How Business Operate Project

This project explores the operations of Tesco and Virgin Media, examining key business functions like accounting, HR, and team dynamics. It analyzes the importance of accounting for business success, explores different HR functions, and examines employment legislation. The project also includes a detailed analysis of team roles, motivation theories, and leadership styles, providing valuable insights for future training events. Desklib provides past papers and solved assignments for students.

HOW BUSINESS OPERATE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Covered in ppt.............................................................................................................................1
TASK 2............................................................................................................................................1
Importance of accounting for businesses success ......................................................................1
Different functions carried in hr department in a business ........................................................1
Key features of employment legislation.....................................................................................2
TASK 3............................................................................................................................................2
Interpret information on profit and loss account ........................................................................2
TASK 4............................................................................................................................................3
Analysis to determine own and others roles within a team.........................................................3
Detailed notes on followings to support future training events..................................................5
TASK 5............................................................................................................................................7
Covered in ppt.............................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
In order to operate successful functions and operations, it can be stated that there are
several activities included that assist to attain desirable results. Most of the business functions
related with HR activities in which processing, staffing, etc. elements are included successfully
(Hu, Milner and Wu, 2015).
Present report is based on Tesco which is a public sector company that deals in retail
operations. Furthermore, Virgin media group has been also selected which is a private sector
business of UK. For gaining an insight on this t report, it covers types of organisations and
structure adopted by them. Furthermore, it considers discussion on different functions of HR
department in enterprises.
TASK 1
Covered in PPT
TASK 2
Importance of accounting for businesses success
Accounting procedures consists of important role to make desired work performance.
With this regard, Tesco and Virgin group considers listing, summarising and examination of
financial resources. It demonstrates functions and operations to show income statement, cash
flow, balance sheet, etc. Along with this, accounting information considers earning, liabilities,
cost, etc. In the entire management of both organisations, statistical data is obtained to maintain
accounting information (Schmidt, Kolodinsky and Conte, 2016). Main aim of development of
accounting is to develop proper financial records and books of accounts as well.
Proper analysis of statements and information consider regulations for financial planning
and gathering of data. These are core objectives to prepare accurate financial accounting.
Furthermore, proper accounting considers procurement planning, development planning, keeping
proper records of data. Hence, targets will be accomplished to maintain effective information.
Accounting process is one of the important considerations for selected enterprises (Edelman and
Heller, 2015).
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Different functions carried in HR department in a business
HR department consider several functions to operates successful in businesses. Their
functions carried in following consideration:
 Recruitment and hiring: It is one of the important considerations which reflect on HR
department to hire qualified and well educated people. Therefore, managers of Tesco and
Virgin group contemplates interviews, practical exams, etc. (Hu, Milner and Wu, 2015).
 Training and development: HR department also conduct sessions for new joining and
existing employees. They handle work with supervisors and managers to accomplish
employee’s needs (Gupta, Rudd and Lee, 2014).
 Providing compensation: HR department also handle functions of compensation to
consider payroll and fulfil employee’s needs.
 Employee relations: In the chosen businesses, HR also develop enforcement with certain
labour laws such as wages, benefits, standard work, etc.
 Legal responsibilities: In Tesco and Virgin media group, HR consider functions to
enforce employment and implementation of labour laws. It creates several benefits such
as provide wages, standard performances, etc. (Oriade and Robinson, 2017).
Key features of employment legislation
In order to deal with employment legislation, it can be stated that UK must consider
National minimum wage, disciplinary procedures, health and safety, etc. All these elements need
to be included to maintain employment legislation successfully. Employment law also protects
employees’ rights at workplace to attain successful results. Furthermore, equal pay act must be
follow for women to provide them similar work as men (Rogers and Davidson, 2015).
Tesco and Virgin group need to consider increment in minimum wages so that they can
develop their desired results successfully. Companies need to remove discrimination among
employees on the basis of Race Relation Act 1976. Hence, it assists to attain more desired work
performances which included in key features (Yeniyurt, Townsend and Ghauri, 2015).
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TASK 3
Interpret information on profit and loss account
Particular Amount
Income
Sales £120,000.00
Other sources of income £5,000.00
Total £125,000.00
Expenses
COGS £110,000.00
Operating expenses £5,000.00
Depreciation charges £525.00
Interest charges Nil
Total £115,525.00
Loss by fire (£5000)
Loss before tax (£25000)
Loss after tax (£25000)
Loss £38,475.00
TASK 4
Analysis to determine own and others roles within a team
With respect to considering own and other team roles, Belbin team consider roles which
include the following elements:
 Shaper role: The successful team of Tesco and Virgin group stated that shaper plays a
very important role. With this regard, challenges are faced by people to create appropriate
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shape. Their main part is to maintain positive mental attitude to overcome challenges in
whole team (Helo, Gunasekaran and Rymaszewska, 2017).
 Implementer role: Implementer role in a team that consider practical work and well
organised outcomes. In this way, ideas and thoughts must be considered in actual plans to
accept changes.
 Completer role: Completer role considers to identify errors and mistakes in the entire
plan. With deadlines, plan must be developing to detect appropriate results (Leonidou,
Katsikeas and Aykol, 2018).
 Coordinator role: Coordinator plays a role to follow with appropriate guidance and
assess obligations as well.
 Team worker role: Team worker ensures that team remains united and successful
adoption occurs to resolve conflicts and issues. They are involved for appropriate
decision making (El Ouardighi and et.al., 2016).
 Resource investigator role: In an enterprise, resource investigator greatly negotiates and
create network with skills. They are also quick thinkers for appropriate information
gathering.
 Monitor evaluator role: In a team, this kind of people also consider a critical role. This
is because they have advanced knowledge and skills to take appropriate decisions with
information analysis (Ardito and et.al., 2018).
 Specialist role: Specialist considers expertise in particular areas. They are mainly
contributing knowledge in particular areas of expertise. Hence, little existence among
team members also develop successfully.
 Plant role: Plant role develop with innovative roles in particular teams. Therefore,
appropriate approach and ideas must be undertaking to solve issues and problems of
Tesco and Virgin Media.
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Detailed notes on followings to support future training events
In order to develop successful results, it can be stated that following elements included:
Stages of team development
With respect to consider all stages for team development, the following elements will be
included:
 Forming: In forming stage, period of orientation is considered to bring successful results.
With this aspect, high uncertainty is included where people will look for authority and
leadership. As a result, several members look for different roles (Helo, Gunasekaran and
Rymaszewska, 2017).
 Storming: Here, Team performance will be considered to disagree for goals. Strong
personality of members acquires several benefits with this.
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Illustration 1: Belbin team roles
Source: (Belbin's Team Roles, 2018)

 Norming: In order to get norming stage, conflicts must get resolved successfully. With
this emergence, consequences will be also developing with each person’s role. Hence,
performances of team also get developed successfully.
 Performing: In this stage, cooperation is needed which will be established for team
maturity. Well-functioning also helps to consider clear and stable structure that must be
related as well as committed with mission (Hu, Milner and Wu, 2015).
 Adjourning: It is the final stage in which team goals will be accomplished in successful
manner. It also emphasis with final tasks and documentation.
Motivation theories
In this context, following three theories are considered by Tesco and Virgin media:
 Maslow's hierarchical model: This theory considers a pyramid shape needs from
bottom to top. First need considers physiological needs that includes basic level of
requirement of people such as food, shelter, water, etc. After this, income, safety,
security, needs are included to consider well-being. Furthermore, belongingness and love
needs included with integration of social groups. In esteem needs, values, respect and
appreciation by others are going to be included (Oriade and Robinson, 2017).
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Illustration 2: Maslow's Hierarchy Needs Model
(Source: Maslow's Hierarchy model, 2018)

 Alderfer ERG theory: In this theory, three perspectives will be included. In first
consideration, existence needs are considered which will help in developing the basic
materialistic necessities. Hence, an individual physiological and physical safety needs
might be considered successfully. Significant relationship will be also maintained with
family, peers, etc. (Gupta, Rudd and Lee, 2014).
 McClellend theory: This theory belongs to three motivators such as achievement,
affiliation and power. Achievement is considered as accomplishment of competence and
mastery. Affiliation needs consists of love and relatedness. Control is also required to
work with several people.
Different types of leadership style
In Tesco and Virgin group, the following different types of leadership styles are included:
 Autocratic leadership style: Autocratic leadership style is concerned with boss only. In
an organisation where this style is adopted by the manager and involvement of their
employees in decision-making is debarred. They adopt it only for all authorities and
responsibilities (Helo, Gunasekaran and Rymaszewska, 2017).
 Democratic leadership style: This kind of leadership, staff members are involved with
their effective participation. In this way, each member shares their part to attain more
effective work performances.
 Strategic leadership style: Furthermore, leaders involve head of an enterprise. As a
result, they easily fill gaps between members as per availability (Gupta, Rudd and Lee,
2014).
TASK 5
Covered in PPT
CONCLUSION
From the above report, it can be concluded that businesses are operated successfully by
using different tactics. With this regard, the present study consisted of discussion on Tesco and
Virgin Group.
This report summarised about different types of enterprises which consisted in dealing
with the chosen businesses. Furthermore, it articulated about motivational theories which impact
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positively to attain more significant work performances in the business. At last, impact of
customer services on business has been identified to attain more significant work performances.
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REFERENCES
Books and Journals
Ardito, L. and et.al., 2018. Towards Industry 4.0: Mapping digital technologies for supply chain
management-marketing integration. Business Process Management Journal.
Edelman, D. and Heller, J., 2015. How digital marketing operations can transform business.
McKinsey Digital Report (July 2015).
El Ouardighi, F. and et.al., 2016. Contracts and Information Structure in a Supply Chain with
Operations and Marketing Interaction. International Game Theory Review. 18(04).
p.1650014.
Gupta, S., Rudd, J. and Lee, N., 2014. Business sustainability through successful integration of
marketing and operations. Industrial Marketing Management. 43(1). pp.3-5.
Helo, P., Gunasekaran, A. and Rymaszewska, A., 2017. Improving Marketing and Operations
Strategy Through Industrial Services. In Designing and Managing Industrial Product-
Service Systems (pp. 37-42). Springer, Cham.
Hu, M., Milner, J. and Wu, J., 2015. Liking and following and the newsvendor: Operations and
marketing policies under social influence. Management Science. 62(3). pp.867-879.
Leonidou, L.C., Katsikeas, C.S. and Aykol, B., 2018. International marketing research: A state-
of-the-art review and the way forward. In Advances in Global Marketing (pp. 3-33).
Springer, Cham.
Oriade, A. and Robinson, P. eds., 2017. Rural Tourism and Enterprise: Management, Marketing
and Sustainability. CABI.
Rogers, T. and Davidson, R., 2015. Marketing destinations and venues for conferences,
conventions and business events. Routledge.
Schmidt, M.C., Kolodinsky, J.M. and Conte, F.C., 2016. Increasing farm income and local food
access: A case study of a collaborative aggregation, marketing, and distribution strategy
that links farmers to markets. Journal of Agriculture, Food Systems, and Community
Development. 1(4). pp.157-175.
Yeniyurt, S., Townsend, J.D. and Ghauri, P.N., 2015. Mimetic and experiential effects in
international marketing alliance formations of US pharmaceuticals firms. International
Business Strategy: Theory and Practice. p.323.
Online
Belbin's Team Roles, 2018. [Online] Available through:
<https://www.sketchbubble.com/en/presentation-belbins-team-roles.html>.
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Maslow's Hierarchy model, 2018. [Online] Available through:
<https://www.jasonlange.me/podcast/the-socioeconomic-classism-of-high-vibration/>.
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