How to Operate Business

This report provides a comprehensive guide on how to operate a business successfully. It covers topics such as the importance of accounting for business growth, functions of the HR department, team development, motivation theories, and various types of leadership styles. The report also discusses the impact of the business environment on a company's ability to create and manage customer relationships.

How to Operate
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
Covered in PPT.......................................................................................................................1
TASK 2............................................................................................................................................1
Importance of accounting for business growth......................................................................1
Explain various functions carried out by HR department in ASDA company.......................2
Key features of employment legislation.................................................................................2
TASK 3............................................................................................................................................3
Present and interpret key accounting information using profit and loss accounts.................3
TASK 4............................................................................................................................................3
Roles in team of own and others............................................................................................3
Explain steps of team development........................................................................................4
Explain three motivation theories...........................................................................................5
Explain various types of leadership style...............................................................................6
TASK 5............................................................................................................................................6
Covered in PPT.......................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Business environment is a term of marketing and defines to forces and factors that are
impact a company's ability to create or manage customer relationship in successful manner. It
includes both internal and external environment factors such as needs of customer, government
activities, technology innovation, clients, owners, suppliers, workforce, market trends, changes
in economic and many more. The purpose of this report is the manager of business development
is keen to enhance their education programme for youth hoping to begin their own business.
Person plans for a series of workshop and tittle is introduction to business. Also there are
different organisations are mentioned as a examples (Alshehri and Meziane, 2018). Below report
includes discussion on public and private company with examples, various cultures in business,
local, national and global economic environment affects. Importance of accounting business,
Explain various functions carried out by Human resources department, key features of
employment legislation, present and interpret key accounting information by using P&L account.
Steps of team development. Analysis to determine own and other's roles, Assess three motivation
theories. Explain various types of leadership styles. Impact of customer services on
organisation's growth, describe advantages of consumer profiling to business.
MAIN BODY
TASK 1
Covered in PPT
TASK 2
Importance of accounting for business growth
Accounting is essential to keep records in systematic manner of company's financial
information and data. Keeping records in up to date manner assist to people's to compare
financial information on current basis to historical data. In business growth accounting play huge
role in tracking expenditures, income, management, provide and compliance investors and
government with quantifiable financial information that can be utilized in decision making
process in business (Beynon-Davies, 2020) . For business keeping record in effectual manner can
estimate future growth and profit.
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Explain various functions carried out by HR department in ASDA company
There are some functions that are carried out by human resources management for
operating business ;
 Hiring and selection, bot are major function in business. This function assist in hire
skilled and talented candidate for firm to increase performance level and generate more
revenue.
 Training or development, after hiring it is important to provide training as per work
process so new candidates can perform their job roles in easy manner and contribute huge
efforts in company's growth.
 Extra benefits and compensation, it is essential to encourage to employees for more better
performance and it also helps in retain them for long term.
 Employees performance management, company can tack performance by adopting KPI
key performance indicator (Chibba and Luiz, 2019). Through this tool company can
estimate future growth and give rate to performance level.
 Employees communication and engagement, it is important to work together towards
common business goals. In business, working together is must to know each other and
also work process.
Key features of employment legislation
In terms of start up business there are some key features of employment legislation which
are explain below as;
 Employment legislation provide equal opportunities to each candidate who are seeking
for job and Tesla are always seeking for talented and skilled people.
 It assist in remove discrimination at workplace among employees so they can focus on
personal and professional growth.
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TASK 3
Present and interpret key accounting information using profit and loss accounts
As per profit and loss account of company, they are in profit. In credit side there are
includes sales, hardware, consultancy and they receive 1200000$ in total. Cost of goods sold of
$50000 and direct labour of $10000, total cost is 60000$. gross profit is 60000$ and overheads
includes various expenses of $42800. company make profit of $17200
TASK 4
Roles in team of own and others
My role is to manage all work and task with team members and coordinate with them in
effective manner (Darling and Venkitachalam, 2020). It is important to share thoughts and ideas
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for better achievement. Others role is to collect information and data which is required for
operating business and execute those.
Explain steps of team development
Team development is procedure of learning work and gaining knowledge with together in
effectual manner. There are five stages of team development which are explained below as;
 Forming: At this stage group members are meet first in start up business. It is essential
for leaders to facilitate the initiation and highlight skills and background of people. Group
members provide details of project.
 Storming: At this stage members share thoughts and ideas and utilize this as in
opportunity. Leaders assist members plan and manage competition among employees and
also make interaction process easier.
 Norming: At this stage members plan and figured out how to work in team (Hair Jr, Page
and Brunsveld, 2019). Each employee work in more efficient manner and perform their
roles towards common goals.
 Performing: At this stage team members are perform their task and each one have
different opinion and working way to there can be raise some conflicts and challenges are
involve in business task. As per issues leaders and members are make some effective
strategies to resolve issues. In strategies company can adopt some techniques such as
increase communication, guide in well manner and provide equal opportunities to each
one.
 Adjourning: At this stage team complete business project and estimate future outcomes
and track performance level.
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Explain three motivation theories
Maslow's Hierarchy of needs is s theory of motivation in psychology comprising a five
steps model of human needs;
 Physiological needs are biological needs for human survival such as food, air, drink,
clothing, house, sleep and other. For Unilever business it is important to provide
satisfaction to human for better performance at workplace.
 Safety needs, these are consider needs of safety and security. Person wants to experience
in terms of control and predictability in their lives (Hamilton and Webster, 2018). It also
includes emotional security, financial security and many other. For organisation it is
important to provide security to retain people.
 Love and belongingness needs, it involves in feeling of belongingness, friendship, trust,
giving love or affection. In new business it is essential to work together to create trust
among people.
 Esteem needs, in this maslow classified in two category one is esteem oneself and
another is desire for reputation or respect from people.
 Self actualization needs, it is highest level in this model and defines to realization of
seeking personal success, potential people and etc. company need to encourage people for
their personal growth.
Mayo Theory defines that workforces are inspired far more by the factor of relational
such as camaraderie and attention than by rewards based on monetary or environmental factors
like humidity, lighting and etc. this focus on importance of supervisors taking more interest in
workforce. In there are four matrix positions which are describe below as;
 Group with less cohesiveness or low norms, these teams are easily ineffectual in order of
productivity
 Group with high cohesiveness and low norms, these kinds of groups have unfavourable
affect on the productivity.
 Group with high norms but less cohesiveness, these types of teams can have minimum
favourable impact on the process of productivity (McGEE, 2018). All members will be
working towards their own growth instead than that of group.
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 Group with high norms and high cohesiveness, these kind of group make a best
favourable affect on productivity. In this group members are support to each other for
better success.
Explain various types of leadership style
Leadership style defines how people behaves while leading team. It is leader's method of
giving proper direction, execution plans and encouraging people. There are some styles of
leadership which are explained below as;
 Autocratic style: It is characterized by the individual control on each decisions and less
input from team members (Johnston and Reeves, 2019). Leaders are decide about
execution of task and what objectives are to be achieved and control over that in direct
manner.
 Democratic style: It is also defines as participative leadership style and in this team
members take more part in each decision making process. Through participation of each
staff company can execute more creative idea for better success.
 Innovator: In this style innovator focus on driving modify while finding new or better
path of doing things. This assist in enhancing growth of company and task will be done in
right manner.
TASK 5
Covered in PPT
CONCLUSION
It is concluded the above report, to set start up business and other company's owner need
to analyse various factors and concepts which are helpful for operating business. An accounting
have major role in tracking organisation's monetary factors and income level, estimate business
growth accordingly. Through Profit and Loss account new start ups can measure their financial
position and track loss and profit to improve more. Motivation models assist in identify people's
needs and try to full fill them. Leadership styles assist in leading team and its members in right
direction towards common goals.
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REFERENCES
Books and Journals
Alshehri, H. and Meziane, F., 2018. The impact of trusted and secured transactions in an e-
commerce environment on consumers’ behaviour: the case of Saudis in the UK. Journal
of Internet Technology and Secured Transactions, 6(3), pp.596-604.
Beynon-Davies, P., 2020. Business information systems. Red Globe Press.
Chibba, M. and Luiz, J.M., 2019. Is the Business Environment a Matter of Political Economy
and Convergence?. World Economics, 20(3), pp.191-220.
Darling, C. and Venkitachalam, K., 2020. Framework on strategic competence performance–a
case study of a UK NHS organization. Journal of Strategy and Management.
Hair Jr, J.F., Page, M. and Brunsveld, N., 2019. Essentials of business research methods.
Routledge.
Hamilton, L. and Webster, P., 2018. The international business environment. Oxford University
Press.
Johnston, J. and Reeves, A., 2019. Research in UK universities: a tale of two subjects–
Economics and Econometrics; and Business and Management Studies. European
Journal of Higher Education.
McGEE, J.O.H.N., 2018. Warwick Business School, University of Warwick, Coventry, UK A
significant issue that is increasingly affecting the operations of companies is the policies
of governments with regard to the natural environment and the activities of
nongovernmental organizations in promoting codes of practice and other forms
of. Business Ethics and Strategy, Volumes I and II.
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