BMT7073 How Business Operates Level 5

TASK 1

1.1 Importance of accounting for business success

Every business must be aware about funds and capital of company because the whole company is based on money which is implemented to conduct several activities or tasks. It is necessary to put an appropriate amount of funds in organisation to run business properly. Some of regular expenses are there such as raw material, electricity bill, wages or salaries to employees, maintenance of equipments or machinery used in production and many more (Doppelt, 2017). If Mark & Spencer company requires to implement some kind of changes or modifications as per changing trend of market then also they have to put desired amount of money into organisation to follow market fashion. It is mandatory to follow scenario of market place to attract more customers along with retaining current ones to increase sales and profits of company. This will facilitates to grab more market share ad build strong position in front of several types of competitors.

1.2 Functions of HR department in business

Human resource department can be described as that section of company which helps to manage man power thorough allocating tasks or activities to staff member as per their field of expertise to gain desirable output. HRM have to make sure about requirement of employees regrading compensation, incentives, appraisal, training or learning and many more. Some of function which carried out in mark & Spencer are given below:

Training and development :- Different types of training events or programs should be organised by companies to improve skills an abilities of staff members for increasing their performance in future to attain better productivity as well as profitability in company. Such procedures render support to gain professional and personal growth in career.

Performance appraisal :- Several procedures which are conducted by HR team to motivate employees by providing compensation, incentives, bonuses, rewards etc. to appreciate them for their excellent performance. It also includes to render information about threats in working outcomes to workers along with techniques to overcome with them (Palattella And et. al., 2016).

Recruitment and selection :- This can be described as manor and one the most important task of HR department to hire desired candidates to fulfil vacant designations so that roles or duties will be completed in accurate manner.

The above mentioned activities are essential to be carried out in an organisation to complete task and procedures for achieving better productivity as well as profitability.

1.3 Key features of employment legislation

There are different kinds of legislations which are made by government authorities to protect fundamental rights of employees while working in specific organisations. Mark & Spencer have to follow these legal rules to avoid penalties. Some of these rules are described below:

Employment Rights Act :- It includes various types basic rights which should be followed by companies to provide appropriate benefits to staff members. This may involve minimum wages, limited working hours, protection from unfair dismissal at work (Adjei and et. al., 2014).

Sex Discrimination Act :- Some times, it is observed that companies behave partially with men and women while providing compensation and other opportunities. According to law, organisations should render equal chances to every candidate so that they can achieve growth in career.

Equal Pay Act :- Superiors render wages or salaries partially to employees and to improve benefits for employees so that they become able to fulfil their needs and desires on regular basis.

Disability Discrimination Act :- Some individuals are physically disabled and due to this reason they are not capable to get good jobs then it is mandatory to provide opportunities handicapped persons, this will render support to them to spend their life properly.

TASK 2

2.1 Interpret the information on profit and loss account

Profit and loss account interpret the financial position of the business organisation whether they are earning high profits and losses. Manager have to maintain proper records that determine the profits or losses that are earned in single financial year. There are number of financial instruments that is prepared in this regard that are income and expense statement, balance sheet, profit & loss account. All these instruments help Mark & Spencer to calculate their financial position so that they could able to find out key areas that require proper attention.

Mark & Spencer have to make record all data and information which is related to its expenditure, incomes that either yield them accomplishment of final outcomes ad results. Management have to make proper decision in accordance to this so that they could able to make improvements in the key areas that play vital role in the business organisation (Omar, Leach and March, 2014). As mark & Spencer is a successful organisation system so that they have proper aims and objectives that need to be accomplished in set time periods. Therefore management have to ficus on such areas so that the final goals can be reached.

TASK 3

3.1 Self roles and others in team

Roles and responsibilities of different types of people working in an organisation are important to fulfil desires for attaining targets or goals. It is essential for every single worker to complete their tasks and events properly to gain desirable results on regular basis. It is important to analyse and evaluate self threats or issues in performance and try to overcome with them. This is mandatory to improve efficiency of co-operation as well coordination.

Colleagues are required to be perform their tasks and activities in accurate manner to at particular given period of time to gain regular outputs in desired way. There are various kinds of problems and issues that are arises due to lack of cooperation. To reduce such threats, it is compulsory to establish better relations and mutual understanding to do several procedures to gain required outputs (Gassmann, Frankenberger and Csik, 2014).

Related Services:
Unit 3 Audit and Assurance Level 5

3.2 Notes for supporting future training events

Training and learning activities are necessary to be conducted on regular basis to improve abilities and qualities of staff members to increase productivity in future. It is important to observe and analyse requirements of learning procedures that should be organised by Mark & Spencer to increase productivity and profitability in future. Trainer should be appointed by properly analysing their education and experience along with focussing several suggestions of employees to get better results from learning or development processes (Bernstein, 2015).

There are three motivation theories such as Maslow's hierarchy theory, Theory X and Y and Hertzberg theory which can be utilised by mark & Spencer to motivate workers. Similarly, different types of leadership style like democratic, autocratic etc., that may implement to complete targets properly.

Conclusion

The above report had concluded that Business environment can be described as combination of internal and external factors which impacts on various kinds tasks or procedures of an organisation. There are different types of private and public organisations which has their own specific goals and targets as per their criteria of operating business for generating desired outcomes. Different types of companies have their own structure along with unique strategies or policies to carrying out their tasks and activities to generate better p[roducti9vity as well s profitability of company. HRM have to make sure about requirement of employees regrading compensation, incentives, appraisal, training or learning and many more. Profit and loss account interpret the financial position of the business organisation whether they are earning high profits and losses. Customer service is an essential aspect which should be done in appropriate manner to get better outcomes in company. Learn more factors about business operations.

References

• 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. And et. al., 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. and et. al., 2014. Assessing the Corporate Social Responsibility Activities of Atwima Kwawoman Rural Bank 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.

UPTO50%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit