How Businesses Operate

This document provides insights into how businesses operate, covering topics such as accounting, HR functions, employment legislation, team development, leadership styles, customer service, and more. It emphasizes the importance of understanding these elements to establish and sustain successful business firms.

How Businesses Operate

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2 ...........................................................................................................................................3
TASK3 ............................................................................................................................................4
TASK 4 ...........................................................................................................................................4
TASK 5 ...........................................................................................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................9
Books and Journals.....................................................................................................................9

INTRODUCTION
Establishment of a business enterprise is not as easy as it may sound. A detailed research work
needs to be conducted in order to introduce a new enterprise within an industry. The proposed
report highlights upon the elements and attributes that needs to undertaken by an individuals in
order to operate a business unit.
TASK 1
Covered in PPT
TASK 2
Importance of accounting for business functions
 Accounting can be characterised as management function that allows the business firm to
maintain a systemic statement and record of the organisation's financial transaction.
 Accounting statement provides adequate assistance to the firms to identify and determine
the financial performance as well as the financial stability of the firm. It also leads to effective decision making process in the firm as accounting procedures
provides necessary insights about the financial position of the firm and various decisions
needs to be formulated in consideration of the same.
Functions of HR department in a business organisation
 The primary function of HR department is to facilitate human resource planning in order
to detriment the number and type of workforce required in the organisation.
 The HR team is also required to lead to the recruitment and selection procedures within
the firm in order to hire skilled and talented workforce. The HR personnel also needs to manage the performance of the staff members and is also
required to regulate the compensation, regards and appraisal mechanism in the respective
business entity (Mosteanu, 2020).
Key features of employment legislation
Some of the major characteristics of employment legislations exercised in United Kingdom are
as follows :-
 Equal and fair employment opportunities needs to be provided to every citizen of the
country.

 Verbal as well as sexual harassment should not be encourages in any of the business
organisation regulating its services within UK ( Sherringham and Unhelkar, 2020). No discriminating on the basis of caste, colour, religion, background, race , culture
should prevail in any of the business enterprises.
Benefits of employment legislation
 Employment legislation helps in building better rapport among the staff members
working in the business enterprise.
 It also helps the organisation to conduct their recruitment practices in a legal and just
manner avoiding and restricting any kind of unfair means and practices within the firm. It provides the necessary rights to employees catering their services within the enterprise
and gives them the opportunity to stand up for themselves in case of any ill treatment or
injustice in the firm.
Impact of employee legislation on businesses in United Kingdom
 The business firms have become assertive about their employment procedures and
provides greater emphasis to formulation of systemic and advance employment polices in
order to regulate the treatment of employees in a fair manner.
 The implement of employment legislation has resulted in reduction of conflicts and
disputes within the enterprise.
 Employee legislations has facilitated in the enhancement and encouragement of positive
business environment within the firms which can further result in smooth operations and
higher efficiency in the workflow as well.

TASK3
The profit and loss statement is essential to be formulated in order to in order to determine the
financial performance of the given organisation in a a particular year.
TASK 4
Respective role of each member within a team
There are numerous roles and responsibilities that needs to be delivered by the
individuals while working in the teams. Few of the same are highlighted below :-
Leader :- Leader is an individual who is responsible for influencing the members of the team to
work in the right direction (Gray, 2020). I was appointed as a leader within the team and had to
ensure that the work is facilitated in accordance with formulated team goals on the initial basis
by the team.
Facilitator :- A facilitator was appointed within the team who was responsible for regulating
smooth flow of activities within the team. The major purpose of the individuals was to ensure
that complex procedures are simplified in order to make it easy for the team member to carry out
their functions in an effective way.
Coach :- The responsibility of the coach was to guide the team members towards the common
objective and to ensure that every individual is aligned to the achievement of team objectives.
Member :- The members of the team can be characterised as the individuals who are responsible
for executing the work assigned by the leader to their best capability and potential.

The stages of team development
The team development process incorporate five major stages i.e.
Forming : It is the initial stage which involves the process of orientation wherein individuals
gets to interact with each other.
Storming : It can considered to be the most difficult and problematic stage wherein multiple
personalities strike with each. The chances of conflict and disagreements is maximum at the
given stage.
Norming : It is a stage wherein the team members develops a sense of unity and coordinate with
each other in order to work in a smooth and deliberate manner.
Performing : It can be defines as stage wherein team members work together in an organised
and systemic manner in order to facilitate the accomplished of the target set by the team.
Adjourning : It is a stage in which all the goals of the team are accomplished and the members
bid their farewell to the team.
Assess three motivation theories
Maslow's Hierarchy Theory
It can be defined as a five stage model that is formulated in a hierarchical pattern that
details about the respective needs and requirement of the individuals that boost the maximum
motivation out of the same. The hierarchy determined by Maslow is also follows :-
1. Self Actualisation i.e. realisation of one's best potential and working towards becoming
the best version
2. Esteem needs i.e. achievement, respect etc.
3. Love and belongingness needs i.e. relationships, friends and lovers
4. Safety needs i.e. safe and secured environment5. Physiological needs i.e. basic food, water, sleep etc.
The Arousal Theory
The respective theory lays concern over the fact that individuals who are requires the
need to meet up to their physiological arousal are likely to deliver their best in comparison to
those who do not feel the need to do the same.
Humanistic Theory
The respective theory reflects upon the idea that individuals tend to have powerful cognitive
reasons and abilities to render their best potential ( Morgunova and Bolkina, 2021). The basic

concept behind this theory is the pattern that individuals tend to work for their upper level needs
of self actualization after the achievement of their basic needs.
Describe different types of leadership style
Autocratic Leadership : The major decisions making is facilitated by the leader and the opinions
and viewpoints of the team members are not taken into consideration.
Democratic Leadership : Every individual is allowed to participate in the decision making
process and the opinions as well as the viewpoints of the individuals are provided with the
necessary emphasis.
Pace setting Leadership : In the respective leadership style, the members of the organisation are
required to follow the foot steps of the leader and imitate the process delivered by the same.
Importance to use different leadership and motivational styles in different situations
 It is very necessary for the individuals to incorporate the leadership styles in different
situational contexts in order to take necessary references from the same so as to guide the
individuals in an effective manner.
 It also helps the leaders in facilitation of better coordination and interaction with the
followers in order to identify the issue and concerns that can be modified so as to lead
better leadership operations within the firm.
TASK 5
Explain the impact of customer service on business success
Customer can be termed as the most important asset of a business enterprise Few impacts of
customer service on the success and prosperity of the business are as follows :-
 Greater emphasis on the customer services leads to higher satisfaction level of the
customer which in turn helps the organisation in retaining a large set of customers
within the business institution (Singh, 2020).
 Advanced and productive customer service management leads to enhanced support from
the customers. The respective tactic can provide assistance to the organisation in building
a positive reputation of the firm in the market environment.
 The organisation that concentrates upon providing good customer services to the
customers are likely to receive less negative reviews and feedbacks from the customers in
comparison to the organisation ignoring the respective element.

 The positive reviews and feedbacks from the customer line of a business enterprise can
lead to attraction of more individuals to towards the firm .Hence, it is very significant for
organisation to focus upon implementing plans and procedures that can alleviate the
customer service operations of the firm.
Explain the benefits of customer profiling to a business
There are numerous perks and benefits associated with the execution of customer profiling
operations within an institution such as :-
 The incorporation of customer profiling can facilitate the firm in increasing response
rates of the customer which can further result in realisation of more gains in the
respective organisation.
 The profiling of the customers can help the business firm in capturing relevant customer
towards the firm which is genuinely looking forward towards investing in the
organisational offering.
 The respective practice can also help the business firms in encouraging market
penetration as they will be able to know the whereabouts of the customers and how to
approach them in order to persuade them to invest in the offering provided by the
business institutions.
CONCLUSION
From the above discussion, it can be evaluated that the success and sustainability of the business
institutions in the market relies upon the amalgamation of a variety of operations such as
business structure, legal obligations, accounting, HR operations, customer satisfaction,
leadership, motivation etc. Hence, it is necessary for the individuals to acquire understanding
about all the above mentioned business elements in order to introduce and establish competent
and capable business firms in the market environment.

REFERENCES
Books and Journals
Ramaswamy, V. and Pieters, M.K., 2021. How companies can learn to operate as co-creational,
adaptive,“living” enterprises. Strategy & Leadership.
Council, H.D., 2020. Coronavirus: Resources for businesses to operate safely.
Eabrasu, M., Brueckner, M. and Spencer, R., 2021. A social licence to operate legitimacy test:
Enhancing sustainability through contact quality. Journal of Cleaner Production, 293,
p.126080.
Temnyshov, I.A. and Belyaev, A.M., 2020, February. Business modeling in business operations
of manufacturing company. In IOP Conference Series: Materials Science and
Engineering (Vol. 753, No. 8, p. 082027). IOP Publishing.
Pronko, L. and Spiridonova, L., 2020. THE ROLE OF THE BUSINESS COMMUNITY IN THE
EFFICIENCY OF BUSINESS OPERATIONS. BIOLOGICAL SCIENCES, 49, p.16.
Mosteanu, N.R., 2020. Socio-Financial Disruption–Key Tips To Manage And Ensure The
Business Continuity. Global Journal of Social Sciences Studies, 6(2), pp.87-95.
Samuels, M. and Miller, M., 2021. An Inventory of Community College Business and
Administrative Organizational Operations. Community College Journal of Research
and Practice, pp.1-4.
Sherringham, K. and Unhelkar, B., 2020. 11 Business Operations. Security and Trust Issues in
Internet of Things: Blockchain to the Rescue, p.239.
Gray, C., 2020. Graytech: Business Operations Simulation.
Tembo, A., 2021. Strategies to Sustain Business Operations During Continuous Environmental
Change.
Morgunova, E.P. and Bolkina, G.I., 2021, March. Influence of External Environment Analysis
on the Competitiveness of Business Operations of an Industrial Enterprise (Evidence
from Mining and Metallurgical Industry). In IOP Conference Series: Earth and
Environmental Science (Vol. 666, No. 6, p. 062037). IOP Publishing.
Singh, S., 2020. Factors Affecting the Performance of Business Operations in Knowledge
Management. PalArch's Journal of Archaeology of Egypt/Egyptology, 17(7), pp.7241-
7253.