Business Operations Report: Waitrose, Financials, HR and Teamwork

This report provides an analysis of Waitrose's business operations, focusing on key areas such as accounting, human resources, and team dynamics. It begins with an introduction to the dynamic business environment and the importance of effective operations management. The report then del...Read More

HOW BUSINESS OPERATE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Covered in PPT...........................................................................................................................1
TASK 2............................................................................................................................................1
2.1 Explain the importance of accounting for business success.................................................1
5.1 Describe the different functions carried out by the HR department in a business ...............1
5.3 Outline key features of employment legislation...................................................................2
TASK 3............................................................................................................................................2
3.1 Profit and loss account for Waitrose.....................................................................................2
TASK 4............................................................................................................................................3
4.1 Self roles and other in team...................................................................................................3
4.2 Notes for supporting future training events..........................................................................4
TASK 5............................................................................................................................................4
Covered in PPT ..........................................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Every business organisation have to operate in dynamic environment that keeps on
changing. Therefore, it is necessary for the company to carry out their operations and work
process in effective manner. Management plays an important role as they have the responsibility
to perform environmental scanning process in order to evaluate all the internal and external
factors that affect the work process (Shenkar, Luo and Chi, 2014). The company which is
selected in this report is Waitrose which is consider Britain's largest worker owned retail
industry. It is located in England having around 350 branches in UK. The report highlight the
benefits of the employment legislations as well as different functions, importance of team
structure and importance of customer services.
TASK 1
Covered in PPT
TASK 2
2.1 Explain the importance of accounting for business success
Accounting is an important concept that helps management in doing effective control and
also assist in taking effective decisions. By maintaining various accounts it becomes easy do
analyse the performance of different department that which section is doing well and which
needs to be improved(Omar, Leach and March, 2014) . Comparison can be made easily in the
work done in a particular year against the preceding duration which shows that which was better
and how the gaps can be minimised. Financial resources need to be allocated properly as it is one
of the most important resource and hence the growth of firm depends so much on same. By
accounting methods it is identified that which areas gives maximum returns which further helps
in deciding on the investment decisions (Storey, 2016).
5.1 Describe the different functions carried out by the HR department in a business
Human resource is one of the most crucial department of an enterprise as it performs the
function of managing the work force. The process of recruitment and selection is carried out by
this authority and it ensures that timely availability of employees is made so that continuity in
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firm operations can be maintained. It is important that appropriate process is followed to fill the
vacancies as it has major impact on the growth capacity of firm.
5.3 Outline key features of employment legislation
While a person is working in an organisation different legislations needs to be maintained
like equality in pay, no discrimination on the basis of caste creed, child labour etc. each one of
them has their direct and great influence on the business as it has to ensure that all the
legislations are maintains so that no legal actions are taken against them (Ward, 2016)
(Dunning, 2014).
TASK 3
3.1 Profit and loss account for Waitrose
Profit and Loss
statement of Waitrose
All numbers in
thousands
Revenue 11/30/2017 11/30/2016 11/30/2015 11/30/2014
Total Revenue 200004000 192267000 180861000 151419000
Cost of Revenue 91914000 86090000 77694000 62367000
Gross Profit 108090000 106177000 103167000 89052000
Operating Expenses
Selling General and
Administrative 87521000 82354000 76225000 63469000
Total Operating
Expenses 179435000 168444000 153919000 125836000
Operating Income or
Loss 20569000 23823000 26942000 25583000
Income from Continuing Operations
Total Other 240000 216000 300000 312000
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Income/Expenses Net
Earnings Before
Interest and Taxes 20569000 23823000 26942000 25583000
Interest Expense -41000 -8000 -10000 -16000
Income Before Tax 20809000 24039000 27242000 25895000
Income Tax Expense 4625000 5403000 6344000 5919000
Net Income From
Continuing Ops 16184000 18636000 20898000 19976000
Net Income 16184000 18636000 20898000 19976000
Net Income Applicable
To Common Shares 16184000 18636000 20898000 19976000
Interpretation: It can be interpreted from the above profit and loss account that this
organisation have been able to receive marginal higher revenue compared to previous years. This
directly relates to increase in the sales for this organisation. However it can be determined that
there is a steady rise in the expenses as well which ensures fall in the operating income of
undertaken business organisation. The overall income have been increased but the increase in the
taxes and operational expenses makes sure that net income falls below the amount which has
been received by the organisation in last year. The reason for the decline in the net income of an
organisation is an direct result of the increase in the VAT and other relevant taxes by the
government of the country. Therefore it can be finally concluded that this organisation have been
successful in raising the income through various sources but the increase in taxes is affecting
profitability of this business (Doppelt, 2017).
TASK 4
4.1 Self roles and other in team
As a leader this is the duty of leader in company to direct their subordinates that how and
in what manner they have to do their work for achieving pre determined goal and objectives.
Employees feel many difficulties while doing work in company in this it is responsibility of
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leader and manager to solve their issues which they are facing (Palattella, 2016). Their are
several qualities which is required in leader such as problem solving, motivating and
encouraging employees several other. Along with this they must have skill of developing team
which is important for smooth flow of business. Leader are manager of a particular team, they
manage and guide entire group with individual. Hence, leader play important role in day to day
working of business along with working of individual which task is assigned to them(Gassmann,
Frankenberger and Csik, 2014) .
4.2 Notes for supporting future training events
Stages of team development- there are five stages for development which as named as
forming, storming, norming, performing, adjourning. Development of team is important because
group help in achieving goals and objectives of business as well help in competing work of
organisation in better manner.
Motivational Theories- there are three type of motivational theories which putt efforts in
identifying performance and after that give rewards to them according to that (Adjei, 2014).
different leadership styles- there are several leadership styles using by leader of the
organisation for motivating and encouraging their employees along with managing daily activity
of Wait Rose. Leadership styles are Authoritarian, situational, autocracy and many more. out of
all these autocracy leadership style is best because it involves employees in decision making
(Omar, Leach and March, 2014) .
TASK 5
Covered in PPT
CONCLUSION
It has been concluded from the above report that there are two sectors in which different
kind of organisations are working for accomplishment of their different objectives. These two
sectors are known as private and public. There is huge importance of accounting in measurement
of the financial performance of organisation. It helps in preparation of the budgets which direct
the employees in performance of their functions in more appropriate manner to achieve desired
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results. There is huge importance of HR department in overall development of organisation and
motivation of employees.
REFERENCES
Books and Journal
Shenkar, O., Luo, Y. and Chi, T., 2014. International business. Routledge.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.
Dunning, J.H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the
1990s. Routledge.
Doppelt, B., 2017. Leading change toward sustainability: A change-management guide for
business, government and civil society. Routledge.
Palattella, M.R., Dohler, M., Grieco, A., Rizzo, G., Torsner, J., Engel, T. and Ladid, L., 2016.
Internet of things in the 5G era: Enablers, architecture, and business models. IEEE
Journal on Selected Areas in Communications, 34(3), pp.510-527.
Adjei, H., Baffoe, R.S., Amofa, A.K. and Agbamu, P.G., 2014. Assessing the Corporate Social
Responsibility Activities of Atwima Kwawoman Rural Bank
(Omar, Leach and March, 2014) (Gassmann, Frankenberger and Csik, 2014) (Bernstein, 2015)
(Organizational structure, 2018) Limited and its Impact on the Communities it
Operates. European Journal of Business and Innovation Research, 2(4), pp.36-47.
Omar, A.T., Leach, D. and March, J., 2014. Collaboration between nonprofit and business
sectors: A framework to guide strategy development for nonprofit organizations.
VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 25(3),
pp.657-678.
Gassmann, O., Frankenberger, K. and Csik, M., 2014. The business model navigator: 55 models
that will revolutionise your business. Pearson UK.
Bernstein, M.H., 2015. Regulating business by independent commission. Princeton University
Press.
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