Unit 08 How Business Operate (Level 5) ICON College

Task 1

1.1 Classification of enterprise on the basis of private and public sector

Companies of public sector are classified on the context of central and state basis. This domain institutes comes within the government control as well as manage by committee of internal department. Thus, because of regulatory bodies are controlled, these organisation can operate enterprise easily by meeting social, political and economic objectives of a nation. While private firms are distributed on the context of ownership- joint stock, partnership and individual depends on enterprise size. This firms are not within the control of government. Hence, making a enterprise globalise is not an easy work for companies management.

1.2 Structures within the enterprise private and public organisations

Structures of enterprise organisation in United Kingdom are classified on the context of-

• Sole proprietorship: This kind of companies involve single business owner which do not share their profits and risks with anyone. Legally these organisation enjoy a lots as well as operate their enterprise with simple methods as they make alterations due to various partners.
• General Partnership: In this organisations are having more than one owners. They make an agreement within the partners along with that they are totally depends on them as sometimes they locate capital was applied by one partner to another.
• Limited Partnership: In this, companies partners shares all profits as well as risk. They make an agreement at a time of start ups of enterprise which should be effectively elaborated among all partners so that no problems can take place in future.
• Corporations: Collecting higher revenue is a main purpose for organisation sort as they follow all regulations and rules which are passed by UK government.
• Non-profit organisations: Their are companies which produce or give goods and services for increasing citizens standardized of UK. They are not looking for making profits at a time providing goods to customers (Amit and Zott, 2015).

Government of UK has classified these companies into two sectors as well as these are private and public which gave a negative as well as positive influence on economic situation.

1.3 Implications on enterprise at global, national and local economic environment

John Lewis is an retail organisation of United Kingdom which run their enterprise in various locations of United Kingdom. It is having 50 stores and employed 38,100 numbers of workers are working within their firms. It sells goods iPads, Beds, Sofas and online fashion within international marketplace. Because of having a higher workers commitment it operate enterprise in an proper manner. Factors of legal and political, it affect business are as follows:

• Political Factors: Hence, each firms is having their own regulations and rules. Thus, before moving enterprise at a level of international. It is important for company to follow regions legislations. It will aid in running enterprise in an effective way. With this, because of modifications in laws, industries management are required to change their techniques on daily basis.
• Economic Policies: Situation of economical of an nation affects on performing sales as well as enterprise in wide way either in negative or positive manner. At a time of inflation, Peoples income are raised so they can buy goods on any cost at a same period of deflation as well as tax and interest rate are affects enterprise.

Task 2

2.1 Importance of the success of business accounting

Accounting is an important industrial department such as John Lewis holds different duties and responsibilities linked with finance. It gives cash linked information to stakeholders and organisation management which assist in taking useful economy decisions based on short and long terms of goals. People linked in its categories maintain financial transactions records which assist in evaluating finance conditions of companies which aid in taking decisions in an effective manner. It tells supervisors that how much expenses are accomplished on licenses and taxes. Divisions of activities help in analysing final enterprise performance and way by which they can control and manage cash flow. Various statements are prepared by accountants are as follows:

• Profit and loss accounts: This shows companies income which is used at a time of accounting periods (Dunning, 2014).
• Balance Sheet: This account aid in evaluating a final business position which involve closing balance of liabilities and assets.
• Cash Flow Statement: In this statement operational cash, financial and investment activities of organisation along with that how modifications in others account affects the equivalent of cash.

5.1 Functions of human resource department in John Lewis organisation

HR management is an most important part of companies which performs different functions such as planning, organising, staffing, directing and many more. Human resource managers of John Lewis are concentrating on giving jobs to employees in all organisation department who are eligible as per their roles of job. In this context, there are different ways used to recruit applicants and search from various locations. Additionally, according to organisation demand they give their workers different program of training to exist and new workers for developing knowledge as well as skills of them. It will prove in making peoples careers of organisation much brighter. Conducting the sessions of training will aid workers to protect them for typical conditions. With this, managers of HR also give healthy and safe environment to employees so that they can work in an effective way.

5.2 Key features of workers legislations

In context with company, Legislation regulations and laws are executed for improving situations of persons which are working in their environment (Gassmann, Frankenberger and Csik, 2014). Government of UK has introduced many legislation and laws which is amendable by all organisation comes in the regions of territory to give healthy and safe workplace not only to workers but also the people who visit their company. These laws are executed to remove physical and discrimination abusiveness from working environment. Discrimination are caused on the basis of colour, religion, nationality, sex and many more. These main features of workers legislation is to give people justice linked with companies by giving them equality in a working environment.

Task 3

3.1 Interpret information of Profit and loss account

Income statement of John Lewis organisation at a year 2017

Interpretation: It has interpreted from this report that in past year, John Lewis has earned total revenue 3885290 while get total income before tax 355656 and after tax 91220.

Task 4

4.1 An evaluating on determination of team members roles

For accomplishing a assignment on time, it is important for an company to keep busy their employees in groups. This will aid in doing typical work in an effective way. But for this aim, it is important that leaders group should give proper guidelines and visions to all members of team so that they can work effectively. With this, for accomplishing a task on time, leaders are needed to give responsibilities and duties to every employees according to their capabilities and skills. Hence, being a companies group managers they perform various responsibilities for managing a group effectively (Omar, Leach and March, 2014). I used to keep busy their employees in small assignments so they can cooperate with one others as well as make proper relations by sharing opinions and views. It help in completing a work on time and give healthy workplace. Controlling and managing functions of group members due to better leaders within future assignment.

4.2 Team Development

Team working can assist in the project completion in more successful manner within certain time. Henceforth, this is an organisation's manager priority to improve an effective team project within workplace. In the recent scenario, John Lewis concern with team development and working through opting some certain team development stages:

Forming: In this phase, team members manage good understanding and relations through sharing their experiences and information. The leader of team need to set coherent vision to individual along with achieving objectives and goals of assignment. Manager is liable for directing and setting responsibilities to them.

Storming: This is second team development stage where team members improve their skills and abilities in order to compete their colleagues. This required leader to lead entire group effectively to share their knowledge and opinion in more effective manner. Manager are required resolve disputes through setting certain role for each members (Palattella and et. al., 2016).

Norming: In this step, group people are now begin to understand each other as well as make a proper collaboration that can aid in performing together appropriately along with building effective relationship among team members.

Performing: At this phase, members are performing in higher way with full concern and commitment on goals achievement with time period.

Adjourning: This is final stage in which members of team are being to move in distinct direction along with the execution of success celebration of the project in more effective manner.

Hence, after considering the team development procedure for a certain project, John Lewis has to manage how to stimulate people in regard of achieving certain goals. They can opt some motivational theories and concepts such as Herzberg's two-factor, theory of Expectancy as well as Three-dimensional concept along with accomplishment of business objectives. Herzberg theory can aid in evaluating the satisfaction level and motivational evaluation of worker that can evaluate the people's behaviour as well as three-dimensional optimisation to encourage them for effective productivity. With this, as per the emergence of issue of a successful project. John Lewis's manager use democratic as well as contingency leadership theories.

4.3 Role of motivational and leadership styles in various conditions

For accomplishing a assignment on time, it is important for workers of an company to stimulate employees using leadership and motivational theory. With that, for solving all problems which are raised within the working environment. Companies managers are require to use proper styles of leadership according to its requirements. In John Lewis. Issues are mainly raise because of various culture of peoples (Petro and Gardiner, 2015). Hence, democratic style of leadership aid in solving all problems which help employees to do task in an effective way. Theory of motivational aid in stimulating persons towards project targets.

4.4 Motivational skills and leadership styles are used to influence employees

Theories of leadership aid in managing modifications on their styles as per issues raised within a working environment. For example: If disputes are raised within employees because various opinions, thy are using theory of contingency where managers are working within groups so that they can share their ideas and skills with one another which make a better relationship. Additionally, theory of motivational help leaders to stimulate employees in removing workers resistance by telling them advantages of modifications for them (Reim, Parida and Örtqvist, 2015).

Task 6

6.1 Impact of customer Service

Whether it is service industry or retailing manufacture, consumer play vital role in the success of business organisation. Through delivering more satisfactory and effective consumer services along with purchased products and service, the enterprise can manage the brand recognition within the global market leading to more profits in industry. Henceforth, effective customer services are the like oxygen which has no direct but major role in the functioning of business operations that assist enterprise in increasing sales and emphasising productivity of operated activities for longer period. Hence, John Lewis is concerned with providing more effective service of customer through rendering different offers, exotics plans, free appliance of electronic services and many other offers to attract and satiate buyers.

6.2 Benefits of customer service

Retaining and sticking previous as well as present consumer with the brand and its products, is a complicated procedure (Adjei and et. al., 2014). But, company can achieve this goals, enterprise can enable itself in managing higher consumer sales and numerous sales amount within company. In regard of John Lewis, delivering effective consumer services can aid firm in following way:

• Confront higher cost: If an organisation deliver effective services and products to consumer then it would aid in retaining the interest of their customer in effective manner. In Addition, such organisation can deliver their services on higher cost that can aid in enhancing the level of profitability.
• Creating niche: Delivering better products and services in the marketplace can aid in competing firm their competitors. Through aiming on good service deliver to individual at the market strategic formulation period present a uniqueness sense of organisation.

Conclusion

This assignment affirm how organisation's owner operate the activities of business in regard of achieving success in short interval of time. Beside this, to function a firm, whether it is small or large, this is essential for management to evaluate the environmental factor influence that affect them sales performance of organisation in both negative and positive manner, Cause of such regulations and rules, modification in technologies and consumer demands, administration are required to create the changes in framework that firm can pay more attention to the consumer services.

You may also like to read: Unit 2 How Business Operate Level 4 Regent College, unit-08-how-business-operate-level-5-icon-college

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References

• 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.
• Amit, R. and Zott, C., 2015. Crafting business architecture: The antecedents of business model design. Strategic Entrepreneurship Journal. 9(4). pp.331-350.
• Bernstein, M. H., 2015. Regulating business by independent commission. Princeton University Press.
• Doppelt, B., 2017. Leading change toward sustainability: A change-management guide for business, government and civil society. Routledge.
• Dunning, J. H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. Routledge.
• Gassmann, O., Frankenberger, K. and Csik, M., 2014. The business model navigator: 55 models that will revolutionise your business. Pearson UK.
• 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.
• 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.
• Petro, Y. and Gardiner, P., 2015. An investigation of the influence of organizational design on project portfolio success, effectiveness and business efficiency for project-based organizations. International Journal of Project Management. 33(8). pp.1717-1729.
• Reim, W., Parida, V. and Örtqvist, D., 2015. Product–Service Systems (PSS) business models and tactics–a systematic literature review. Journal of Cleaner Production. 97. pp.61-75.

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