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Unit 3 How Business Operates Tips BTEC Level 5 HND Diploma Business Regent College Higher Education

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Introduction

Business consists atmosphere which comprises several intrinsic and extrinsic factors that directly or indirectly impact on operations. Government, suppliers, customers, technology, economic conditions and competitors are multiple elements that management require to consider while designing system. current assignment relies on Thomas Cook which is famous tour operation management company and established in UK and various nations. This assignment defines information about different kinds of organisation such as private and public which vary with each other on basis of size, structure and objectives. Management duty is to utilise funds, material and manpower efficiently; thereby deliver appropriate items and services in marketplace. This helps them to generate adequate profit and timely accomplish goals and objectives.

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TASK 1

1.1 Importance of accounting for business success

Accounting process is defined as recording measuring, analysing, interpreting all information of expenses and incomes that are necessary for financial decision making. This action aids management in conveying all information associated with status of corporation to all stakeholders like consumers, suppliers, government, shareholders etc. This type of action is helpful in increasing goodwill and reputation of company in marketplace. There are many advantages that are linked with accounting process are stated as beneath:

Systematic Record: Administration employed accounting procedure in business activities in order to having a systematic record so that all decisions should be formulate on relevant data basis not on the basis of observations and hypothesis.

Assess Business Performance: This action helps in anticipating larger market share and enhanced goodwill. This action sketches portrait of organisation in front of customers.

Protect investors and promote transparency: This type of action provides financial security to firm by recording all data that is related with stock and entries.

1.2 Different functions of HR department in business

Human resource practices plays vital and important role in business organisations and helps in making employee's skills and talents up to date so that all task could be done in most efficient manner and manpower should be able in facing all challenges.

Recruitment: This type of hiring includes campus placement, management consultants, media advertisement and agencies that are used to fascinate more candidate for recruitment process. Main objective of conducting this function is to bringing new talents in association for making some freshness.

Staffing:This is done for selecting best candidate by taking assistance of various tools like test interview that includes some set of questions in order to assess skills and specialisation of person. This function is assignment of tasks and actions that a person could do with highest efficiency.

Training and Development: When human resource department assesses performance of all employees and finds that there are some workers whom are not able in working their with maximum efficiency then company will conduct training and development functions for them.

Employee Relations: This sections focuses upon bond between employer and employee because this type of behaviour is helpful in developing friendly and healthy competitive environment which is good for growth of a person as employee.

1.3 Key features of employment legislation

In this section, There are many laws and legislations that are made by government in order to provide security to human rights specially for those whom are working in corporation. In context to this, government launched many rules and regulations for reducing many unethical working like partiality etc. There are some points that would be comprised here and are illustrated below:

  • This action brings work satisfaction and ethics in staff members and also creates positive image of firm in front of customers.
  • This is an Anti-Discimination act that secures all employees from partiality by providing all task and duties according to skills on on the basis of any other thing.
  • When all task and actions are assigned to workers according to their skills and talents then they will feel inspired and important then conducts all liabilities with high morale.

TASK 2

2.1 Accounting workshop

Profit and loss Account of Thomas Cook's (2017)

Revenue

2017

Total Revenue

31907000

Cost of Revenue

29919000

Gross Profit

1988000

Operating Expenses

Amount

Selling General and Administrative

1207000

Operating Income or Loss

781000

Income from Continuing Operations

Amount

Total Other Income/Expenses Net

41000

Earnings Before Interest and Taxes

777000

Interest Expense

165000

Income Before Tax

612000

Income Tax Expense

153000

Net Income From Continuing Ops

414000

Net Income

Amount

Net Income

459000

Interpretation: As per above report, Thomas Cook have total revenue about 31907000 and its net income is 459000. Income before tax is 612000 as Operating Expenses of firm are 1207000.

TASK 3

3.1 An analysis to determine own and other's roles of team members

Teammates are able in performing their task in most appropriate manner like attainment of target in shorter period of time without hampering performance quality if they are allotted duties and actions according to their virtue and specialisation. Other than this, I am efficient in retaining skilled and talented people for longer duration of times along with reducing absenteeism. To obtain all targets, company provides quality wise good products and services to customers.

3.2 Team Development

Construction of team is important as it improvises productivity of association and also helps in addressing all needs and wants of customers in most satisfactory level. There are many steps that is comprised in this section for developing teams.

Forming: Team building as per virtues and specialisations of manpower.

Storming: Brainstorming activity should be conducted in order to evaluating ideas and then allotting task according them.

Norming: Formulation of policies along with strategy making.

Performing: Providence of guidance or direction to staff members for bringing efficiency in task accomplishment.

Following are some inspirational approaches that are employed in work practices in order to enhance morale and inspiration among workers.

Alderfer's ERG theory of motivation: According to this theory it is founded that motivations is a most important factor that is used for enhancing enthusiasm and energy level of workers and this can be provided by giving some extra benefits that would belong to hiking current standard of living.

Different leadership style that are utilised by superiors of TESCO are as beneath:

Autocratic Leadership: In this case all power are kept secured with top management as they feel that involvement of employees in decision making could sabotage working efficiency of corporation. Autocratic leadership style is centralisation of power which is not delegated. Democratic style: This is defined as when system involves all employees in decision-making and strategy formulation then it will result into high morale of employees towards their task and duties and this action is helpful in retaining employees for longer duration of time.

Laissez- faire style: In this section, employees are allow to make choice over task among all actions according to their interest and talent because employees know which task they can do in best way

Conclusion

This report is summarised as running business house is a complex task because business environment is very complex and dynamic but there are some sort of practices that generates help and reduces complexities of business. For instance human resource practices, employee relations etc. Along this, superior uses motivational theories and leadership styles to increase morale of employees and make them perform tasks effectively. This benefit organisation to provide quality items and services to customers and enhance market image and reputation.

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