How Business Operates at The Greggs (GC0757)

Introduction

Everything that happens within a company to keep it running and earning money is referred to collectively as business operations. Business plans often include a section dedicated to operations so that company founders understand the systems, equipment, people, and processes need to make the organization function. Business operations vary according to business type, industry, size, and so on. Operations for a brick-and-mortar store, for example, will look different from operations for an online retailer. The former will need a point of sale terminals to process purchases, for example, while the latter will need e-commerce software that provides electronic shopping cart services. This paper, first, focuses on the business environment including different types of organizations, different structures of business, and the impact of the economic environment impact on UK businesses.

Then, this paper focuses on business functions including the importance of accounting in business, different functions carried by the HR department in a business, and key features of employment legislation. Next, this paper focuses on an accounting workshop that provides information on the profit and loss account of a particular business. Then, this paper discusses team works that determine the roles of the team, stage of team development, three motivation theories, and different types of leadership styles. Finally, this paper focuses on customer services including the impact of customer service on business success, and the benefits of customer profiling to a business.

a)     Describe the types of organizations found in the public and private sectors in a named country

Private Sector

Individual ownership or Sole Proprietorship

Definition: As the name suggests, such a type of business is owned and operated by one person. This is the oldest and simplest form of business organization. The businessman invests capital, employs labor and machines. Stance owner alone enjoys the profits and suffer the losses in his business. Therefore, he is the supreme authority to decide on different matters concerning his business and has unlimited freedom of action within a legal jurisdiction. Overall control in a single hand helps him in quick decision efficient administration and working. Such an organization owner himself is responsible for the liabilities. Hence the creditor can collect the money even from the personal property (Jahangir, 2018).

Example: Designers, Developers, Plumbers, Repairmen

Advantages:

• Such individual enterprises can easily be formed and simple to the sun.
• Minimum if legal restrictions.
• The owner’s interest, care, and efficiency directly affect the profit in the business.
• Retain all profit to the owner.
• Ease of dissolving firm.
• In this system owner himself is in touch with customers and hence can know their likings.

Disadvantages:

• The amount of capital that can be invested is limited; therefore, modern factories cannot be run with this system of organization.
• The owner cannot be the master of all techniques management, sales, engineering processes, etc since work suffers.
• Due to unlimited liability owners cannot take the risk to start a big industry.
• Limited opportunity for employee’s because the organization is not permanent.

Partnerships

A partnership is a type of business that is led by one or more persons combined. Shareholders are also collected by the owner. In this type of small business all the losses, debts, and benefits are shared by the shareholders (Jahangir, 2018).

Example: Bonne Belle & Dr. Pepper BMW & Louis Vuitton, Huber & Spotify, Apple & MasterCard.

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Advantage:

• The accountabilities can be divided into all shareholders.
• The capital might be huge as there are more shareholders.

Disadvantage:

• This is not complete for the whole business.
• Liability is divided.
• Businessmen can give an opinion in respect of business relationships.

Limited companies

Definition: Limited financial resources and the heavy burden of risk involved in both of the previous forms of organization have led to the formation of joint-stock companies these have limited dilutions. The capital is raised by selling shares of different values. Persons who purchase the shares are called shareholders. The managing body is known as; Board of Directors; is responsible for policy making important financial and technical decisions. There are two main types of joint-stock companies- private and public limited companies (Jahangir, 2018)………….

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