Unit 3.23 How Businesses Operate Level 3

Task 2

2.1 Importance of accounting for business success

Finance is essential component which business person require to execute business operations efficiently. Organisation everyday transactions are recorded, summarized, interpretation and analysed by members. This help administration to have accurate and complete information about expenses and income which are computed from business. In Walmart, accounting process is conducted by finance unit, so quantitative data is communicated by executives to investors and stakeholders (Mackey and Sisodia, 2014). These are various benefits that accounting have on firms and system functionality are defined beneath:

Evaluating the performance of business: Profit & loss account and balance sheet is constituted by firms which helps management to examine cost incurred and gains. This help seniors to analyse growth of Walmart by comparing current financial statements from previous years.

Managing and monitoring of cash flow: Accounting process helps finance unit to have appropriate information about flow of capital in different activities, so that funds are utilised appropriately (Warner, 2018).

Assist in creating budget and future: Walmart's finance statement helps administration to take appropriate decisions and choose appropriate alternatives which are beneficial for firm. Along this, management even require to use funds for future activities.

5.1 Different functions carried out by the HR department in a business

In every organisation, employer consists essential role as their responsibility is to have adequate manpower; so that business operations are conducted appropriately. Human resource practices are executed by management of Walmart which help company to deliver appropriate items and services in marketplace; thereby generate adequate profits from business. These are various functions that are performed by HR unit are defined below:

• Recruitment: Internal and external approaches are used by manager to employ appropriate individuals in firm. Promotion, transfer and former workers are various techniques which help employer to motivate and inspire existing members (Doppelt, 2017). While placement agencies, campus recruitment and media advertisement are used by Walmart to attract candidates from outside and employ new joiners.
• Staffing: Employer conduct group discussion, aptitude test and interview to acknowledge skills and abilities of applicant, thereby recruit them accordingly. This help management to have adequate workforce in Walmart so that appropriate business operations are executed.
• Employee relations: Human resource conduct meetings, conferences and seminars to provide accurate and complete information to members about duties and tasks assigned to them. Along this, staff are given positive working environment and appropriate working conditions to motivate and make them dedicated towards job (Palattella and et. al., 2016).

5.2 Key features of employee legislation

In UK, government frame laws and act to manage and regulate working of firms and protect rights of individuals. Various employee legislations are constituted which help staff members to get fair treatment and eliminate from being discriminated on grounds of gender, sex, race, caste and religion. In Walmart, equality, employment and discrimination are various act that are considered by employer before making policies to provide safe working conditions; thereby make them function effectively. Members are given duties on basis of their skills and abilities; along this, they were given compensation and opportunities in respect to their performance and outcomes generated by them. This benefits Walmart to retain skilled and competent subordinates for longer period by giving them adequate wages, environment and working hours (Adjei and et. al., 2014).

Task 3

3.1 Accounting workshop

Profit and Loss Statement for Walmart for the year 2017

Interpretation: As per above report of Walsmart in the year 2017, total revenue gained by company was 485873000; as cost of revenue was 361256000 and operating expenses was 101853000. Business person had generated about 13643000 net income, as their gain after tax is 20497000 which is due to taxation rate of country (Omar, Leach and March, 2014).

Task 4

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

In enterprises, team is an essential component which helps administration to execute activities effectively, thereby timely attain goals and objectives. Group benefits superiors to utilise workforce, as team consists different kinds of people some have good capabilities and others might not have same efficiency. But, as members work in team; therefore targets are completed timely.

I was able to enhance my communication skills as team development requires continuous interaction with members to keep them connected by job. Along this, my leadership skills are improves as for making employees perform tasks effectively; proper instruction and guidance required to be given by me. Besides these all, I inherent interpersonal ability as friendly relations was constituted with employees to motivate them and keep them dedicated towards duties.

4.2 Team Development

Every organisation consists various departments such as human resource, production, finance, marketing, research and development. These units help administration to execute business operations effectively and deliver appropriate items and services in marketplace (Petro and Gardiner, 2015). Along this, team development helps management to utilise funds, material and manpower efficiently. These are various stages that are followed by seniors to divide people and frame group are as follows:

Forming: This tactic defines that administration divide manpower and group individuals in according to their skills and abilities. This help organisation to make members perform tasks effectively and accomplish goals and objectives timely.

Storming: This is part of team development which consists activities conducted by seniors to construct relations with subordinates and build their mind towards duties assigned to them. Brainstorming is technique used by manager to allot appropriate roles and responsibilities to workforce.

Norming: Management formulate strategies and tactics to direct workforce and acknowledge their ideas and thoughts to ascertain about their dedication towards job.

Performing: It is last step which defines that staff members conduct activities to attain targets within specifies time (Reim, Parida and Örtqvist, 2015).

4.3 Motivational theories used by management of Walmart

Superiors provide adequate working environment and conditions to members to make them perform tasks effectively. Along this, management provide adequate facilities such as compensation, recognition and awards to increase morale of employees and inspire them towards job. These are various motivation theories which are used by seniors of Walmart are discussed below:

Maslow's Need hierarchy theory: This model defines that physiological, safety, social, esteem and self actualisation are various needs that individuals want to accomplish from their work. Administration should provide adequate wages to members so that they are able to execute appropriate living standards (Amit and Zott, 2015).

Herzberg's motivation hygiene theory: This concept includes two forms of tactics, that is satisfaction and dissatisfaction components. Achievement, growth, promotion, recognition are various factors require to be given by administration to increase morale of employees. Positive working environment, job security, adequate salary, construct relations are various essential things which are must to be provided to members; otherwise subordinates will not work appropriately.

McClelland's Need Theory: This is another motivation model which determine that employees are working in organisation to fulfil their needs and wants. Members want their work to be recognised and appreciated by seniors; along this they even want to have relations with superiors and co-workers. At last, they even desire to get power in firm as they are working for long time with full determination (Bernstein, 2015).

4.4 Different leadership style that are used by superiors of Sainsbury

Autocratic, democratic and laissez- faire are various forms of leadership style which are used by superiors on basis of their abilities and organisation. In Walmart, democratic style is used by leader to motivate and inspire employees towards duties. As, it is retail store so members have accurate information about taste and preferences of public. Thus, administration will be able to take appropriate decisions and judgements for company (Mackey and Sisodia, 2014).

Conclusion

As per above report, it can be comprehended that administration considers internal and external factors such as government, shareholders, employees, suppliers, technology and competitors while designing system. Management uses motivation theories and leadership styles to increase morale of employees and inspire them towards job. This help superiors to make staff members perform tasks effectively and attain targets timely. Along this, company deliver quality products and services which help members to retain customers for longer period; thereby enhance sales and profitability.

You may also like to read: Unit 16 Quantitative and Qualitative Job Insecurity BTEC HND Business Level 4 Regent College

For more visit Instant Assignment Help Australia.

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.
• Mackey, J. and Sisodia, R., 2014. Conscious capitalism, with a new preface by the authors: Liberating the heroic spirit of business. Harvard Business Review Press.
• 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.

UPTO50%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit