Body Shop: Analysis of Business Functions, Collaboration, and Finance

This report provides a comprehensive analysis of the business practices at Body Shop, a leading cosmetic company. It delves into the roles of key departments, including Human Resources (HR), Marketing, and Finance, highlighting their significance in achieving business goals. The report examines the marketing function, detailing customer research, marketing plan development, promotion, and distribution strategies. It also explores the HR department's responsibilities in recruitment, training, performance appraisal, and fostering a positive working culture. Furthermore, the report outlines the finance department's role in cash flow management, budgeting, forecasting, and strategic decision-making. The analysis extends to collaborative working practices, discussing team cooperation, cloud collaboration, and social collaboration. Finally, the report assesses the role of financial management and reporting within Body Shop, covering bookkeeping, investment opportunities, receivables and payables, financial reporting, and risk management, concluding that effective financial management is crucial for the company's success.

Introduction to
Business Practice

Table of Contents
Introduction......................................................................................................................................1
Task 1...............................................................................................................................................1
Describe the role of HR, Marketing and finance function in Body Shop..............................1
Task 2...............................................................................................................................................4
Develop an understanding of collaborative working practices..............................................4
Task 3...............................................................................................................................................5
Role of financial management and reporting within the Body Shop.....................................5
Conclusion.......................................................................................................................................6
References:.......................................................................................................................................7
Books and Journals.................................................................................................................7

Introduction
An organisation to operate their business in more efficient and effective manner need to
accumulate various business activities and functions in order to have straightforward business
performance. Moreover, when business segregated their business operations in various functions
whose coordination and cooperation would assist the company to achieve the desired business
goals. Body Shop, a cosmetic and beauty care company was incorporated in the 1976 and this is
leading cosmetic company in Britain which is offering nearly 1000 products from their 3000
physical stores which were being operated in more than 64 counties on the basis of franchising
business ownership (Balakrishnan, 2020). Therefore, following report throw light on the various
functions and role of the different business functions conducts at the Body Shop which help them
to achieve business goals. Moreover report covers the detailed understanding of collaborative
working practices and role of financial management and reporting in Body Shop.
Task 1
Describe the role of HR, Marketing and finance function in Body Shop
Marketing function
A marketing department in a company incorporate for the purpose of product or service
marketing within the targeted marketplace. Moreover, marketing department is a functional unit
in Body shop that help the company for customer attraction, delivering them product and
services and satisfying the customer needs (Salminen, 2020). Moreover, marketing department
assist the organisation in order to incorporate sensible relationship among the customer and
management, this is because marketing department is all about getting insight about the customer
need and encourage them to make buying decision about the company product or service
offering.
Role of marketing
 Conducting and customer research:
Foremost role and function of marketing department of Body shop is to organise the
market research and getting information about the targeted customer need, preference,
shopping habits and the wants in order to fulfil them to earn business revenue. Creating marketing plan for the company
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In Body shop, the marketing department is accountable for developing the marketing
strategies for their skin care and cosmetics beauty products. In marketing plan for their
they also think over the ways to commercialise the within the targeted market
Promotion:
Moreover for the product commercialisation in the market marketing department need to
creates promotional strategies for their products (Saputra and et. al., 2020). Promotional
strategies is all about selection of the communication marketing strategies, selection of
the channel of communication medium and developing content strategies for the product
and service.
 Distribution:
For a business most important things is to evaluate the ways they can choose to market
their product to the final customer and marketing department of Body Shop is doing this
job for them by selection of right channel of distribution for their products.
HR Function
Human Resource department in Body Shop is playing critical role as this department is
all about managing the people and centred for the people as human resource is vital resource for
Body Shop. HR department of Body Shop ensure the proper availability of the staffs and also
doing the employee benefits and performance appraisal functions in order to motivate employees
to enhance the productivity of the employee. Moreover, HR department of the company is
responsible for creating loyal and commitment employee base in order to increase workplace
productivity and achieve business goals.
Role of HR function
 Recruitment and training:
The foremost and primary role of HR department in Body Shop is to ensure adequate
availability of the employees within the company and this can be done by recruitment
process which is all about attracting and hiring the competent people based on the
requirements of the departments. After hiring employee HR manager is responsible for
conducting the on barding and training function in order to make new employee job ready
at the floor.
 Performance appraisal:
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One of the critical role of HR in Body Shop is employee performance appraisal in order
to encourage and motivates the personnel to work with their full enthusiasm and enhance
their productivity (Salminen, 2020). Body Shop have incorporated performance pay link
reward and this ultimately motivate employee to work extra in order to get some extra
benefits.
 Working culture:
A flexible working culture creates happy employee at the workplace. Moreover, HR
manager role at Body Shop is to delivering and arranging healthy and safe working
culture environment and creates positive vibes at the workplace.
Finance Department
Finance or capital is regarded as the lifeblood cell of every of organisation like Body
Shop in order to ensure disruptive business operations. This is because business require finance
to conduct various business activities. Finance department of Body Shop is accountable for the
acquisition of the finance and distributing the finance to various other departments in order to
achieve specific business goals.
Role of finance
 Management of cash flow:
Cash or liquid asset are the important capital of the business and for an interrupted
business operations finance manager need to manage the inflow and outflow of the cash
on the daily basis.
 Budgeting and forecasting:
One of the critical role of finance department at Body Shop is ascertain the need of the
funds for the various departments and preparer the budget for the company (Avvaru and
et. al., 2020), Budgeting and forecasting helps Body Shop to come across the desired
number of capital they will needed to in future to meet financial need.
 Strategic decision:
Finance manager of the Body Shop also assist the organisation for taking the critical
financial, investment and dividend decision which is critical for company performance.
Also, financial department is liable to take strategic decision regarding the source to
obtain the desired finance.
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Task 2
Develop an understanding of collaborative working practices
Collaborative can be defines as to have taken place which involves accumulation of the
group of people all working together with common business objectives by way of shared
expertise and knowledge of each other in order to contribute towards the goals achievements.
Although it has found that One of the major successes for business is working in teams, people
growing up in a workplace where a culture or teamwork or collective practices are followed.
With the proliferation of competing companies such as Body Shop, each employee is focused on
creating a collaborative work environment where they are free to communicate, express their
opinion openly, show their creativity, and work enthusiastically without fear of being judged.
The collaborative work culture promotes innovation, improves productivity and improves
employee relationships.
Types of collaborative practices adopted by the body shop
Team Cooperation:
Each member of a team interacts with each other, their duties, roles and responsibilities
and what each one has to do with each other (Akpen-Seluk, 2019) Team collaboration is a
common collaboration exercise. The team leader is responsible for managing the members and
setting the deadline for doing the tasks.
Cloud collaboration:
This type of collaboration allows access to the document stored in the cloud for
reviewing the latest version of the document and recent changes, allowing multiple applications
to edit and edit in real time.
Social cooperation:
Social cooperation is different from others in that people share a common interest in each
other and aim to share knowledge and learn (Wolff-Bye, 2021). Concern is often shared by
asking questions and seeking advice, and then sharing it with other team members, which is an
ongoing process.
Reasons to develop collaborative work practices
Brainwashing:
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Brainwashing team members come forward to work on a common basis and towards a
common goal by thinking differently and presenting a solution to a problem (Modak, Casemi and
Cordenas-Barren, 2019).
Value:
Working together as a team towards common goals gives purpose and meaning to their
work because a value and common good are attached to it.
Part Equal Participation:
Each team member is free to express their or her views, ideas and opinions and to receive
equal opportunities to participate.
Task 3
Role of financial management and reporting within the Body Shop
In Body Shop financial management is the use of funds for financial activities such as
planning, organizing and managing the financial affairs of the company, sources for fund
purchases, investment decisions, risk management, accounting and ledgers; And cash flow and
outflow management.
Key roles in financial management and reporting
Bookkeeping and Accounting:
The key role of financial management is to identify records of financial information related
to the physical activities of Body Shop. It is a kind of accounting system that presents a clear
financial picture of the company, where does the money go and where does it come from? In
addition, it monitors daily transactions, also known as accounting, which helps the company
manage adequate working capital.
Investment Opportunities: Based on the financial position of the company, financial
managers recommend the best profitable investment options taking into account the risk
associated with each option.
Receivables and Payables: financial reporting help the Body Store to maintain adequate
records of what the company owes to suppliers or lenders, and what the customer owes the
company, and to maintain adequate fluidity to support day-to-day business operations (Puan,
Byrd and Munir, 2020).
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Reporting: The financial sector must make proper financial statements that act as the basis
for strategic decisions (Tazzara, 2021). Financial management prepares profit and loss report,
balance sheet, budget statements, cash statements and another relevant document that presents
the financial position and market position of the body shop.
Risk: An intensive and effective financial management system is needed to reduce risk and
liability and increase the profitability of the physical store (Eskrik-Olmedo et al., 2019).
Combining insurance with certain key components of the business such as working capital,
increasing operational flexibility and debt control would be a great solution if the company is
facing any liquidity problem and problem.
Conclusion
Therefore, from the above statement it is concluded that the operational sector of a business
organization brings greater efficiency and effectiveness in the operations of a business. Dividing
business operations on the basis of functional sector operates in a way that runs the responsibility
and accountability of each sector in a more coherent and purposeful manner.
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References:
Books and Journals
Avvaru, V.S., and et. al., 2020, July. Integration of PLM, MES and ERP Systems to Optimize the
Engineering, Production and Business. In IFIP International Conference on Product
Lifecycle Management (pp. 70-82). Springer, Cham.
Balakrishnan, M.S., 2020. Business with Purpose: Advancing Social Enterprise. World
Scientific.
Salminen, J., 2020. Functional Contracting: Re-Conceptualizing Business Contracts in Face of
New Forms of Production. Copenhagen Business School, CBS LAW Research Paper,
(20-34).
Salminen, J., 2020. Functional Contracting: Re-Conceptualizing Business Contracts in Face of
New Forms of Production. Copenhagen Business School, CBS LAW Research Paper,
(20-34).
Saputra, V., and et. al., 2020, September. Business Analysis and Design of Online Marketplace
for Beauty Care Services. In Proceedings of the International Conference on
Engineering and Information Technology for Sustainable Industry (pp. 1-6).
Tazzara, C., 2021. Capricious demands: artisanal goods, business strategies, and consumer
behavior in seventeenth-century Florence. In Early Modern Things (pp. 204-224).
Routledge.
Wolff-Bye, C., 2021. Business’ Role in a Changing Society. Key Steps to Deliver a Purpose-Led
Strategy that Responds to Climate Change and Social Inequality. In Corporate
Sustainability in Practice (pp. 127-141). Springer, Cham.
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