How Business Operates

This report discusses the different kinds of business organizations, their structures, accounting importance, HR department functions, employment legislation, profit and loss account interpretation, team development stages, motivational theories evaluation, and leadership styles. It also highlights the role of customers in business growth.

How Business
Operates

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1 ...........................................................................................................................................3
Covered in PPT.......................................................................................................................3
Task 2 ..............................................................................................................................................3
Evaluate the importance of accounting for the success of the business.................................3
What are the functions carried out by the HR department in the business.............................4
What are the features of employment legislation...................................................................4
Task 3...............................................................................................................................................4
Interpret the data of the profit and loss account of Tesco PLC. ............................................4
Task 4...............................................................................................................................................5
What are the stages of team development?............................................................................5
Determine own and others role within a team........................................................................6
Evaluate the three Motivational Theories...............................................................................6
Types of leadership styles......................................................................................................7
Task 5...............................................................................................................................................7
Covered in PPT.......................................................................................................................7
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Business is an activity which helps the individuals to attain their desires goals by selling
their products and services to the targeted customers. These kinds of activities are done to
generate revenue from it. Business operations means the functions by which the entrepreneurs
operate their business so that they can accomplish their targets (Adebayo, 2020). This report is
talked about the different kinds of business organisations and the different structures which are
followed by them. The accounting business is also mentioned in the report in order to identify
the growth of the business organisation. Further, the report is being discussed about the functions
of Human resource department which are useful in the organisation and the legislations which
are in force to protect the rights of the employees. This report is also talked about the profit and
loss account of Tesco PLC. Which is an multi national retail sector industry which deals with the
grocery stores. Lastly, the report is being discussed about the customer profiling which helps the
business to grow.
TASK 1
Covered in PPT
Task 2
Evaluate the importance of accounting for the success of the business
Accounting is the activity which is done by the business organisation in order to record
their financial transactions which helps the business to determine their standard. It includes the
summarizing, processing and analysing the transactions of the firm so that they can form the
future strategies accordingly (Rexhepi and et. al., 2018). It is important for the organisation as :
 The provides the statement of profits and losses of the firm which helps in determining
the status of the company.
 These statements helps in examine the status of cash flow that is from where it is coming
and where it is going. It helps in determining the investments so that the investors can invest their funds in the
company.

What are the functions carried out by the HR department in the business.
Human Resource department is the division in the organisation which helps the firm to
heir the new workforce and providing appropriate training to them so that they can give their b
est to the company. This department also determine the skills of the employees which are useful
in the company. There are many other important functions which are followed by the department
in order to make smooth functioning.
What are the features of employment legislation.
Employment legislation means the laws which are prepared by the legislations in order to
protect the rights of the employees in the organisation (Meglio and King 2019). Some of these
are as given and discussed below: National Minimum Wages Act, 1998: It is the act which says that the employees must be
given the minimum amount of wages by their employers. This protects them from unfair
advantages to the employer's.
 Employment Rights Act, 1996: It is the act which regulates the rights of the employees
such as employment contract act, unfair dismissal, family-friendly leave and redundancy.
These helps in protecting the rights of the employees in an organisation.
Task 3
Interpret the data of the profit and loss account of Tesco PLC.
Every organisation is maintaining their books of accounts so that they can analysis their
profits and losses which are made during the cycle of the company. It helps in analysing the
income and expenditures incurred in the particular period of time.

The above mentioned data of Tesco PLC helps in examine the inflow and out flow of the
income of the company. The data of 2019 year is the profit which was gained by the company is
1167 and in the year 2020 the company has gained 1528. This says that the company has attain
the growth with the existing techniques.
Task 4
What are the stages of team development?
The company has to determine the value of their employees as the individual as well as
all together. The work which can be done by the team will be done in more easy ways and in an
effective manner (Najjar, 2017). The Bruce Tuckman has described the theory necessary and
inevitable in order to perform the functions of team as to grow all together, faces the challenges,
tackle the problems and find the solution and plan according to it. Tuckman has divided this at
four stages which is discussed below: Forming: It is the first stage, where the individuals come together to form the team. They
are coming and divided according to their skills and knowledges which are posed by
them.

 Storming: It is the next stage just after the formation of the teams. The individuals who
came together have an different opinions due to which the conflicts are arise in the
groups. Norming: It is the third stage where the individuals respect each other ideas and work
together so that they can accomplish the aim of forming the team. Performing: It is the last stage, where all the team members work together so that they
can achieve the set goals of the company in order to support the company during their
operations (Tikotsky, Peer and Feldman, 2019).
Determine own and others role within a team.
The company has bifurcated their functions into the different departments so that they
can attain their goals. In this report I have chosen the marketing manager as the profile as this
post plays an important role in order to promote their goods and services which helps in
attracting the customers towards the organisation. I have the team of 5 people who use to assists
me. As the team I am the manager and I have the work to promote the food products of the
company for which I and my team together plan the promotional techniques so that we all
together attract the targeted customers which helps us to enhance the sale of the company. For
this we are using Horizontal Structure where we are organising the relations between the peer
groups and helps in coordinate with the efforts of one another.
Evaluate the three Motivational Theories.
The employees are the one which helps the employer to attain their objective of the
company for which they are hired (Sallah and Caesar, 2021). The employees can only work
when they are motivated to work. To motivate their employees the company must adopt some
techniques and some of those strategies are as follows:
Maslow's Theory of motivation: It is the personal motivational theory which helps the
employer to motivate their employees so that they can attain their goals. These are divided into
five stages. At the first stage, company must satisfy the basic needs of the employees so that they
can fell happy and work more. Next stage talks about safety and security in the organisation
which can makes the employee secure and so that they can work sincerely. Next stage talks
about the love and belongings which makes the employees more comfort in the organisation.
Further, the employer use to satisfy the esteem of the workforce. Lastly, the employer has to
satisfy the self- actualization so that they can provide the best outcomes to the companies.

Mayo Theory: it the another motivational theory the author says that the employees must
give far more things like extra attentions and camaraderie and not the rewards or healthy
environment of the company.
Types of leadership styles
The organisation use to divide themselves into the small teams which helps them to
regulate their functions in an effective manner (Treviño and Cantú, 2020). There are different
leadership styles which can be followed by the business some of these are as follows:
 Democratic Style: In this style, the leaders use to take the views of the other team
members before concluding upon the final decisions. The leader asks “What do you
think”.
 Autocratic Style: In this kind of leadership style the leader says”Do what I says”. In this
the opinion of the other team members are not taken into the considerations. The leader
think in himself that he is the only one who possess all knowledge and skills.
Task 5
Covered in PPT
CONCLUSION
The above report can be concluded as, the business plays an important role in the
development of the economy as they works to gain profits. The organisation can be both public
or private. Further, the report is being discussed about the companies structures which are
followed by the company in order to attain their goals. Lastly, the customers plays an important
role in the growth of the firm as they are the backbone of the organisation so their feedbacks and
their profiling also important for enhancement the functions of the company.

REFERENCES
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