Introduction to Business Studies

This report provides an introduction to business studies, focusing on Sainsbury's business management. It covers the role and importance of departments, teamwork, financial management, and reporting. The report highlights the significance of these aspects in achieving organizational goals. Subject: Business Studies, Course Code: N/A, Course Name: N/A, College/University: N/A, Document Type: Report, Assignment Type: N/A

Introduction to business studies.

Executive summary
The report is based on Sainsbury and its business management. The report had covered
by the very important departments like human resources, finance and marketing department with
its importance for company. This also reflects about the teamwork and importance for company.
This helped to team member for completing their task by managing proper work. Financial
management has also important for present funds records of company. The report has also shows
importance and purpose of balance sheet and profit & loss account for Sainsbury. Those are
build for analysis and evaluate performance of company within the marketplace.

Table of Contents
Executive summary..........................................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Describe the role and importance of departments.......................................................................4
Explaining teamwork and importance........................................................................................5
Explaining financial management and its importance................................................................6
Explain reporting and its purpose...............................................................................................7
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Business studies are the activity affects the daily lives of all the human as they work,
spend, save, invest, travel and play. It is the study of economics and management which is
connected with subject and money, managing the business. This can also define as an
organization which is legally recognized and designed to provide goods and services in effective
manner. The report is based on “Sainsbury” which is British multinational supermarket
company. The company deals in various products and services. The report will describe the role
and importance of departments which are plays an important role in business. This will also
explain the teamwork and its importance, financial management or importance. This will also
highlight the reporting and its purpose for any organization by showing reporting documents
which are used by companies.
MAIN BODY
Describe the role and importance of departments.
In the organization have departments which are help to organization for taking any
decision and complete work on time. Those are creates very effectiveness for company in
effective manner. In the organization have departments which explanation are as follows:
Marketing department:
Marketing department is plays an important role by promoting the business and drive
sales of its products and services. This provides the necessary research to identify the target
customers and other audiences (Armstrong and et.al., 2018). This department is completely
responsible for giving ideas and mission of organization as well as findings new customers. This
is very important because it helps to sell products and services in market place by targeting
customers.
Finance department:
Finance department is another important and effective department of company which is
plays a very important role in company by allocating proper funds to department for paying its
expenses. This department is also had proper records of finance comes and goes from company
(Abbott and et.al., 2016). The importance of finance department lies in its ability to make sure
that cash is available for company operation and which business is managing its money
effectively enough to meet its financial obligations.
Human resource department:

Human resources department is managing complete and over all human resource of
company by motivating and hiring them. They are completely responsible for maintain happy
and positive working environment within the organization (Banfield, Kay and Royles, 2018).
This plays an important role in organization ranging from strategic planning to company image.
HR is improves the company's bottom line with its knowledge of human capitals effects
organizational success.
Those are very important and effective department of company which has plays an
important role in organization for gaining its objectives and goals in effective manner.
Explaining teamwork and importance.
Teamwork is the collaborative efforts of a group to achieve a common goals and
objectives of company by complete their task in the most effective ways (Salas and et.al., 2015).
This creates more effectiveness for companies to work with new ideas which are come from
team members. This plays an important role in Sainsbury for create greater frameworks of team.
Importance of team work are as follows:
 It brings new ideas which are highly needed to Sainsbury for achieve their goals and
objectives of company.
 Teamwork is help to solve problems by making collaboration within the group can help
to solve any difficulties and problems. This also develop brainstorming in good manner.
 Teamwork is creates greater support system because in the team any one help to each
other for completing their task in effective manner. This system is ensured that a deadline
are met and that there high quality of work.
 This is also important because this build morale of each team members. This highly
contribute to something which produces results (Lindsjørn and et.al., 2016). This also
help to build trust and team work in an effective manner by creating higher work.
For example: marketing department and finance department both are work together within the
Sainsbury company. Finance department is allocated the funds to marketing departments for
paying its higher expenses. On the other side, marketing department is generated money and
funds from market place by promoting products and services within the marketplace and
handover those collected funds to finance department. Marketing department also share
information about complete funds invest and gain from market. As per that finance department is
prepared report of expenses and income.

Finance and HR department: both the departments are work together within the
organization like Sainsbury (Ghaferi and Dimick, 2016). Finance team is share complete report
of expenses with HR department and HR team reimburse those bills which are paid by team
member and also share details of vacant post. HR team share details of salary to finance
department. This help to transfer proper salary to each employee within the company.
Explaining financial management and its importance.
Financial management is refers to strategic planning, controlling, organizing and
directing of financial undertaking within the Sainsbury. This creates more effectiveness within
the company by managing work properly (Mathuva, 2015). This includes applying management
principles to financial assets of organization while also playing an important part of the fiscal
management. This is very useful for portfolio management and distribution of dividends. This
plays a very important role within the company and any business by funds and finance in proper
manner. This creates more effectiveness for work by managing funds. The main objective of
financial management is to maintain supply of funds of Sainsbury, to ensure about the
shareholder in order to get good investment returns, to optimum then utilization of funds and
create real or safe investment opportunities to invest in more (Financial Management, 2017).
There are different kinds of importance which are helpful for manage work within the company
are as follows;
 This helps to Sainsbury in financial planning.
 This help to assist organization in effective manner for create proper planing for growth
and invest proper funds to customers.
 Financial management is important for increase profitability of organization by proving
economic sustainability.
 This is important for encourage employees for saving money which is helps to them in
personal financial planning.
 This is plays an important for increase over all values of company and businesses within
the market place (Christensen, Nikolaev and Wittenberg‐Moerman, 2016).
 Management is important for creating and making critical decision which are related to
finance.

Those are the importance of financial management which are helpful for manage growth iof
company. This is very important and effective for Sainsbury to take any critical decision by
managing funds.
Explain reporting and its purpose.
A report is the important document which is presents every information in an
organization format for a specific audience and purpose. This communicates the planning and
policies to company regarding an organization to the masses. This is an important for company
to build financial reports for company in order to show their expenses and incomes. This creates
more effectiveness for business to manage their growth work (Quinlan and et.al., 2019). The
main purpose of report for organization is communicated important information which has been
complied as a result of research and analysis of data and issues.
Balance sheet:
Balance sheet is the financial statements which report a company assets, liabilities and
shareholders equity at a specific point in time as well as this provide a basic for computing rates
of return and evaluate their capital structure of company. It is a financial statement which
provide the proper details of company owns and owes which is invested by shareholder. This
creates more effectiveness for company (Balance Sheet, 2019). Sainsbury is used Balance report
for getting proper details about financial statements of company by including every asset and
liabilities of company. With help of Balance sheet, company is gain knowledge about investors
to gain insights into a company and its operations. The main purpose of Sainsbury for preparing
balance sheet is to reveal the financial status of business as per the specific point of view.
Profit and loss accounts:
Profit and loss account is shows the revenue and expenses of company over the particular
period. This is shows a figure which are consolidated as per month over a year. This plays a very
important role in Sainsbury by reflecting proper incomes and outcomes of company. This is the
financial statements which is summarized the costs, revenue and each expenses of company.
This provides the complete data and information about the ability of company in order to
generate profit by increasing revenue and reducing costs (Adams, 2015). This is very important
for company to prepare complete profit and loss account by managing works in effective
manner. This also creates help to Sainsbury to evaluate the performance of company and provide
the basic knowledge for forecasting future performance.

Those are the important documents which are help to company for address and evaluate
performance within the market place.
CONCLUSION
From the above study it had been concluded that the business studies has very important
for maintain growth of company. This has includes the finance, human resource and marketing
department which has played an important role for managing work. Team work has important
because that has support to team member for completing task. This creates financial management
for manage funds of company as well as balance sheet and profit and loss account for evaluate
market performance of company.

REFERENCES
Books and Journals
Abbott, L. J. and et.al., 2016. Internal audit quality and financial reporting quality: The joint
importance of independence and competence. Journal of Accounting Research. 54(1).
pp.3-40.
Adams, C. A., 2015. The international integrated reporting council: a call to action. Critical
Perspectives on Accounting, 27, pp.23-28.
Armstrong, G. M. and et.al., 2018. Marketing: an introduction. Pearson UK.
Banfield, P., Kay, R. and Royles, D., 2018. Introduction to human resource management.
Oxford University Press.
Christensen, H. B., Nikolaev, V. V. and Wittenberg‐Moerman, R., 2016. Accounting information
in financial contracting: The incomplete contract theory perspective. Journal of
Accounting Research. 54(2). pp.397-435.
Ghaferi, A. A. and Dimick, J. B., 2016. Importance of teamwork, communication and culture on
failure‐to‐rescue in the elderly. British Journal of Surgery. 103(2). pp.e47-e51.
Lindsjørn, Y. and et.al., 2016. Teamwork quality and project success in software development: A
survey of agile development teams. Journal of Systems and Software. 122. pp.274-286.
Mathuva, D., 2015. The Influence of working capital management components on corporate
profitability.
Quinlan, C. and et.al., 2019. Business research methods. South Western Cengage.
Salas, E. and et.al., 2015. Understanding and improving teamwork in organizations: A
scientifically based practical guide. Human Resource Management. 54(4). pp.599-622.
ONLINE
Balance Sheet. 2019. Online. Available through:
<https://www.investopedia.com/terms/b/balancesheet.asp>
Financial Management. 2017. Online. Available through:
<https://www.toppr.com/guides/business-environment/business-functions/financial-
management/>