Comprehensive Report on Business Operations: UK Context and Analysis

This report provides a comprehensive overview of business operations, focusing on the UK context. It explores the types of organizations in both the public and private sectors, detailing their structures and the impact of local, global, and economic environments. The report emphasizes the importance of accounting for business success, including profit and loss analysis, asset and liability management, and the role of accounting in budgeting and taxation. It also examines the different functions within the HR department, such as training and development, compensation management, recruitment, and employee relations, as well as key features of employment legislation. Furthermore, the report interprets information from profit and loss accounts, defines roles within a team, describes stages of team development, assesses motivation theories like Herzberg's and Maslow's, and explores various leadership styles, including autocratic, democratic, and team leadership. Finally, it touches upon the impact of customer service and the benefits of customer profiling.

HOW BUSINESSES OPERATE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
1.1 Types of organization found in the public and private sector in named country ................1
1.2 Different structures with in the businesses............................................................................1
1.3 Impacts on the local, global, national and economic environment on businesses................2
TASK 2............................................................................................................................................2
2.1 Importance of accounting for businesses success.................................................................2
2.1 Different function in the HR department .............................................................................3
2.2 Key features of Employment Legislation ............................................................................3
TASK 3 ...........................................................................................................................................4
3.1 Interpret the information on the profit and loss account.......................................................4
TASK 4............................................................................................................................................4
4.1 Determine the roles within team ..........................................................................................4
4.2 Stages of team development .................................................................................................5
4.3 Motivation Theories .............................................................................................................5
4.4 Different types of leadership Styles......................................................................................5
TASK 5 ...........................................................................................................................................6
5.1 Impact of customers services................................................................................................6
5.2 Benefits of customer profiling .............................................................................................6
CONCLUSION ...............................................................................................................................6
REFERNCES ..................................................................................................................................7

INTRODUCTION
In the UK, there are many organization like private sector and public sector. They having
different structures with in the businesses. There are factors which are affecting such as local,
global and economic environment of the business. In this report, it will explaining the
importance of accounting for businesses success, different function of HR department and
features of employment legislation. It will also explaining the information on the profit and loss
account and also determine the roles with in team. It will describing the stages of team
development, assessing the motivation theories and different types of leadership styles for
operating a business.
TASK 1
Covered in PPT
TASK 2
2.1 Importance of accounting for businesses success
Accounting is the method for analysing the data, information accurate the assets.
Liabilities and profits (De Vries, Bekkers and Tummers, 2016). It is the management of the
decision making in the business. It is the important for the analysing the profits and losses.
Profits and Losses: The objective of every business is to earning profits. Therefore, the
accounting is the important for analysing the profits and managing the losses in the business. In
the accounting, for the calculation of profits and losses, the company should be prepared profit
and loss statement and balance sheet for analysing the profits and losses.
Assets and liabilities: The importance of accounting is for the calculation of the assets
and taking the liabilities for the business. With the help of accounting company would know
their assist and liability and how can they utilize their assets to decrease their liability. On the
other hand it helps company to make their strategies which would be use by company to become
the market leader.
Budget, Taxes and Returns: Accounting is to helping for creating the budget,
calculation of taxes and returns (Nanjundeswaraswamy and Swamy, 2014). Taxes including
sales, VAT and income tax. The company should be filled the income tax return for requirements
of financial statement. Tax filing is an important part of company and no mischiefs should be
done in balance sheet as it will attract vigilance team, which is not good for the company.
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2.1 Different function in the HR department
In every businesses, HR is the playing the main role and function of HR department is
also important for the success of the business.
Training and Development: The function of HR department is to giving and
handling the training and development of the employees in the businesses. It is to creating the
training programmes for existing and new employees in company.
Compensation Management: It is the function as well as responsibility for the
HR department of handling and controlling of the compensation of employees. Proper
compensation should be awarded to the employees with incentives and bonuses so that
employees motivation would remain on the top which is good for company's future. (Roness,
2017).
Recruitment and Selection: It is the main function of HR department for selecting the
candidates for the job positions in the company. For the recruitment, the HR department is
conducting the interviews for hiring the candidates for positions.
Employees Relation: The HR department should be maintained the relation between the
employees and development. If peace and harmony is attained by company and HR team at the
workplace then it will automatically increase the productivity of company.
2.2 Key features of Employment Legislation
Legislation means the laws and rules related to the employment in the businesses. In the
employment legislation, various laws and acts are including for the employees such as wages
act, compensation acts, accidents act and other acts.
Wages: The government is regulated the laws and acts related to employment in the
UK. This acts and laws are making for the employee's wages, so that the UK government is
regulating the National Minimum Wages Act 1998 , it is right to paying the minimum wages to
employees in the company (Zoogah, Noe and Shenkar, 2015).
Rights and Duties: For the employees rights and duties, the UK government is
regulating the Employment Rights Act. The company should be applied for their employees.
This Act is also making for child care of the employees.
Fair Treatment: In the UK, government is regulating the Equality Act due to which
company can not discriminate on the basis of caste, religion, sex etc.
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TASK 3
3.1 Interpret the information on the profit and loss account
The Profit and Loss account is the statement which are including the expenses, cos and
revenues in a year. In the profit and loss statement providing information generating revenues
and reducing cost.
Net Profits: Through this statement, calculating the all the expenses and revenues after
that creating the net profit. This statement is to helping for analysing the net profits of the
business. It assist company to identify their profit so that they can come up with new solutions
which will reduce the production cost for the company.
Expenses: In the this statement including the office and administration expenses, selling
and distribution expenses and other expenses. This statement is to determine the net result of the
business. This statement including the indirect expenses and indirect revenues.
Revenues: The profit and loss statement is to helping the analysing the revenues and
expenses for the net profits of the business (Zhao, Hwang and Lee, 2016). By this statement, it is
knowing about the cash flow and expenses. It is the income statement and using this statement in
the final account. It assist company's to identify their performance over the period of time and
which skills is required in the future so to increase the working performance.
TASK 4
4.1 Determine the roles within team
For working in team, there are many roles and responsibilities of the employees. Such as
task role, functional role and other roles.
Functional Role: It is including the coordination, monitoring, evaluation and other roles.
Through this roles, all the team members are better working with each other. The team member
should be working by the functional roles. Employees should follow the function assigned to
them as employees productivity will automatically increase if they are focusing on the work.
Task Role: In the team work, manger is to giving the task, so that employees are completing the
task and taking the responsibilities and playing the roles (Kiriyachenko and Bozhok, 2014). In
the task, including the adopting the references, analysing data, developing the knowledge and
preparing the presentation. The completion of the task is the objective and responsibility of all
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the team members. Employees should be equipped with required skills and knowledge so that
they would perform better while working.
4.2 Stages of team development
For the team development, there are including the stages. Such as forming, storming,
norming and performing.
Forming Stage: In this stage including team member's skills, individual's roles, projects
roles and rules. Starting of the group or team, leader of team, should be ensured for all the
elements. Leader role is to disseminate the information to their team members so that no
contusion would be there in the mind of customers.
Storming Stage: In this stage, to maintain the relationship with all the team members. It
is also including reality and weight of the completing the task. In this stage, team member's
energy is decreasing by unproductive activities (Mazzucato, 2015). Chances of conflict arising is
at the peak as every employees are giving their suggestions and idea which might not fit in other
perception.
Norming Stages: In this stage, to focusing on the goals and objectives and resolving the
interpersonal differences. In this stage, solving and emerging the tasks. In this stage, increasing
the team performance to focusing on the goals.
4.3 Motivation Theories
For the team development, motivation of the employees is important, so that the company
is adopting the theories of motivation.
Herzberg's two factor theory: In this theory, two factors including one hygiene factor
and motivational factors. In this theory, explaining the satisfaction and dissatisfaction level of the
employees. In the hygiene factors, working condition, interpersonal relationship and company
policy. In the motivation factors responsibilities, achievement and advancement (Dyhdalewicz,
and Widelska, 2017). Hygiene factors will help employees to remove the dissatisfaction from
work. It won't give motivation to the employees. But on the other hand motivational factors work
is to motivate the employees so that maximum efficiency would attain.
Maslow's Hierarchy of Needs: This theory is to helping for identifying the needs of
employees. In this theory five needs are including such as physiological, safety, social, self
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esteem and self actualization needs of the employees. By satisfaction of the needs, company is to
motivation for better working.
Vroom's Expectancy Theory: In this theory including the expectancy , instrumentality
and valences for motivation of the employees.
4.4 Different types of leadership Styles
There are different types of leadership such as autocratic, democratic, transformational
and team leadership.
Team Leadership: In this style, leaders are inspiring and providing strong purpose and
direction for the vision. It involving and developing the strong relationship with the trust.
Democratic Leadership: In this style, leaders are taking decisions involving all the
subordinates. This style is totally different from the autocratic leadership. In this including the
fairness, competence and creativity (Gonçalves and Lopes, 2015).
Autocratic Leadership: In this leadership, the leaders are taking the decision with out
discussing their subordinates. This type of leaders taking all the responsibilities and authorities.
Some of the situations, autocratic leaders are supporting. This type of leadership might help the
company at the time of quick decision making.
TASK 5
Covered in PPT
CONCLUSION
In this report, it can be concluded that types of organization in UK and discussing the
different structures and local, global, national and economic impact on the business. It can be
also concluded that importance of accounting, different functions of HR department and key
features of employment legislation. It can be concluded that information of profits and loss
account, roles with in the team, stages of team development, motivation theories and different
types of leadership style. HR department is core of the company as their crucial work is to
maintain head counts of the organisation at the same time and without involving in any conflict.
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REFERENCES
Books and Journals
De Vries, H., Bekkers, V. and Tummers, L., 2016. Innovation in the public sector: A systematic
review and future research agenda. Public administration. 94(1). pp.146-166.
Dyhdalewicz, A. and Widelska, U., 2017. Accouting and marketing dimensions of
innovations. E-Finanse. 13(2). pp.1-13.
Gonçalves, R. and Lopes, P., 2015. Accouting in Agriculture: Disclosure practices of listed
firms. Contabilidade & Gestão: Portuguese Journal of Accounting and Management, (16.
pp.9-44.
Kiriyachenko, N. and Bozhok, N., 2014. Stages of team development.
Mazzucato, M., 2015. The entrepreneurial state: Debunking public vs. private sector myths (Vol.
1). Anthem Press.
Nanjundeswaraswamy, T. S. and Swamy, D. R., 2014. Leadership styles. Advances in
management. 7(2). p.57.
Roness, P. G., 2017. Types of state organizations: Arguments, doctrines and changes beyond
new public management. In Transcending new public management (pp. 77-100).
Routledge.
White, J. D., 2015. Managing information in the public sector. Routledge.
Zhao, X., Hwang, B. G. and Lee, H. N., 2016. Identifying critical leadership styles of project
managers for green building projects. International Journal of Construction
Management. 16(2). pp.150-160.
Zoogah, D. B., Noe, R. A. and Shenkar, O., 2015. Shared mental model, team communication
and collective self-efficacy: an investigation of strategic alliance team
effectiveness. International Journal of Strategic Business Alliances. 4(4). pp.244-270.
Online
Jamal H., 2017. Types of Business Organization., [Online]. Available through. :
<https://www.aboutcivil.org/types-of-business-organizations.html>
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