packing which can attract the customers and put up a market image of the product by
defining the best selling product across the market.
Finance- Finance are the backbone of the organization as they are the financial source of
TESCO. They contributes the financial department of the firm, this is totally dependent on how
efficiently the owner and manager takes initiative in the organization. There are various roles
carried out by bookkeeping this includes the records of say to day in-flow and out-flow of cash
in the organization. They track all the expenses carried out in the organization. Budget
forecasting is carried out by the finance management team. This fulfils the cash needs of all the
department and where the cash is utilised. Staff levels and planning of purchase are carried out.
Management of tax and managing the company's investment is carried out(Leat, Revoredo-Giha
and Kupiec-Teahan, 2016).
2. Understanding of collaborative working Practices
What company is doing now
Collaborative working practices are the practices carried out in an organization that aims for the
development of the firm by achieving the group tasks. Collaboration is carried out to achieve a
higher tasks and improve the quality of the work. Collaborative working is carried out when
there is a need to work or improve the market image of the organization. There is a group of the
different people formed which involves all the necessary workforce that are required with the
aim to develop the working strategies which can improve the functioning of the task(Mone and
London, 2018). Various efforts are put up to create strategies, structures and development of
different policies. In order to increase values and behaviours. They produce a higher level of
work for the development of the organizations.
3. Factors which impact on the business:
Various internal factors that drive upon the business conditions are:
Leadership- decisions taken on unfair means can effect the performance of the firm. Any
misunderstanding in the organisation can lead to bad working atmosphere in the firm. There
must be a leader who takes unanimous decisions which can help in the better functioning of the
work at TESCO. Leader must guide and support the workers which can create a healthy working
environment.
Communication- a successful organization always thrives the best communication practices
where there is no communication gap in the organization which helps in improving the results.

There must be a two way communication in the organization which can help in the betterment of
the working atmosphere(Syafii, Sugianto and Cendriono, 2019).
Learning- Learning is the basis for every organization as learning can be done in order to carry
out the tasks better which can help in improving the functionality of the work. This can be done
by applying the various training programs which can help in improving the performance of the
firm.
What will be done by company now
Various external factors which drive upon the business conditions are-
Political changes- there is a change in the working conditions of TESCO by the change in
various legislations and set of rules which are imposed by the government. These can be
beneficial if there is relaxation in various rules imposed on the import and export scheme which
can help the organization in the development.
Economical changes- change in the economic structure or the change in the GDP rates can help
in the change with the structure and provides a better working conditions for the firm. Rise in the
currency rates can be beneficial for the organization(Woodcock, 2017).
Technological change- change in technology imposed by TESCO can help in the betterment of
the working conditions of the TESCO, this can help in the betterment of the work by
improvement in techniques and are beneficial for the firm. Providing workers with better
technological tool which can help in the change in technology.
4. Role of financial Management
Finance management is an important part in an an organisation. If there is no proper finance
management in the firm that will lead to the downfall of the firm. Financial sources are necessary
to carry out the financial demand of the firm and help in the proper management of the firm. For
a long run of the firm financial management needs to be carried out properly. Allocation of funds
and the use of funds for direction and controlling is needed and to carry out the task effectively
financial management is essential(Yang and et.al., 2016).
Reporting of the financial strategy is essential for a firm which can help in the
development of the strategies and to minimise the wise use of the capital which can improve the
management of the firm.

CONCLUSION
This study is carried out to evaluate the effective the role of HR, marketing and finance
departments of the firm which can help in the strategic management of the firm. Use of
collaborative working for the betterment of the firm, its benefits and drawbacks are discussed.
Various factors which drives out the performance of the firm. Role of finance management in the
firm are carried out at TESCO.

REFERENCE
Books and Journals
Dube, S. and Marnewick, C., 2016. A conceptual model to improve performance in virtual
teams. South African Journal of Information Management, 18(1), pp.1-10.
Leat, P., Revoredo-Giha, C. and Kupiec-Teahan, B., 2016. Improving market orientation in the
Scottish beef supply chain through performance-related communications: The case of the
McIntosh Donald Beef Producer Club and Qboxanalysis. In Market Orientation (pp.
115-136). Routledge.
Mone, E.M. and London, M., 2018. Employee engagement through effective performance
management: A practical guide for managers. Routledge.
Syafii, M.L., Sugianto, A. and Cendriono, N., 2019. IMPROVING STUDENTS’SPEAKING
SKILL BY USING MULTIMEDIA PRESENTATION STRATEGY. ENGLISH
REVIEW, 7(2).
Woodcock, M., 2017. Team metrics: resources for measuring and improving team performance.
Routledge.
Yang, J and et.al., 2016. Improving learning alliance performance for manufacturers: does
knowledge sharing matter?. International Journal of Production Economics, 171,
pp.301-308.