There are two types of factors presents in business environment that needs to be considered in proper way through firms which are willing to earn heavy profit. External and internal elements can be stated that may put impact on business organisation. It has been analysed that technology, legislations, political forces, social affairs are some components that are present under external and internal environment (Weiss, 2014). TESCO which is a multinational brand has been taken under this report. Jack Cohen is the founder of this organization and 1919 was the year when it was introduced in United Kingdoms market. Assignment is enclosed with different sorts of public and private companies that are present in UK industry. Away with, various business functions which is being included that may aid firm in gaining competitive advantages at workplace.
1.1 Importance of accounting for business success
Enough capital is must for every single organisation to have at marketplace of United Kingdom so that to run business in successful manner and to attain goals and objectives in effective and efficient manner. Along with this, it is fundamental for them to keep on making alterations in their products and services as per the requirements of consumers so that to sustain at marketplace for a longer period of time. Away with this, optimised use of various things like raw materials, capital and limited resources can help a firm in maintaining its business in an appropriate sort of manner (Bernstein, 2015). It has been located that there are ample number of things which needs to be considered in business accounting process by TESCO if it is willing gain heavy competitive advantages:
- Financial department of an organisation prepares a budget and keeps on monitoring it so that firm do not faces any sort of issue that are related to monitory.
- This section also maintains various financial reports like balance sheet, trail balance and other sort of stuff so that to make plans in near future.
- This is main take of management to determine operational revenues which will be earned by them through operations activities of firm.
- Along with this, it has been examined that TESCO financial section also stays interrelated with other departments of it like with marketing sector. Proper funds are being provided by financial sub-section so that plans can be properly executed in an appropriate manner which are related to promoting products and services which are being made by them (Mackey and Sisodia, 2014).
1.2 Different functions of HR department in business
HR department plays an important role in an organisation so that to resolve issues that are being faced by company that are related to manpower. HR management is consist with various functions and these are:
Staffing: HR managers has various sort of responsibilities where staffing is one of the main duty which needs to be fulfilled by them so that company can have good and talented workforce. For an example: TESCO's managers keeps on maintaining and filling vacant seats that they have by conducting interviews.
Training and development: This is something which helps an organisation in attaining its goals and objectives right on time as managers conducts T&D programmes so that skills and knowledge can be resolved in a specific period.
Recruitment: Filling blank seats at correct moment with right people may help organisation in hitting their targets and to gain competitive advantages at marketplace of United Kingdom. This can be done through various ways interviews are being conducted in various ways like face to face, online and telephonic as well.
Employee relations: HR managers of TESCO in different areas where they are doing business try to maintain a healthy environment so that conflicts can be reduced to zero so that problems can be resolved in effective and in appropriate way as well. Here, policies are being formulated by HR department and also follows legislations which are being set by government so that to consider workers or staff members equally (Warner, 2018).
1.3 Key features of employment legislation
Government of United Kingdom has made various legislations so that to give equal opportunities and rights to employees that are working with great efforts with in an organisation. Some laws like anti-discrimination act, health and safety act, equal wages are being developed by governmental agencies in order to bettering the experiences of staff workers of different organisations. Differences can be seen when trade union got demised and HR department took place and when companies started considering all the needs and wants of staff members which has helped them in building up a great environment at workplace (Doppelt, 2017).
2.1 Profit & Loss Account for TESCO
Profit and Loss Statement for TESCO for the year 2017 are given below:
All numbers in thousands
Cost of Revenue
Selling General and Administrative
Operating Income or Loss
Income from Continuing Operations
Total Other Income/Expenses Net
Earnings Before Interest and Taxes
Income Before Tax
Income Tax Expense
Net Income Applicable To Common Shares
Interpretation: With the help of above mentioned statement of TESCO of 2017, it has been computed that firm is growing in a continuous manner. Investments of this firm are going in a right way where they are gaining high rate of returns of investments they have done.
3.1 Role of team-members and own
It has been examined that if working or performing tasks is being done while staying in a team may aid organisations in hitting their targets in much more effective ways. Suggestions can be given and taken by and individual to other team members which directly puts positive impact on their working styles as skills and knowledge can be enhanced through adopting this process in continuation. I have located that through working in a team, me and my team mates can improve working abilities where we can start hitting our own targets in much more effective and in efficient ways. I have learnt working style of other team mates and vice versa. Along with this, it has been examined by me that performance can be maintained or is being increased through giving training and development programmes to me and my team members and this can be conducted by managers of an organisation (Palattella and et. al., 2016).
3.2 Team Development
It is fundamental for every single organisation and for TESCO as well to rapidly build different sorts of team with talented candidates in order to gain competitive advantages at marketplace of United Kingdom. In Tuckman's theory some of steps are being taken under while formulating a talented team and these are given below:
Stages of team development: Few of stages under Tuckman theory are given beneath which needs to be considered by managers while applying theory.
Forming: This can be stated as initial stage where staff members meets with each other and understands about their behaviour so that to reduce conflicts among them as much as they can.
Storming: This is the stage where team members know about each others talent and consist of chances of high competition where they can get motivation as well.
Norming: Under this step, efforts that are being given by team members can be appreciated by others which will directly improve their working styles and strong bonding can be seen (Adjei and et. al., 2014).
Performing: This stage is enclosed where team mates get to know about their own roles and responsibilities and start working with capabilities that they have. Disturbance is being reduced to zero while performing the task.
Different types of Motivational theory
Motivational theories: Motivation to employees in TESCO can be given by both managers and leader through using various approaches that are being given by different great people. Some of motivational theories are being comprehended beneath:
Maslow's Need hierarchy theory: Theory is much enclosed with various elements like, physiological, safety, social, esteem and self actualisation needs. Along with this, hypothesis was being made while keeping eye on needs of workers that are working in organisation.
Herzberg's motivation hygiene theory: Another name of this hypothesis is two factor theory that can help a manager in considering all the aspects that are related to wages, manpower and so on. Applying this can help managers to use various resources in optimised manner.
McClelland's Need Theory: Another theory which is also concerned with needs and wants of employees so that they can work with full of good experiences and can attain their own goals and objectives in much more effective and appropriate way.
Various kinds of leadership styles:
It is mandatory for an effective leader to have various sort of leadership styles and some of these are:
- Democratic leadership style- Decisions are being taken by leaders with considering suggestions that are being given by subordinates.
- Autocratic- Under this, leaders makes determinations by their own.
- Laissez-faire style- This is one kind of style where leaders do not take any sort of decisions and asks to staff members to do so (Omar, Leach and March, 2014).
3.3 Role of leadership and motivational style in context with different situations
It has been examined that leaders plays an important role in an organisation where his responsibility is to resolve all the issues which are being faced by both company and employees so that barriers can be reduced to zero. Leaders supports and gives suggestions to subordinates so that they can hit their targets in effective way. With the help of this, workers gets motivated and starts improvising at workplace which directly puts positive impact on their productivity while performing task. On the other hand, motivational styles may aid leaders of TESCO in bringing up positivity among employees in different situations. For an example: Updated technology has been adopted by TESCO which raised conflicts among workers as they do not know how to work with it. Therefore, leaders can conduct training sessions in which he/she can direct them through which they can use it (Reim, Parida and Örtqvist, 2015).
3.4 The way leadership style and motivational skills are used to influence workers
Leadership styles like autocratic, democratic and so on are much helpful in bringing up workers with full of enthusiasm. Democratic style which is of leaders gives, opportunities to employees which may aid them in making familiar so that they can take determinations by their own. Along with this, autocratic styles is mostly concerned with decisions that are being taken by leader which directly demotivate workers. But, this statement is not accurate as leaders have to take determinations by their own for betterment of company (Petro and Gardiner, 2015).
From the above report, it has been concluded that business environment is consist of two factors and these are external and internal which needs to be taken care by company in an appropriate manner. Effective measurements of these elements may aid in hitting their targets in much more effective and appropriate ways. Also, read an assignment on business operations.
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