Report on Business Operates - Walmart
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Added on 2020-06-05
Report on Business Operates - Walmart
Added on 2020-06-05
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HOW BUSINESSOPERATES
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Classification of business on the basis of public and private sectors...............................11.2 Structures within the business of Public and Private Companies.....................................11.3 Implications on business at local, national and global economic environment...............2TASK 2............................................................................................................................................32.1 Importance of accounting for business success................................................................35.1 Functions of HR department...........................................................................................35.2 Key features of employee legislation...............................................................................4TASK 3............................................................................................................................................43.1 Accounting workshop.......................................................................................................4TASK 4............................................................................................................................................54.1 An analysis on determination of roles of team members.................................................54.2 Team Development.........................................................................................................54.3 Need of leadership and motivational style in context with different situations...............64.4 The way leadership style and motivational skills are used to influence workers.............6TASK 5............................................................................................................................................76.1 Impact of customer Service..............................................................................................76.2 Benefits of customer retention..........................................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONBusiness environment consists various internal and external factors which impacts onoperations of a company. In order to establish business successfully a company needs to discoveraffect of these elements as well as sources required in carrying out the operations. It includesfinance, human resource, raw materials and more (Weiss, 2014). Therefore, in order to knowhow an industry like Walmart operates its business a report has prepared. It describes type oforganisations includes in public and private sectors and describes the structures of them. Impactof customer services and team work on success of business are some highlighted points of thisfile. Along with this, it also discuss the importance of accounting, various functions carried byHR department and key features of employment legislation. TASK 11.1 Classification of business on the basis of public and private sectorsPublic companies are owned by government which operates the business according toneeds and interests of whole. It includes national and international industries like Franchises,Health and Social Care, Departmental stores, Law enforcements and more. These associationsare work on national and international level with common purpose is to provide welfare tocitizens. While regulatory bodies has no role in private sectors, business of these are operated byan individual. It includes sole traders, partnerships etc. Purpose of these companies is to earnmore and more profit (Bernstein, 2015). In Public sectors, types of organisation are found on thebasis of state and central ownership while private companies are divided on individual,partnership and joint stock basis. 1.2 Structures within the business of Public and Private CompaniesStructures of the business of companies in UK are divided on the basis of-Sole Proprietorship: Such companies are operated by a single person. Structure of soleproprietors are simple and owners enjoy greater flexibility of management with less legalcontrol. General Partnership: Industries come in this category have two or more owners whomake partnership agreement which includes contribution of money required to carry outbusiness. Therefore, each partners shares equally the profit or loss as well as pay debts. 1
Limited Partnership: In this type of businesses, partners share loss or profit on the basisof investment of capital. Along with this, partners are also not involves in regular operations. Corporations: It holds a more complex business structure in which companies havecertain rights and liabilities. These organisations are worked for generating higher revenues. Non-Profit corporations: Instead of obtaining profit, firms under this category operatebusiness on non-profit basis (Mackey and Sisodia, 2014). They provide services to citizens fortheir public interest. In UK, organisations are divided on the basis of their aim and how they operate business.Along with these, all such companies have different structures also which shows that variationsare necessary in order to meet demand and needs of every individual. Although industrieswhether private or public have different purpose but they work for the common aim i.e. to servemankind. 1.3 Implications on business at local, national and global economic environmentWalmart Company of UK has established its business in 1962 in retailing sector. It has11,718 stores in 28 countries which serves the products like fresh food, groceries, leisure andclothing. It operates the business within international market. It has carried operations on localand global level both. Therefore, key areas of policy which affect business are:-Economic Policy: This factor includes the taxation policy which affects the business in alarge way. For example- If there is rise in economy of a country then profitability of companiesare also rise and vice versa. In addition to this, taxation and interest rates which are determinedby government impact on business. For instance- If interest rates are high then it forces industriesto borrow loan and due to low income, citizens are needed to reduce their expenditure all ofwhich causes fall in sales performance of business (Warner, 2018). Therefore, economic policiescreate much impact on business of Walmart Company also. Legal changes: Every organisation whether small or large are need to operate theirbusiness in a legal manner. Due to political factors, government of a country has to makealteration in laws which forces companies to respond to changes. Along with this, if a firm wantsto operate business at global level then it need to go through various legal formation. 2
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