Unit 5 Business Operation Level 4 CBC College

Task 1

1.1 Importance of accounting for business success

In regard of operating business in adequate manner, an organisation require to prepare information for transactions reports, liabilities, debts, and more. It would assist in evaluating whether companies have gained more loss and profits at the end of duration, entire procedure are done through organisation's decision account (Palattella and et. al., 2016). Individual linked in this segment carry out those practices that are assisting for administration in decision-making procedure. The major aim of accountants in organisation to prepare financial transactions record in adequate manner. This can help business in managing position. This will also aid company in analysing business performance, creating proper budget along with monitoring the cash flow and management.

1.2 Functions of HR department in business

The main function of human resource department in every enterprises is to manage workplace and employees in a systematic manner. HR managers performs various activities for this process like recruitment and selection, training and development, reward and appraisals etc. These processes help in designing effective workforce and organisational culture as per requirement of business. The main purpose behind several functions is to gain high retention of workers.

1.3 Key features of employment legislation

In order to eliminate discrimination from workplace, Government of UK has made various laws which is compulsory for all organisations to be followed (Doppelt, 2017). These regulations are used to prohibited exploited activities from workplaces which makes employees unsecure and unsafe. Therefore, it is necessary for companies to provide healthy and safe working environment to all people who are associated with their business. It includes various laws such as

• Health and safety Act
• Sex Discrimination Act
• Equal Employment Act
• Equality Act.

Task 2

2.1 Financial statement

Profit & Loss Statement of Hilton Hotel

Interpretation: As per this statement of Hilton Hotel in the year 2017, it has interpreted that has spent much on operational activities that is near about 1104000. While on income tax it has paid 125000. Therefore, after all expenses it has incurred 168000 as net come by the end of financial period.

Task 3

3.1 Role of team-members and own

Working in team is an essential factor of business environment. It helps every member of group to evaluate their personal skills, abilities and patience level (Warner, 2018). Being a leader of team, I have analysed that if a person is working in group then on many factors he has to think like how to behave with others, share a strong relationship and more. Along with this, every member has own abilities therefore, before to allot responsibilities to them I have observed performance level of each. Among with this, through leadership qualities I have identified needs of every individual and provide training to them. This would help me as well to get their right work as well as complete a project on time.

3.2 Team Development

In order to gain sustainability and competition advantages, a company requires a proper staff who work in systematic manner. In big organisation like Hilton hotel, its management has made various projects to gain attraction of tourists towards services. Therefore, to execute such projects properly they need to engage employees in group task (Mackey and Sisodia, 2014). It will help in completing the projects on time. In order to develop a team, managers are needed to follow some steps as given below:-

Stages of team development – This process has consisted five stages of team development that are-

• Forming: In this stage, managers are required to give names of each person who will take part in completion of a project. Along with this, make an activity through which they can introduce themselves in a perfect manner (Reim, Parida and Örtqvist, D., 2015).
• Storming: After formation of members in team, now its time for all persons to perform in best manner in order to show their skills are effective or not. Therefore, feeling of competition will arise in this phase naturally.
• Norming: In this phase, now people are used to cooperate with each other and share a relationship which helps in completing the task in a proper manner.
• Performing: Through developing relationship, members will collaborate each other and contribute best efforts in accomplishment of project on time.
• Adjourning: It is the last stage in which all persons enjoy the success of project execution.

Motivational theories – In developing an effective team, managers have to motivate people to work with each other in a healthy manner. Along with this, to get their right work in completion of a project, they should evaluate needs of every individual (Bernstein, 2015). Therefore, for analysing requirements of team-members and motivates them to cooperate each other, managers can use Herzberg's Motivation Hygiene, Maslow's need hierarchy and McClelland theory of motivation.

Leadership styles - In team development process, managers and leaders are needed to adopt some effective leadership style also (Petro and Gardiner, 2015). As many issues will create when members of different background come with each other to work in team. They can use Laissez Faire, Democratic and Situational styles of leadership as per requirement.

3.3 Role of leadership and motivational style in context with different situations

Using motivational theories like Herzberg's Motivation Hygiene, McClelland Need and Maslow help management of Hilton Hotel to encourage staff members for accomplishment of a project on time. These theories help managers to observe and analyse strengths and weakness of each member who are involved in group task (Omar, Leach and March, 2014). After identification, they used various methods like training and development to them in order to remove their weaknesses. In addition to this, they provide reward to workers in order to boost up morale of team-members.

3.4 The way leadership style used to influence workers

When members are working in team then problems can be arise on many phases. Therefore, in order to resolve them it is necessary for managers to adopt some leadership and motivational skills (Weiss, 2014). These situations are occurred specially where members have different backgrounds and opinions. For instance- In case of reducing discrimination on the basis of skills, group leaders of Hilton Hotel used democratic style in order to identify needs of each member. Along with this, provide training to them so that members will get equal opportunity to participate. While in case of reducing chance of conflicts, manager use laissez faire style of leadership.

Conclusion

Summarised report affirm that for operating a proper business or company, whether private and public organisation, it is fundamental to investigate various factors and environmental influence. This can assist in functioning the successful business in adequate manner. Association employer need to understand people's demand and practices of HRM for managing their business objectives. The company need to deliver effective consumer services as it benefits them for longer period.

References

• Weiss, J. W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.
• Bernstein, M. H., 2015. Regulating business by independent commission. Princeton University Press.
• 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.
• Warner, K., 2018. Building rules: How local controls shape community environments and economies. Routledge.

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