How Business Operate

HOW BUSINESS OPERATE
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 - THE BUSINESS ENVIRONMENT...............................................................................3
Covered in PPT......................................................................................................................3
TASK-2 BUSINESS FUNCTIONS................................................................................................3
State the importance of accounting for business....................................................................3
Describe the functions performed by HR department............................................................4
State characteristic of employment legislation.......................................................................4
TASK 3- ACCOUNTING WORKSHOP........................................................................................5
Interpret information on profit and loss account....................................................................5
Financial Statements – Tesco Plc...........................................................................................5
TASK 4- TEAMS............................................................................................................................7
Define the roles within a team................................................................................................7
Define the stage of team development...................................................................................8
State three motivational theories............................................................................................8
Define different types of leadership styles.............................................................................9
TASK 5- CUSTOMER SERVICE...............................................................................................10
Covered in PPT.....................................................................................................................10
CONCLUSION .............................................................................................................................10
REFERENCES .............................................................................................................................11
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INTRODUCTION
Organisation refers to group of people who work with a shared goal and the
accomplishment of their common goal through which organisation can enhance their overall
productivity and maximum profits can be gained (Baranovskis, 2018). This project report is
based on the business environment and various factors which create an impact on business
environment.
TASK 1 - THE BUSINESS ENVIRONMENT
Covered in PPT
TASK-2 BUSINESS FUNCTIONS
State the importance of accounting for business
Accounting is an systematic approach of recording all financial transactions which are
performed by organisation and thus also help in forming effective decisions through which
business can accomplish their desired goals and objectives (George and et.al, 2018). There are
several benefits of accounting functions in the management, some of the important factors are
stated below:
 Evaluation of business performance- accounting activities help business in evaluating
the performance of the business through which management can analyse their position in
the marketplace.
 Helps in forming budget and future projections- The accounting functions of
management help business to create budget through which all managerial activities can
be performed within specific period of time with the planned budget, it will also help in
utilising all resources efficiently.
 Helps in filling and maintaining financial statements- The accounting department and
their activities help an organisation in filling all financial transactions and maintaining the
record through which the investment and other monetary activities of the business can be
tracked.
 Helps in effective decision making- The accounting department help business in
forming effective decisions by analysing all financial and monetary activities through
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which management can form effective decisions which will help in gaining competitive
advantage for the business (Hsieh and et.al, 2020).
Describe the functions performed by HR department
Human resource management is an systematic approach through which management
seeks to gain competitive advantage. Thus, human resource management helps to create diversity
in the organisation. Some of the functions which are performed by the HR department are stated
below:
 Human resource planning- The basic function of HR department is to strategically plan
all activities trough which they can effectively plan and execute all activities through
which overall organisational productivity can be enhanced (Hsu and et.al, 2017).
 Recruitment and selection- One of the basic function of HR department is to attract,
recruit and select most desirable candidate who is skilled and competent for the
achievement of the organisational goals.
 Performance management- The basic function of performance management is to
monitor the performance of employees based on their established standards an thus this
function also help in boosting employee morale through recognising and rewarding
employees for their valuable contribution in activities of management.
 Learning and development- one of the main focus of HR function is to analyse training
requirements of their employees and provide them accurate training sessions on time
through which all employees can perform the assigned job role and tasks effectively.
State characteristic of employment legislation
Employee legislation- It is related to the framework of laws which regulates the
relationship and interaction between the employee and employers. These employee legislations
laws help an organisation to protect the rights of their employees in the organisation through
which they can meet employee job satisfaction and will also help in retaining maximum number
of talented employees within the organisation. The key features of employee legislation of an
organisation are mentioned below:
 Data protection- The Data Protection Act, 1999 states that all data which is taken by
employer about their employee's must be collected through paper based system and
computerised system and the organisation must keep all the data secure and private
(Kapur, Kumar and Verma, 2018).
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