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How Business Operates Level 5 (CHC33015)

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INTRODUCTION

Business play a vital role in the environment where it is operating which is dynamic in nature. There are a number of changes that are taking place and have to be evaluated in order to accomplish final goals in the set time period. The company included in this report is Hotel Hilton that belongs to the hospitality sector and operates in many parts of the world. The assignment focuses on different types of business organizations present in the corporate world as well as the importance of accounting systems. Apart from that, there are a number of functions played by the HR department in business.

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TASK 1

1.1 Different Types of Public and Private Organization in The UK

There are a number of companies in the UK, both private and public, and the objectives of each of them are different from other companies. On one hand, there are public companies whose objective is to serve the public and to offer the best quality products and services without discriminating amongst society. The prime objective of these companies is to swerve the people and not to earn a profit. Some of the public associations are described as follows:-

  • Royal Dutch Shell
  • Gamma Communications
  • British Petroleum

On the other hand, there are private companies whose prime objective is to earn and maximize its profits by satisfying the customer needs in the most effective manner. To serve the general public is its secondary objective (Shenkar, Luo and Chi, 2014). Private companies, due to immense competition existing in the market, try to deliver the best quality products to their customers. Some of the private companies are mentioned below:-

  • IPMG
  • Stemcor
  • Swire
  • John Lewis Partnership

Therefore, we can say that there are a number of private and public companies in the market with different objectives, sizes, scopes and structures and they all serve and fulfil different needs and requirements of the customers.

1.2 Different structures within businesses and reason for variation

Public companies and private companies are different from each other in various aspects. From ownership of the company to management of the company, all things are different in private companies as compared to public companies. Public companies are controlled by the government whereas closely held companies are owned and managed by one or more members of the company. A list of differences along with the basis of differences between private and public companies are expressed as follows:-

  • Director: A private company may have a sole director, whereas every public company must have two directors.
  • Company secretary:  Private companies need not to appoint a company secretary unless its articles require it to do so whereas it is compulsory for a public company to have a company secretary to manage all the administrative matters of the company.

Share Trading: Shares of private companies are rarely traded as there is no established marketplace place whereas shares of public companies are openly traded in the stock exchange (Adjei, Baffoe, Amofa and Agbamu, 2014).

  • Shareholding: In private companies, most of the shares are held by the directors of the company whereas in the case of public companies, any person including the government can apply for the issue of shares.
  • Registered office: Both private and public company needs to register its principal place of business with the registrar of companies and it should be within the boundaries of England and Wales. This principal place of business is known as the registered office of the company.

1.3 Impact of local and global economic environment on selected business

Strategies of every business organization are widely impacted by the rules and regulations of the business environment. So it becomes very necessary for them to follow national terms and conditions, norms and policies while formulating strategies. In fact, in our case, Hotel Hilton has to face various internal and external forces because they are planning to expand their current business across other regions in order to gain maximum profit by providing the best services to the customers. Some of the internal and external factors affecting Hotel Hilton are the global economic environment, political environment, local policies of the regions and their term and conditions for running the business in a smooth and efficient manner (Storey, 2016).

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TASK 2

2.1 Importance of accounting for business concern

Every business organization have to perform accounting functions in order to keep records of all materialistic information that is of their interest. Funds are considered the most important resource for every business hence it is the responsibility of the management to make it optimally utilized in order to gain high returns. The importance of accounting for business concerns is described as follows:

  • Helps in minimizing company losses: There are a number of activities that result in losses for the company hence, if a proper accounting system is maintained necessary steps can be taken at the right time and extra losses can be minimized.
  • Budget formulation: Budgets help in regulating future activities that will yield high profits to the organization. For instance, the balance sheet is the most important accounting instrument that highlights the financial position of the company and, therefore, should be drafted in an accurate manner.
  • The accomplishment of final objectives: Proper management of the accounting system is directly linked to achieving the ultimate vision and mission of the company.

5.1 Functions of HR department in business

The HR department plays an important role in Hotel Hilton as they are considered the building block of the business organization. They have a number of responsibilities that include recruitment, selection, employee management and many others. The functions of HR department are described below:

Recruitment and selection: it is the role of the HR manager to recruit potential employees for the business organization hence, they have to follow the selection procedure in order to carry out this process (Doppelt, 2017).

  • Impart training and development programs: Every employee requires training in order to enhance their knowledge and skills so that they can work with more efficiency and effectiveness. Thus, it is the role of the HR manager to design proper training programs for the employees.
  • Designing motivating factors: The management must motivate their workers by devising a number of means so that they can contribute more efficiently in achieving the ultimate objectives and aims of the company. Therefore, the HR manager has to identify the requirements for motivating their employees.

5.3 Key Features of Employment Legislations

Employees are considered an important resource of any company as they align their personal objectives with the organization’s aims thus, they need to be protected from any violations and other problems. There are a number of acts and regulations that are formulated which protect the interest and rights of every individual who is working in the business organization. Some are illustrated below:

  • Health and Safety Act: It is the prime duty of the management of the company to ensure the safety of the workers who are working there. For this, managers must guide their employees regarding safety issues and keep a check on them. There are a number of tools and equipment that require proper usage therefore, correct handling is required.

Minimum Wage Act: According to this act each and every individual member who is working will receive minimum wages that have been set by the government so that they can earn their basic needs and requirements of life (Omar, Leach and March 2014).

TASK 3

3.1 Interpret the information displayed on the profit and loss account

The financial position of the business organization is described by the profit and loss account which is prepared for the particular financial year (Dunning, 2014).

 Thus. It helps in finding out the profits and losses that have been earned by the company and making decisions accordingly. There are a number of financial statements that are been prepared under this which include balance sheets, and income and expenditure statements that record all the expenses and earnings of the company in that particular financial year. Hence, it is a very important component that assists in finding out the actual position of the business entity in the current marketplace. Hotel Hilton is a well-established business and is earning huge gains and revenues. There are a number of branches that are located in several parts of the world thus, all of them have different earnings and financial statements according to the working level. Hotel Hilton has increased its profit ratio from 2016 to 2017 which is a significant growth for them.

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TASK 4

4.1 Self-Roles And Others in The Team

Leaders have a prominent role in the business organization as they are the ones who combine the efforts of every member to accomplish final goals and objectives. Hotel Hilton has a proper system of teams in which there are groups of people who belong to that team and have certain roles and regulations that are being played by them. The leaders lead that team and continuously motivate the workers to work in accordance with the set norms and rules. Thus, leaders are considered the most important individual entity in the company as they possess lots of abilities and capacities to coordinate the work of every staff member by aligning their personal objectives with the company’s goals and reaching the ultimate vision. There are a number of characteristics and skills that must be contained by the leaders that are influential behaviour, change agents, problem solvers etc. Therefore, if these qualities are present in the leader’s behaviour then he could easily lead his team in the proper direction (Ward, 2016).

4.2 Describe aspects that support future training events

The management of Hotel Hilton has to formulate a number of training events to train their staff members to work according to the set goals and objectives. Therefore, managers have to focus on applying various motivational theories including Maslow’s theory of motivation, on the other hand there different leadership styles that have their own advantages and disadvantages. For instance, the autocratic leadership style does not allow subordinates to work according to them whereas the democratic leadership style provides full freedom.

Managers need to focus on various stages of team development which are divided into five stages starting from forming, storming, norming, performing and adjourning. All this is a sequence of phases that need to be properly formulated.

4.3 appropriate use of different motivational theories in business activities

Motivational factors play an essential role in increasing the efficiency and productivity of employees. It has been observed that motivated employees contribute with higher effectiveness as compared to less motivated. Hotel Hilton adopts Maslow’s motivational theory concept in order to motivate their employees by considering their basic, safe social needs.

4.4 impact of various leadership styles on employees

Hotel Hilton follows a democratic leadership style in which superiors allow their subordinates to contribute their ideas and thoughts in the decision-making process. On the other hand autocratic leadership style restricts the growth of every staff member (Gassmann, Frankenberger and Csik, 2014).        

TASK 5

6.1 Impact of customer service on business success

Customers are considered the most important asset for the business organization as they produce products and services for them. Thus, it become the prime duty for hotel Hilton to deliver quality services to their customers in the marketplace. This helps in building a conducive relationship with them so that they can retain for longer period of time. The management system of Hotel Hilton always formulates a number of strategies in order to improve the connection with their clients and satisfy their needs and wants.

6.2 Benefits of customer profiling to business

 Customer profiling is considered the most important aspect in the success of the business in several ways that are described below:

  • Effective communication system: Effective communication helps in maintaining a conducive relationship with the customers for a longer period of time.

Profit Maximization: If Hotel Hilton had properly examined the requirements and preferences of the customers then they could able to work accordingly resulting in earning high financial gains and profits (Bernstein, 2015).

CONCLUSION

From the above-prepared report, it has been concluded that every type of business organization plays an important role in the corporate world. The report focuses on the case of the hotel Hilton in which management has to examine various number of external factors that affect the business. On the other hand, there are some legislations related to employees that protect their interests. Apart from this, the assignment also highlights the importance of management accounting systems.

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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.
  • Doppelt, B., 2017. Leading change toward sustainability: A change-management guide for business, government and civil society. Routledge.
  • Palattella, M.R., Dohler, M., Grieco, A., Rizzo, G., Torsner, J., Engel, T. and Ladid, L., 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.
  • Adjei, H., Baffoe, R.S., Amofa, A.K. and Agbamu, P.G., 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.
  • 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.
  • Gassmann, O., Frankenberger, K. and Csik, M., 2014. The business model navigator: 55 models that will revolutionise your business. Pearson UK.
  • Bernstein, M.H., 2015. Regulating business by independent commission. Princeton University Press.

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