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How Businesses Operate

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Added on  2020-10-05

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How Businesses Operate INTRODUCTION 1 TASK 11 1.1 Types of organisations found in the public and private sectors 1 1.2 Different structures within the businesses 1 1.3 Impact of local, national and global economic environment 2 TASK 22 2.1 Importance of accounting for business success 2 2.2 Functions carried out by the HR department 3 2.3 Key features of employment legislation3 TASK 34 3.1 Interpret the information on the account profit and loss 4 TASK 45 4.1 Determining roles and responsibilities5 4.2 Stages of team development

How Businesses Operate

   Added on 2020-10-05

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How Businesses Operate
How Businesses Operate_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Types of organisations found in the public and private sectors.......................................11.2 Different structures within the businesses........................................................................11.3 Impact of local, national and global economic environment...........................................2TASK 2............................................................................................................................................22.1 Importance of accounting for business success................................................................22.2 Functions carried out by the HR department....................................................................32.3 Key features of employment legislation...........................................................................3TASK 3............................................................................................................................................43.1 Interpret the information on the profit and loss account..................................................4TASK 4............................................................................................................................................54.1 Determining roles and responsibilities.............................................................................54.2 Stages of team development.............................................................................................54.2.2 Motivational theories.....................................................................................................54.2.3 Different types of leadership style.................................................................................6TASK 5............................................................................................................................................75.1 Impact of customer service on business success..............................................................75.2 Benefits of customer profiling to a business....................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONA business operates in different sector with various services and structure in order toprovide quality services to customers. Tesco, a British multinational company is taken forconsideration. It is one of the biggest retailing chain in world and headquarters in London,United kingdom. The report will cover types of organisations found in the public and privatesectors along with different structures within the businesses and impact of local, national andglobal economic environment. In addition, importance of accounting for business success,functions carried out by the HR department and key features of employment legislation will bediscussed. Finally, the report will demonstrate stages of team development, motivational theoriesand impact as well as benefits of customer service on business success. TASK 11.1 Types of organisations found in the public and private sectorsPrivate and public businesses are common and can be easily found in any country. Thereare a lot of businesses operating in UK in both public and private sector.Private business: The business is owned and managed by an individual or private group thatthere is no involvement of state. The main purpose of such businesses is to make profits generaterevenues. For an example: Iceland business, United Kingdom. Public business: Public businesses are managed and controlled by local government to provideservices to people living in that particular nation. For an example: Pentland group, United Kingdom.1.2 Different structures within the businessesBusiness structure is a crucial part of any organisation that it helps to improve anddevelop performance of employees if managed and controlled well. The structure of everybusiness is different from each other as per the requirement and development in market shareeffectively. Functional business structure: The structure if very common and used by manybusinesses. It is a structure used by human resource management and accounting in order toseparate each area of work in order to manage work of others effectively. For an example,managers report to their top level management operating in various functional areas.1
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Product business structure: The structure is based on everting and specific in relation toa particular product or service. For an example, Executive an over kraft service or product isresponsible for each product which is under the label.1.3 Impact of local, national and global economic environmentInternal or external environment directly affects the working of organisation and itsmanagement responsibilities to scan their environment and modify their strategies and policiesaccordingly. Different environment and their impacts is given below, Local environment: Local environment has a direct impact on business and its overalldevelopment. Competition, global warming local government, political and small businessesfocused on sustainability encourage environmentally friendly practices within a region.National environment: National environmental factors such as periods of growth,unemployment, discretionary spendings and taxes has an impact on business operationalactivities. Businesses are interlinked which creates a powerful force in terms of market withoutborders.Global environment: There are some global economic factors such as interest rates,demand and supply, inflation rates and recessions which has a great impact on businessproductivity and profitability. TASK 22.1 Importance of accounting for business successAccounting system is crucial for businesses that all the financial statements produced byaccounting system are used by various stakeholders in order to take economic decisions.Importance of accounting is given below, It helps Tesco to plan their strategies and policies according to the profit of organizationas funds is essential while implementing strategies.Accounting assist company to make their future budget according to the availability offunds in an organisation.Effective management and reporting of accounting practices helps to manage investorsand to increase economic growth effectively.2
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