Business Management Report: Internal and External Business Factors

This business management report provides a comprehensive overview of key organizational functions, collaborative working practices, and factors that influence business operations. The report begins by evaluating the human resource, finance, and marketing functions, highlighting their significance within an organization. It then delves into the importance of collaborative working, outlining key principles and benefits. The report also examines the influence of both external (political, economic, social, technological, environmental, and legal) and internal factors (financial resources, location, employees, etc.) on business performance. Finally, it assesses the role of financial management and reporting, emphasizing the importance of managing funds and producing key financial statements like balance sheets and income statements. The report concludes by summarizing the key findings and emphasizing the interconnectedness of these various business aspects.

Business management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Evaluating the Human resource, finance and marketing functions within organization............1
Developing an effective understanding on collaborative working practice................................2
Demonstrating an understanding in key factors both external and internal which influence the
business.......................................................................................................................................2
Evaluating knowledge of role associated with the financial management and reporting within
the company................................................................................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Business management is a disciple which is considered to be very prominent in
analysing, organizing and planning of the various set of operations within the organization. It is
useful in carrying out the task with utmost level of accuracy and efficiency. This study highlights
on evaluating the human resource, finance and marketing functions within organization. This
study also helps in understanding on collaborative working practice and various key factors both
external and internal which influence the business. Moreover, this study also evaluates the
knowledge of role associated with the financial management and reporting within the company.
MAIN BODY
Evaluating the Human resource, finance and marketing functions within organization.
One of the significant function associated with the human resource management within the
organisation is to hire skilled and knowledgeable person within the organisation who has the
capability to carry out certain task within the company. Human resource management also
focuses on motivating employees in order to gain higher productivity. Human resource
management. Tends to focus on maintaining adequate workforce within the organisation by
recruiting top talent which adhere to the needs and circumstance of the business (Erasmus,
Strydom, and Rudansky-Kloppers, 2016). Evaluating job functions of each employee and
succession career planning is also one of the prominent function of the human resource
management within the organisation.
The key role of the finance function within the organisation is to utilise and effectively
acquire funds which are necessary to carry out operations of the organisation (Parris and et.al .,
2016). Finance is considered to be the lifeblood of any business which helps in running the
business smoothly. The key role of the finance function is to manage funds within the
organisation, manage the taxes, payroll of the employees, investment decisions, financing
decisions, liquidity decisions and dividend decisions within the organisation.
One of the key and prominent role associated with the marketing function within the
organisation is to effectively participate within the public activities and interact with the target
customers in order to create brand image in the eyes of customers (Uhl, and Gollenia, 2016). One
of the significant role associated with the marketing function is to comply with various
marketing activities such as social media marketing, advertising, promotion, collecting feedback,
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et cetera which is considered to very prominent to make people aware about the products and
services of the company.
Developing an effective understanding on collaborative working practice.
Collaboration within the workplace is considered to be one of the most significant factor
which tends to contribute towards the success of the organisation. It helps every employee within
the organisation to work together to attain goals and objectives of the company (The Importance
of Collaboration in the Workplace, 2020). Collaboration health team members to work together
on a common platform by brainstorming, thinking and offering various set of perspective
towards problem in order to find the best possible solution. Collaboration within the workplace
has of providing each members within the organisation to provide equal opportunities to
communicate and participate with their ideas. It also helps in providing value and receives
mutual benefit. The five key principles associated with the effective collaboration within the
organisation are trust, willingness, respect, effective communication and empowerment.
Collaboration within the organisation helps in promoting self-analysis and it also helps in solving
various set of problems by providing bigger picture. Collaboration within the organisation hence
in utilising the experience, knowledge and skills of every individual within the organisation by
pooling all the talent together. It also helps in speeding up the solution process and handling
multiple problems to increase efficiency within the organisation (North, and Kumta, 2018).
Collaboration also helps in higher degree of job satisfaction and retention of employees for a
longer period of time.
Demonstrating an understanding in key factors both external and internal which influence the
business.
There are a set of external factors such as political, competitors, customers, social factors,
economical factors, technological factors, environmental factors and legal factors which in turn
largely influence the functioning of the business in an appropriate manner. External factors are
considered to be the uncomfortable factors which largely influence the functioning of the
company (Wood, and et.al., 2015). On the contrary there are various set of internal factors such
as financial resources, investment opportunities, funding, source of income, location of the
company, facilities, equipment, customers, audiences, employees, technology, work
environment, staffing, corporate culture, et cetera which in turn largely influences the working of
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the organisation. Internal factors are those factors which are within the control of the
management of the organisation.
Evaluating knowledge of role associated with the financial management and reporting within the
company.
One of the key and prominent role associated with the financial management is to manage
funds and improve the financial health within the organisation. The financial management of the
company tends to focus on producing various set of a natural reports such as balance sheet,
income statement, cash flow statement, etc. in order to analyse the financial position of the
organisation for the particular period (Aithal, 2017). Business reporting is considered to be one
of the most significant task which includes financial and operational data of the business. It is
one of the prominent set of information which helps in providing various set of data to the
management in order to take decisions for the welfare of the organisation.
CONCLUSION
From the conducted study it has been summarized that, human resource management also
focuses on motivating employees in order to gain higher productivity. The key role of the finance
function is to manage funds within the organisation. The marketing function within the
organisation is to effectively participate within the public activities and interact with the target
customers. Collaboration within the workplace has of providing each members within the
organisation to provide equal opportunities to communicate and participate with their ideas.
External factors are considered to be the uncomfortable factors and internal factors are those
factors which are within the control of the management of the organisation.
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REFERENCES
Books and Journals
Aithal, P.S., 2017. Industry Analysis–The First Step in Business Management Scholarly
Research. International Journal of Case Studies in Business, IT and Education (IJCSBE), 1(1),
pp.1-13.
Erasmus, B., Strydom, J.W. and Rudansky-Kloppers, S. eds., 2016. Introduction to business
management. Oxford University Press Southern Africa.
North, K. and Kumta, G., 2018. Knowledge management: Value creation through organizational
learning. Springer.
Parris, D.L and et.al., 2016. Exploring transparency: a new framework for responsible business
management. Management Decision.
Uhl, A. and Gollenia, L.A. eds., 2016. A handbook of business transformation management
methodology. Routledge.
Wood, C.R and et.al., 2015. Principles of school business management. R&L Education.
Online
The Importance of Collaboration in the Workplace. 2020. [ONLINE]. Available through<
https://www.nutcache.com/blog/the-importance-of-collaboration-in-the-workplace/>
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