L/616/1805 Business Operation Unit 21 HND in Hospitality Management

Task 1

1.1 Importance of accounting for business success

Tesco is a multinational grocery retailer firm that provide its quality products and services in several countries. For them it is require to manage accounting system properly to get appropriate information of organisational income and expenses. Management accounting has positive impact because it is uses to manage funds, reserve and investment of firm easily. Importance of accounting for business success is given below -

Minimise losses – Accounting management of a firm helps to reduce losses and number of expenses through appropriate techniques. For this organisation needs to hire experienced candidate who helps to invest funds and reserve at beneficial place (Storey, 2016).

Helps to build financial and accounting budget – Tesco is a multinational firms and for them, it is require to manage financial and accounting budget on timely bases to getting proper information of business activities.

1.2 Functions of HR department in business

In a business organisation, human resources department play a most important role to manage business activities in appropriate and accurate manner. In this human resource manager of firm conducts their operational activities to analyse firm's need and requirement to attaining future objectives and higher success easily. There are various function of Human resource department are given below as -

Recruitment and selection – This is major function of HR department of Tesco, to hire skilled and experienced candidate according to organisational objective and goals.

Training and learning – Human resource manager of firm conducts training and development program in their organisation to enhance interpersonal skill and working capacity of individual.

1.3 Key features of employment legislation

For a business organisation, it is require to implement legal factors and elements to getting effective outcomes easily. Government of a country regulate several law to protect employment rights in several business organisations (Ward, 2016).

Healthy and safety act – It is responsibility of management of firm to consider health and safety off their employees. This is helps to build positive environment within organisation easily. For this management requires to provide facilities and services to their workers.

Minimum wages act – This act is regulate to protect employment services within an organisation. Government of UK regulate minimum wages act for employees to provide appropriate amount for their services.

Equality act – This is require that organisation and management provide equal opportunities to each and every employees of firm as per their skills and working experience.

Task 2

2.1 Interpret the information on profit and loss account

Task 3

3.1 Analysis to determine your own and others’ roles within a team

In a business organisation, it is require that each and every employees provide their specific contribution to attaining firm's future goals and objective easily. In this procedure, I perform my own role with proper responsibility to completed each and every task. In a team, I needs to manage all working activity and provide appropriate direction or guidelines to my junior employees. For this I am generally conduct monitoring and analysis process to identify my peer's skills and working abilities. Through this I provide my own contribution in a team to attain organisational objectives easily.

3.2 Notes which can be used to support future training events

There are various Stages of team development are given below -

• Forming – This is responsibility of an leader to analyse nature and skills of each individual that helps to build a impactful team easily. In this process member of team should have to be supportive and understanding toward their training process.
• Storming – This is the next step of team development in which leader pushes individual beyond their limitation. Through this they can easily enhance employees interpersonal skill and move them one step up to their comfort zone (Dunning, 2014).
• Norming – In this step employees start interaction procedure with their peers to resolve problems and issues of each others. Through this they can easily start to work in a team.
• Performing – This is last step of team development in which individual perform their skills and role in a team that helps to attain organisational goals and objectives.

3.3 Appropriate use of different motivational theories in business activities

In a business organisation it is require that leaders and management provide their own contribution to enhance business activities through different motivational theories.

Maslow's Need Hierarchy theory – This theory is basically uses to identify individual's personal, physiological, social, esteem and safety and security needs. Through this leader can easily develop motivation in each employees of firm.

McClelland's Need Theory – This theory is determine that how a individual attain their goals and objectives through different elements as achievement, affiliation and power.

3.4 Impact of various leadership styles on employees

In Tesco, leader play a most important role to provide appropriate direction and guideline to their peers. Through this they can easily attain organisational goals and objectives.

Autocratic – These type of leaders provide appropriate information to their employees that what to do and how to do by their own (Doppelt, 2017).

Democratic – These type of leaders are very different to Autocratic because they involve some their employees in decision making process.

Laissez–fair – These leaders provide equal responsibility and opportunity to their employees in decision making procedure.

Conclusion

From the above report it has been summarised that for a business organisation, it is require to analyse their business activities to operate them in effective manner. Through this firm can easily get desirable profit and success easily. This project reports is based on Tesco which is a British multinational grocery retailer in UK. So for them it is require to manage their organisational activities in appropriate manner to attain business objective easily.

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.

UPTO50%

Avail The Benefit Today!

To View this & another 50000+ Free Sample

Enter Email

Submit