Business Resources

Business Resources
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Table of Contents
INTRODUCTION................................................................................................................................3
TASK....................................................................................................................................................3
P 1 Recruitment documentation used in M&S................................................................................3
P 2, M2 Importance of employability, personal and communication skills required in the
recruitment and retention of staff in M&S.......................................................................................4
P 3 Physical and technology resources required in the operation of M&S.....................................4
M1 Role of managing human, physical and technology resources in improving the performance
of M&S............................................................................................................................................5
D1 Evaluation of managing resources and controlling budget costs in improving the performance
of a business.....................................................................................................................................6
P 4 Sources of internal and external finance for M&S....................................................................6
P 5 and M3 Contents of a trading, profit and loss account and balance sheet for M&S.................7
P 6 Use of budgets as a means of exercising financial control of M&S..........................................7
P 7 Financial state of M&S..............................................................................................................8
D2 Evaluation of adequacy of accounting ratios.............................................................................9
M 4 Analysis of reasons of why costs need to be controlled to budget...........................................9
D 3 Evaluation of problems identified from unmonitored costs and budgets...............................10
CONCLUSION..................................................................................................................................10
REFERENCES...................................................................................................................................11
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INTRODUCTION
Starting a new business or running an existing trade seems like a most difficult task. To run a
business in successful manner, business resources are playing an important role. It can be
considered as a tool that uses to establish, maintain or manage different operational activities of an
organization (Balle, 2016). These resources either are a person or an intangible object. Effectiveness
of each source varies according to the way as the manager of a company use it to perform various
operations and a clear understanding about those resources. The present study is based on business
resources and to understand its significance within the enterprise, Marks and Spenser (M&S) is
taking into the consideration (Bae, Rowley and Sohn, 2012). Objectives that will cover under the
current research are importance of employability and personal skills in the recruitment and retention
of staff, role of managing resources and budget control techniques to improve business performance
and different sources of finance for a chosen organization.
TASK
P 1 Recruitment documentation used in M&S
M&S has needed different kinds of recruitment documentation at the time of selection of
staff for particular job roles. Descriptions of those documents are as follows:
Job advertisement: It is a kind of a notice that prepares by M&S for the public to inform
them about a job vacancy they have currently opened. This section includes job title, requirements,
responsibilities etc. The aim of preparing this document is to promote the job vacancy and
communicate them to external people so that management of the cited firm can hire suitable
candidates in order to fill the vacant positions (Baxter, 2012).
Job description: This document explains the skills required in an employee to perform the
particular job. With the help of this, M&S explains limitations and skills that are needed for the job
along with the duties and responsibilities that the candidate will have if he get the employment. So,
it assists the applicants what they will be doing if they hire for the vacant position and what skills
they will need to do the job (Burd, 2013).
Person specification: It is an expansion form of the job description which outlines the
training requirements, personal qualifications etc that actually be considered for the job. The aim of
the following recruitment documentation for M&S is to clearly define the outline to candidates what
they must have to get the employment (Mallah and Bansal, 2010).
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P 2, M2 Importance of employability, personal and communication skills required in the recruitment
and retention of staff in M&S
It is important for a candidate to make sure about his employability, personal and
communication skills that required for apply to a particular job role in an organization. In the
context of M&S, these three things have played an important role at the time of hiring of staff for a
specific job position (Shah, 2010). Employability skills are those skills necessary for getting,
keeping and being successful in a job. The management of the cited company has ensured that there
should be eight skills in the hire candidates: communication, teamwork, problem solving, initiative
and enterprise, planning and organizing, self management, learning and technology. The reason of
giving importance to this skill sets by the M&S at the time of recruitment of a new staff is to recruit
the suitable and capable employee for the vacant job position (Booker, Detlor and Serenko, 2012).
On the other hand, organization has also focused over the personal skills at the time of recruitment
and selection of workforce. Critical thinking, dependable, flexible, interpersonal and motivation are
some personal skill set that look by M&S during appoint a candidate for specific job role. While
communication proficiency also takes into the consideration at the time of recruiting a new staff
member at the workplace by the cited firm. The hiring team makes certain that appoint personnel
have good communication skills so that they can fulfil the requirement of the job positions
(Abecassis‐Moedas, Ben Mahmoud‐Jouini and et.al., 2012).
P 3 Physical and technology resources required in the operation of M&S
To perform the several business operations, M&S has needed some kinds of physical and
technology resources. These have helped in run several business activities in the right manner. In
this context, explanation of physical and technology resources are as follows:
Building and facilities: M&S is a biggest retail chain in the UK and to operate the business,
it has required building and other related facilities. With the time, company has opened its outlets in
different areas of the nation and maintained those facilities with the time. Organization has also
made sure that they secure the business well by installing various lives saving equipment in the
building in the case of any kind of incident (Woods, Hawkins and Scott, 2010).
Stock: It is an important part of M&S as a retail firm. Some of the products and services have
prepared itself by the organization and some of them outsourced by the other retailers. In this
context, to sell the commodities, company has maintained its stock levels and stored units of each
product in different areas of warehouse and outlets also. By doing this, it becomes easy for the cited
enterprises to meet the demand of goods in the market place.
Machines: M&S has installed various machines and equipment in stores, warehouse and
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