How to Operate Business

How to Operate
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1- The business environment................................................................................................1
Covered in PPT.......................................................................................................................1
TASK 2- Business functions............................................................................................................1
Explain the importance of accounting for business success...................................................1
Describe the different functions carried out by the HR department in a business.................2
Outline key features of employment legislation.....................................................................2
TASK 3- Accounting workshop......................................................................................................2
Interpret the information on the profit and loss account........................................................2
TASK 4- Teams...............................................................................................................................4
carry out an analysis to determine your own and others’ roles within a team. Write up the
results of your work................................................................................................................4
Describe the stages of team development..............................................................................4
Assess three motivation theories ...........................................................................................5
Describe different types of leadership style ..........................................................................8
Task 5 – Customer service...............................................................................................................8
Covered in PPT.......................................................................................................................8
CONCLUSION................................................................................................................................8
References:.......................................................................................................................................9

INTRODUCTION
Business is the commercial enterprise consist of the various sectors with several activities
and roles with aim to gain profit in the end. Different business organisation have different vision
and mission to operate their daily activities (Kollmann, 2019). The report outlines the types of
organisations in UK within public and private sector using examples. Further in the report
structure of businesses in UK are briefly discussed. PESTLE of Tesco is conducted in report.
The importance of accounting for the success of business and key features of employment
legislation are covered in below section. The various HR department functions are also discussed
in report. Profit and loss account is also interpreted using a business. Various motivational
theories and leadership styles are described with the stages of team development. The report also
covers the impacts and benefits of customer service in business.
MAIN BODY
TASK 1- The business environment
Covered in PPT
TASK 2- Business functions
Explain the importance of accounting for business success
Accounting is the primary function of every business to know its financial condition to
carry forward the business in future (Gooberman, Hauptmeier and Heery, 2019). Accounting is
beneficial because it keep evidence of your income and expending, provide investors,
management of capital, ensure statuary compliance which helps in taking all the financial
decision for the business. The importance of accounting are: Tracking Transactions: Through Profit and loss account, ledgers, other tangible and
intangible assets, debit and credit card pay slips etc. in the financial statement benefits the
companies like Marks and Spencer in conveniently tracking their transactions.
 Determine business position: Financial report within the year end report or book of
Marks and Spencer assist the company in knowing their market position using the
information of debt and permanent assets.
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Describe the different functions carried out by the HR department in a business
HR department of an organisation has a key role to mange the human resource such as
employees, staff and other members of an organisation. The functions of HR department are: Recruiting and Selection: For instance the HR department of H&M will attract the
humans to work in their organisation and then select the candidate on the basis of the
skills and characteristics required for the job (Sujan, Bhasin and Mushtaq, 2020) . Learning and development: The HR manger of the organisations like H&M will evaluate
the performance of employees and staff and then to improve their skills will organise the
training and development session.
 Payroll and rewards: The salary and bonuses of the employee are also managed and
overlooked by the HR department of the organisation. The HR depart also looks at the
rewards according to the work and reviews of the employee.
Outline key features of employment legislation
The two key features of the employment legislation are : National minimum wage Act-1998 : the act describes the right of employees over the
wages in UK. This act creates a fix minimum wage for the labours on the bases of the age
groups such as £8.21 for people age 25 and over etc. exploitation of such right by
organisation towards their employees can lead to heavy penalty and punishment by
government.
 Employment equality Act 2010: this law among the labour law exhibit that it unlawful to
discriminate the employees on the bases of gender, age, caste, nationality etc. the Act
protect the labours from discrimination to work in any organisation of their choice and
also safeguard their right to work (Abbas, 2020).
TASK 3- Accounting workshop
Interpret the information on the profit and loss account
It is interpreted from the below P&L account of the 'Tesco' in UK. The revenue of Tesco
has increased from the last years. The sales of the organisation has increased. Tesco is also
having profit in its expenses and other taxation policies of the UK.
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