How Does a Business Operate ?
Added on 2020-10-22
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HOW BUSINESS OPERATE
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Kinds of organisation that are found in both public and private sector in United Kingdom11.2 Different structure within business in United Kingdom.......................................................11.3 Impact of local and global environment on business operations by Hennes & Mauritz.......2TASK 2............................................................................................................................................32.1 Importance of accounting for business success....................................................................35.1 Different functions carried out by Human Resource department in business.......................35.2 Key features of employment legislations..............................................................................3TASK 3 ...........................................................................................................................................43.1 Information on profit and loss account.................................................................................4TASK 4............................................................................................................................................44.1 Analysis to determine own and other's role within a team....................................................44.2 Notes which can be incorporated for having support in future training events....................54.3 Adequate use of different motivational theories for business activities...............................64.4 Impact of various leadership styles on employees................................................................6TASK 5............................................................................................................................................66.1 Impact of customer service on business success\..................................................................66.2 Benefits of customer profiling to a business.........................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONBusiness environment plays a crucial role in operating a business in a better manner as itincludes both internal and external factor which can have an impact on company's performance.In this, factors that are included are like suppliers, technologies, rules and regulations, socialenvironment etc., For this assignment, company which has been taken is Hennes & Mauritz;which deals in clothing in United Kingdom (Adjei, H and et. al., 2014). Report will majorlyfocus on different kind of structure that are followed by public and private sectors in UnitedKingdom. Other than this business functions and environment that are present in a company isincluded in this assignment. Accounting concept and its value to the company will be explainedwith different examples.TASK 11.1 Kinds of organisation that are found in both public and private sector in United KingdomBasically three kinds of organisational sectors are there but report will focus on two i.e.public and private and these are explained below:Public Organisation: These are the sectors that are run and regulated by regulatorybodies of nation. In terms of finance, taxes that are paid by citizens are used for providing betterservices and facilities. Public organisation can be further classified into two categories i.e.Central that includes defence, national health care services, activities that are related to socialsecurity etc., whereas local government constitutes primary and secondary educations to everyindividual, big libraries and many more. Henceforth, Private Organisation: These kind of businesses are run and maintained by an individualor group of people where there goals is to increase the revenue so that profit would be high..Main purpose of these companies is to get maximum amount of profit from goods and servicesthat the firm is giving to its customers. Private organisation can be further divided or classifiedinto sole traders, partnership, franchises and many more. It contributes ample amount of moneyto the economy that's why every country is trying to attract MNC to invest there.1.2 Different structure within business in United KingdomEvery company has its own structure of operating its business whether small, medium orlarge. Thus, entire concept depends upon size and structure of firms. For having better operationsit is necessary that an effective communication is established in enterprise so that superiors can1
have better interaction with its subordinates. In total there are 5 common business organisationalstructure that are being followed by most of the companies. In terms of Hennes & Mauritz theyare using Functional Organisational Structure that are explained below:Functional Organisational Structure:This kind of functions are opted by manycompanies in which whole company is divided according to their work which has been assignedto them. Hennes & Mauritz has adopted this organisational structure for operating their businessand it is assisting them in classifying groups as per the functions in which they are good. Thus,company has separate departments for their functioning like human resource, operationmanagement, finance department etc., therefore, it helps organisation in performing their task ina systematic manner. For example: Managers in an organisation play their role and analysefunctions that are performed by employees and report to their superiors which includes directorsor vice presidents. Work performed by expertise help organisation helps firm in executing plansin a better manner.1.3 Impact of local and global environment on business operations by Hennes & MauritzH&M is one of the leading company that work for providing services in clothing sectorsof different age group whether men, women, teenagers, old aged people etc., company is big andthey are operating its business in around 62 countries under which H&M have close to 4,500stores and approximately 132,000 number of people are working for providing maximumbenefits in return. While establishing its business, company has chosen countries that arepolitically stabled and doesn't face any serious kind of problems like France, Denmark, Germanyetc., because of some currency translations and current incident of Brexit, H&M faced lowerdown of sales and profitability of around 59.7 percent. Although in the initial years of BREXITcomplications were there but due to the cheap fashion commodities provided by company hadlevel up entire issues. Therefore, for increasing sales Hennes & Mauritz are planning to establishnew stores which is around 2,700 in China, U.S and Great Britain as well. In terms of globallevel company is gradually getting maximum benefits from the stores that are located in localand national level. 2
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