Unit 5 How Business Operate Level 4

Task 1

1.1 Importance of accounting for business success

Management accounting have a major impact on a company performance because fund is seen as most indispensable aspect for entire corporate world as business operations are accomplished with the use of sufficient funds (Storey, 2016). In fact number of factors are identified which shows that accounting is highly mandatory for business success that is described as underneath:-

• Control loss:- Expenses and expenditure are recorded by finance department which helps in managing funds in appropriate manner which resulted in regulating extra loss.
• Prepare budget :- As per this element company is focussing on designing an effective balance sheet and plan to overcome the possibilities of losses.

Apart from this, management of accounting is useful in attaining set objectives by managing funds of business entity in appropriate manner.

1.1 Functions of HR department in business

HR department of business entity are playing a major role in enhancing the sales performance by recruiting and appointing employees in order to fill the vacant position of an association. Along with this trying to manage overall business activities by conducting various entertainment programmes for refreshing the minds of employees (Ward, 2016) . Apart from this some of the essential functions of HR team is described as under:-

• Appoint employees whomsoever are eligible for company or position by considering necessary facts or figures.
• Responsible for conducting various programmes or sessions in order to enhance the performance of staff members.
• Designing several motivational programmes.
• Salary management of staff.
• Keep and maintain the confidential records of business entity for preventing it from any fraudulent activities.

1.3 Key features of employment legislation

Legal bodies are playing very eminent role in preventing employees from exploitative activities and protect individuals from getting misuse. In fact, employment laws are playing major role in improving the performance of an organization by taking effective plans and policies for success of staff members (Dunning, 2014) . Along with this, legitimate bodies are enacting numerous of acts and laws for preventing employees from dangerous acts which are expressed as follows:-

• Minimum wage act:- It means every staff member must have minimum wages to their workers so they can fulfils their basic needs or demands in appropriate manner.
• Health and safety:- It is indispensable to facilitate employees with best services to their staff in order to protect from various accidents.

Task 2

2.1 Interpret the information on profit and loss account

Profit and loss account is a financial statement of a firm that states firm's revenue and income considering all the expanses which it has spend on a business. The Marriott hotel is growing its business, whatever it is investing it is also earning a good income in terms of expanses (Doppelt, 2017) . As in the year 2017, it increased it business approximate 37 percent from the prior result, of the year 2016. It calculated on a quarter or generally on fiscal year, so it gain more profit in 2017 as compare to the previous year. It invested in 27000 hotels which have more than 4,60,000 almost, and that offered its profits nearly 301 percent than its competitors. Its fourth quarter reported that its net income is around $201 million which was decreased nearly 18 percent on the basis of last year. In the year, 2017 Marriott repurchased approximate 29.2 million shares of the company's common stock. In the year, 2018 it repurchased around 2.3 million shares for approximately $315 million (Palattella, 2016) .

Task 3

3.1 Self roles and others in team

As being a leader a leader directs sub ordinates that what they have to do in order to accomplish a task, If they have any difficulty then a leader should help them to remove the obstacles. A leader have the competency to stand even in tough situation with a problem solving approaches, because the need they are the personality that who is followed by others, a team leader manages the work accordingly and motivate colleagues to complete the given work with in specified time (Adjei, 2014) . Leader has the capabilities to motivate and divide the work in a team so that followers are able to finish the work in given time. A leader has a specific role in a team as they are the manager of a team, they are guided by the management and they guide the team which aid to manage a big tasks in separate tasks.

3.2 Notes for supporting future training events

There are three supporting theories for the future events, that are as follows-

Describe the stages of team development – There are five different stages for development, namely, forming, storming, norming, performing, adjourning (Omar, Leach and March, 2014) . Forming refers to members to start the interaction regarding work, storming means to put the questions through assertion to implement in decision-making. Normalization defines as grouping the ideas from a team, and performance measured as confidence of the members of a team, and adjourning means the group will be dissolved after the completion of task (Gassmann, Frankenberger and Csik, 2014) .

• Assess three motivation theories – The three motivational theories are putting efforts and analyse the performance and reward the employees for their performance.
• Different types of leadership style – There are various kind of leadership, such as autocracy, who tells the team what to do and shows some confidence in them, participative leadership who promotes the team members to involve in decision making (Organizational structure, 2018).

Conclusion

From the above report it has been summarized that operating a business entity is not an east task which requires proper functioning, plans and strategy in order to control chances of mistakes. Along with this, numerous factors needs to considered by an organization while running a firm in appropriate manner. In fact, Marriott hotel is adopting various policies and norms for enhancing their performance. Along with this, highlighting various factors which is considered by an enterprise to overcome their business problems for attaining set objectives.

 

You can also read sample on Unit 9: Managing and Running a Small Business, LSST from here.

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.