How Businesses Operates Level 4 MN5F65FB

TASK 2

1.1 Significance of Accounting for Business Success

Whether a business enterprise is small, medium or large, accounting plays a significant role in every type of business. One of the main features of this is that it provides relevant information to managers that helps in making the right business decisions and contributes more to the growth of the business. Mainly, this concept provides information related to financial statements of businesses, such as balance sheets, income statements, profit and loss accounts and many more (Carroll and Shabana,  2010). This helps in identifying the areas in which businesses spend more money and, at the same time, provides ways to reduce expenses. This helps the manager manage all the funds, which ensures the completion of business activities on time. Further, this suggests the areas in which a firm should invest to get maximum return.

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1.2 Various Functions Performed by the Human Resource Department

Various departments are there that work in an enterprise and perform various functions which help the firm achieve its set goals and objectives. For all departments, the human resource department is known as one of the most significant ones, as the HR manager is the one who undertakes the process of recruitment and selection. To hire the right candidate for the right job manager, take the help of the job description and specifications. Further, this department is the one that provides induction programs to new employees and, at the same time, conducts training and development programs for workers, which help them perform their roles and responsibilities in an effective manner. One of the other major functions performed by the manager of this department is the formulation of compensation packages for employees.

1.3 Major Features of Employment Legislation

Employment legislation is known as a mix of various rules, regulations and laws that define the role between employee and employer of an enterprise and at the same time reveal the basic facilities and services that should be offered to the workers at the workplace. Various components of employment legislation define the minimum wage that should be offered to every employee to fulfil the basic and routine needs of life (Casadesus-Masanell and Ricart, 2011). Further, this defines the minimum working hours and safety and health measures that should be offered to every employee working in the enterprise. Employment legislation focuseson the fact on the fact that there should be no discrimination in the workplace and fair treatment and equal growth opportunities should be offered to every worker. This enhances employee's morale and, at the same time, increases their productivity. 

TASK 3

2.1 Interpretation of Information Consists of Profit and Loss Account

Profit and Loss Account of LIDL (2017)

TASK 3

3.1 Analysis for Identifying Roles of Others and Own in a Team

Teams play a big role in the growth and success of the firm. One of the main benefits of working in a team is that it enhances the creativity of team members and, at the same time, ensures optimum utilisation of all business resources. During working in a team, my responsibility is to manage the activities of the whole team and, at the same time, ensure that every team member is performing his roles and responsibilities in an effective manner. To attain set goals and objectives, I monitor the performance of every team member and this helps me identify the strong and weak points of every team member. After analysing the performance of every team member, I suggest to them the path through which they can contribute more to the success of the team.

3.2 Notes Used to Support Training Events

Working of teams in an effective manner provides so many benefits to an enterprise. One of the main features of this is that it ensures optimum utilisation of all the company's funds and helps in achieving desired outcomes (Eccles and Krzus,  2010). The following are the major steps involved in the development of the team:

• Forming: This is the first step involved in the process of team development. This orientation program is required as this helps leaders understand the behaviour and team members.
• Storming: This is the second step, in which every team member performs the roles assigned to them and various arguments or differences take place in this phase due to which various firms fail to develop an effective team.
• Norming: Interaction among team members takes place in this stage and they try to resolve the problems.
• Performing: This is the last step involved in the process of team development; in this, every member performs their roles and responsibilities for completing the assigned project.

3.3 Use  Different Leadership Styles in Different Situations

• McClelland's need theory: This motivation theory is classified into three factors: achievement, affiliation and power. Under this, the five categories of Maslow's needs are divided into three.
• Maslow's need hierarchy theory: This is one of the most effective and popular theories of motivation. Various enterprises use this in order to encourage employees to perform well in the workplace (Prno and Slocombe, 2012). Under this, the needs of an individual are classified into five categories: physiological needs, safety needs, social, esteem needs, and self-actualisation.

Various leadership styles are there that can be used by leaders of LIDL to motivate employees to work well. One of the major aspects that require to be considered by the leader is the situation that exists in the organisation.

3.4 Use of Motivational Theories to Encourage Workers

Various motivational theories are there that can be used by enterprises to motivate or encourage staff members to perform their job roles in an effective way and to contribute more to the success of the firm (Welford, 2013). Maslow's needs hierarchy theory is an effective motivation theory that can be used by LIDL to motivate employees to work well. This firm can increase its profitability and, at the same time, can serve its customers in a better way. 

CONCLUSION

From the given project report, it can be summarised that various leadership styles are there that should be used by leaders as per the situation that exists in the enterprise. This helps motivate employees in a better way and, at the same time, supports them in achieving set goals.

REFERENCES

• Baden-Fuller, C., and Morgan, M. S. (2010). Business models as models. Long-range planning. 43(2-3). pp. 156-171.
• Carroll, A.B., and Shabana, K. M., 2010. The business case for corporate social responsibility: A review of concepts, research, and practice. International journal of management reviews. 12(1). pp. 85-105.
• Casadesus-Masanell, R., and Ricart, J. E., 2011. How to design a winning business model. Harvard Business Review. 89(1/2). pp. 100-107.
• Eccles, R. G., and Krzus, M. P., 2010. Integrated reporting for a sustainable strategy: One Report has the potential to significantly change how companies operate and investors think, shifting the focus from meeting short-term financial goals to developing a long-term business strategy that not only makes a commitment to corporate social responsibility but also a sustainable society. Financial executive. 26(2). pp. 28-33.
• Prno, J., and Slocombe, D. S. (2012). Exploring the origins of'social license to operate in the mining sector: Perspectives from governance and sustainability theories. Resources Policy. 37(3). pp. 346-357.
• Welford, R., 2013. Hijacking environmentalism: Corporate responses to sustainable development. Routledge.

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