How Businesses Operates Regent College Level 4

TASK 1

1.1 Importance of accounting for business

Business runs to earn profit but there is a requirement for proper funds to achieve targets (Håkansson  and Ford, 2002)

It is essential that company adopt proper planning so they can give correct ideas to workers. It is essential that the management of ALDI performs activities through which the company can perform activities in a better and more effective way. Accounting means to show the financial status of the company. It is essential that the company has to make policies which give correct and appropriate way to give correct information to stakeholders. Through proper allocation, the company is able to be competent with external parties of the company and it helps in increasing the faith and trust of workers as well as consumers. Accounting helps in the proper delivery of information in a better and more effective way. Accounting tells about the revenue and expenses of any project. It is effective with the proper assistance of a legal body.

1.2 Functions of HR

HR in ALDI plays a vital role in providing help to the company. It is essential to give a chance to workers through which they can achieve targets in a proper and effective way. There are many workers to achieve the targets of a company and there are differences in their perception so it is essential that the company has an HR manager through which they can achieve targets. To increase profit employees must be motivated, to give their best. The functions of HR are as follows-

            Motivation- There is a requirement for proper targets which helps to achieve goals and objectives in a better way. A manager has to analyse external factors and deliver them to employees so they come to know about changes in forces. Motivation of employees is necessary so they can perform actions in the best way.

            Compensation and remuneration- There is a requirement for proper compensation which helps in performing activities in a better manner. Employees work in an organisation to earn money. It is the responsibility of the HR manager to give proper pay so it helps in performing activities in a better way. Remuneration must be on time so it improves the morale of employees. It is effective in improving of the condition of the company (Chesbrough, 2006)

            Performance appraisal- There is a change in the performance of workers. It is essential to give a chance to workers by saying performing well helps in getting good. There is a difference in the needs of employees so it is essential to analyse needs and then take corrective actions. Performance appraisal is important through which they can motivate workers (Day and Tinney, 1968)

1.3 Key features of employee legislation

ALDI is an organisation which deals with society to perform activities. It is important to provide the feeling of safety, through which they can feel safety at their workplace. It is essential that the company has to perform activities in a way which is effective for the company's growth. With these laws there is fear in the mind of the company also, they perform with full efficiency and effectiveness ( Kahaner,  1997)

There are many laws such as the Equal Remuneration Act, Employment Act, Discrimination Act, etc. which help in creating activities in a better way. ALDI has many workers so they have to apply changes in business and it is essential to avoid government interference. There is the requirement of a legal body which operates and amends changes in an effective way. In case of changes taking place in government policies then ALDI has to modify policies.

TASK 2

2.1 Accounting information

ALDI has to prefer proper books of accounts through which they can perform activities in the way through which they can achieve targets in a better and effective way. The income statement for 2000-01 of ALDI is as under-

INTERPRETATION-

From the above income statement, it is clear that the company has to perform activities in a more effective way through which they have a good image in the market. ALDI has a good image in the market so it is easy for them to raise funds from the market. These days research and development department has the main role because of competition so it is essential that the company emphasise it (Qualman, 2010)

TASK 3

3.1 Determination of the role of teamwork

There are many activities in the company which work to achieve targets. It is essential that the management of ALDI emphasises time work. Teamwork means two or more people working for the same targets in the same environment. As per changes in policies, there is a requirement for guidance which helps in achieving targets on time. The team has people who help in achieving targets in a better way. The organisation has to guide workers through which they can perform actions in a better way. It is essential that the management of ALDI must frame teams through which they can achieve targets in a better way. ALDI has to develop strategies through which they can perform activities in a way (Casadesus-Masanell, and Ricart, 2010)

There are many workers and they achieve their own skills and knowledge through which they can perform activities in better and more effective ways. The organisation has to work as per the external environment of business, so it is essential to work in a team so targets can be achieved in an effective and efficient manner. Through a team, members are assigned some job responsibilities with some power which is important. It is essential to give some knowledge about the subject so it is fruitful for the growth of the company. It is essential to analyse the market and then take actions through which they can enhance their knowledge. When employees work in time there is a feeling of competition so actions are more effective. There are possibilities that the manager has to keep eye on working styles so it is fruitful in competing with external parties.

3.2 Stages of team development

Various stages of team development used by Aldi are:

Forming: In this stage staff members can familiarise themselves with the manager of the firm.

Storming: In this step, staff members can take responsibility towards tasks. Safer members can be out of their comfort zone and others remaining can emerge it.

Norming: Employees can perform together and they understand each other views and thoughts.

Performing: In this step leader has no authority to make decisions. They only check performance.

By performing all stages Aldi can create an effective and efficient team. It results in good work and good performance of the firm.

3.3 Three motivational theories

Different motivational theories are:

Hertzberg motivational theory: First is the X factor theory which fulfils monetary needs and the Y factor can increase the motivational and satisfaction level of staff members (KoçoÄŸlu, Akgun,  and Keskin,  2017).

Maslow’s theory: 5 levels are there. First is psychological which can meet basic needs. Second is safety which keeps employees safer from any threat (Wang,  Guo, and Liu,  2017). Third is love which helps in maintaining a friendly environment among all employees. Fourth is self-esteem in which staff members are recognized in front of all employees in seminars and are given certificates for their good performance.  Fifth is self-actualization in which accomplishments and potential is recognized by a person.

3.4 Types of leadership styles

Different leadership styles followed by Aldi are:

Democratic: It is leadership in which the leader receives feedback from staff members. A leader cannot bind their own decisions.

Transactional leadership styles: In this style, a leader has set various objectives and visions for the firm. Leaders motivate and guide members so that they can complete their tasks. Through this, they can perform better and can give superior results.

CONCLUSION

Business scanning is very crucial for the company. Through this, it can increase profits and enhance market share. The firm can also maintain a strong position in the minds of all users and in the market. Types of firms include sole proprietorship, partnership etc. Accounting is crucial fort a company. Accounting data is crucial for a firm. Teamwork is crucial for a firm.

REFERENCES

• Macaulay, S., 2018. Non-contractual relations in business: A preliminary study. In The Law and Society Canon (pp. 155-167). Routledge.
• Laszlo, C. and Cescau, P., 2017. Sustainable value: How the world's leading companies are doing well by doing good. Routledge.
• Grayson, D., McLaren, M. and Spitzeck, H., 2017. Social intrapreneurism and all that jazz: How business innovators are helping to build a more sustainable world. Routledge.
• English, J., 2006. How to organise & operate a small business in Australia. Allen & Unwin.
• Håkansson, H. and Ford, D., 2002. How should companies interact in business networks? Journal of Business Research 55(2). pp.133-139.
• Chesbrough, H., 2006. Open business models: How to thrive in the new innovation landscape. Harvard Business Press.
• Day, R. H. and Tinney, E .H., 1968. How to co-operate in business without really trying: a learning model of decentralized decision making. Journal of Political Economy, 76(4, Part 1), pp.583-600.
• Kahaner, L., 1997. Competitive intelligence: how to gather analyze and use information to move your business to the top. Simon and Schuster.
• Qualman, E., 2010. Socialnomics: How social media transforms the way we live and do business. John Wiley & Sons.
• Casadesus-Masanell, R. and Ricart, J.E., 2010. From strategy to business models and tactics. Long-range planning. 43(2-3). pp.195-215.
• KoçoÄŸlu, Ä°., Akgun, A. E. and Keskin, H., 2017. The Role of Business Model Development in the Ex-Post Creation of Online Entrepreneurial Opportunity. In Key Challenges and Opportunities in Web Entrepreneurship (pp. 1-32). IGI Global.
• Wang, D., Guo, H. and Liu, L., 2017. One goal, two paths: How managerial ties impact business model innovation in a transition economy. Journal of Organizational Change Management. 30(5). pp.779-796.

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