How Business Operates

How Business
Operates

Contents
INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
TASK 2..........................................................................................................................................................3
2.1 Importance of accounting for business success.................................................................................3
TASK 3..........................................................................................................................................................4
3.1 Profit and loss accounts.....................................................................................................................4
TASK 4..........................................................................................................................................................5
4.1 Phases of effective team development..............................................................................................5
4.2 Self goal & other roles in a team.......................................................................................................6
4.3 Motivation theories...........................................................................................................................9
4.4 Different types of leadership style.....................................................................................................9
TASK 5........................................................................................................................................................10
TASK 6........................................................................................................................................................10
6.1 Influence of customer service on the success of business entity.....................................................10
6.2 Benefits of users profiling to an organization..................................................................................10
CONCLUSION.............................................................................................................................................11
References.................................................................................................................................................12

INTRODUCTION
A business organization runs by some effective key factors which includes vision,
mission, goals and objectives of the company. These are the elements which commonly work
together in order to attain their organizational objectives in an effective manner. It has been
identified that there are various sort of business organization and each of them have their own
functionality so that they can attain their targets by adopting effective methods, theories,
strategies and concepts. For the management team of the organization, it is very necessary to
develop a step by step process so that it will guide their team members. The present report is
based on the topic “How Business Operates”. There are various sort of organization such as
public as well as private sector which are going to be discussed in this report. Apart from this,
significance of accounting, PESTLE analyses, key elements of employment law are going to be
discussed in this report. At last various leadership style, influence of customer service, team
development stages are going to be discussed in the present report.
TASK 1
Covered in PPT
TASK 2
2.1 Importance of accounting for business success
Accounting define as the most essential and crucial aspect for a successful business. For
every business organization it is very critical to record and maintain all their financial records,
balance sheet, profit, loss, credits as well as debts. This will assist business entity in order to
examine their past errors which can easily be leads towards the attainment of growth and
success. It is very essential for the manager of the company that they must understand the basic
accounting principles which assist them in order to grow business and to generate more
profitability. Organizations can examine their internal strength & weakness as well as make
essential requirements associated with the accounting methods & concept. It has been identified
that business entity can maintain their all financial statements such as balance sheet, cash flow
statement, income statement and many more which help in taking right decisions by examining
them and leads towards the growth and success. Therefore, it is very essential for the
organization to enhance their learning about various