How. Businesses. Operate. Table of Contents. INTRODUCTI

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HowBusinessesOperate1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1. Types of organisations found in the public and private sectors............................................31.2. The different structures within the businesses......................................................................31.3.How the local, national and global economic environment impacts on the business..........4TASK 2............................................................................................................................................42.1.Importance of accounting for business success.....................................................................42.2.Different functions carried out by the HR. department in a business...................................52.3. Key features of employment legislation...............................................................................5TASK 3...........................................................................................................................................63.1.Conduct a workshop and interpret the information on the profit and loss account...............6TASK 4...........................................................................................................................................74.1. Analysis different roles carried out in a team......................................................................74.2. The stages of team development...........................................................................................84.3.Three motivation theories......................................................................................................9Maslow's Need hierarchy Theory: It was established by Abraham H. Maslow's. He has skillfully arranged the range of human needs in terms of hierarchy..................................................94.4. Different types of leadership style.......................................................................................9TASK 5.........................................................................................................................................106.1.The impact of customer service on business success...........................................................106.2. The benefits of customer profiling to a business...............................................................10CONCLUSION..............................................................................................................................10REFERENCES................................................................................................................................12
INTRODUCTIONBusiness operates by putting funds developing products/services to be sold toprospective consumers.For this report, H&M is taken for consideration. It deals in cloths andcovers men, women and children. Different types of organisation and its types will be explainedwith their specific structure. Functions of HR and how its help company to attain competitiveadvantage will be discussed. Importance of P&L accounts and how it plays a crucial role in thesuccess of organization will be scrutinized.TASK 1.Attached in PPT.TASK 2.2.1 Importance of accounting for business successThe accounting information is very important for management or decision making bodyof an organisation. Importance of accounting is as follows:Evaluation of business performances:The accounting process generates informationregarding operations and financial position of company. It provides financial statement,profit and loss a/c and balance sheet which help users to evaluate the businessperformance of H&M in a given year.On the hand it helps company to make theirstrategy and policies according to the funds available in the company.Helps to be statutory compliant:Business accounting ensures recording of companyliabilities like sales tax and income tax, etcwhich will help company to avoid any legalissues which could affect their performance in critical situations.. Further, timelypayment of liabilities help business to be statutory complied and reduces risk of legalproceedings on H&M.Improves management efficiency:The accounting process plays a vital role in assessingall functions of management in an organisation. It provides information like percentageof profit over capital, investment position and revenue generated from operations.. Thus,it helps in increasing and improving the management efficiency within H&M.(Adeoyeand Elegunde, 2012).2.2 Different functions carried out by HR department in a businessThe major functions carried out by HR professionals within H&M are as follows:3
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