Table of Contents
P1 the recruitment documentation used by the company.
P2 Main employability, personal, and communication skills required for a specific job role.
P3 Main physical and technological resources required in the operation of a company.
P4 Describe sources of internal and external finance.
P5 Interpret the contents of a trading and profit and loss account and balance sheet.
P6 Use of budgets as a means of exercising financial control
P7 Financial statement of Association British Food:
Starting a business can seem like a daunting task. In fact, it is. Of the many businesses that open each year, many fail to last as long. Though there is no guarantee for success, an entrepreneur who has properly prepared has a leg up on the competition. In addition to a strong business plan, there are various resources such as HR, finance, IT, etc. that contribute to the success of a new enterprise (Alguire, Al-Paragould, and Elsabe, 2013). The report is based on ABF (Association British Food) which is a leading retail organization in the UK. The first part of this report related to the recruitment and required skills of a company. The second part of this report explains the role of financial resources.
P1 the recruitment documentation used by the company
It is essential for a business organization is to improve its performance to provide effective customer service and profitability. Therefore, it is the responsibility of a company to recruit a highly-skilled workforce for business. In the context of ABF, they required the following documents for which helps in the recruitment process.
Job advertisement: A job advertisement is a paid announcement in a newspaper or other medium about a job vacancy. The advertisement is part of a wider recruitment process designed to attract suitably qualified candidates for a job.
Job Application form: An application form is a template that employers require job candidates to fill out, typically comprising previous positions held, education, and contact information. Application forms are usually completed and submitted online. Job application forms determine whether you will make it to the interview stage of the recruitment process (Ang, 2011). It is very important that you get them right. There is little point in sending poor quality application forms to employers. There is even less point sending many poor-quality application forms to employers.
Job Appointment letter: The letter written by the employer requesting the selected candidates to join in a specific position is known as an appointment letter. It is also called ‘job offer letter’ or ‘job letter’. It involves the following contents:
- Name and address of the organization (employer)
- Name and address of the applicant
- Name of the position
- Duties and responsibilities of the job
- Conditions of job: whether permanent or temporary, office time, performing another job simultaneously.
- Monthly salary
- Time length of the contract
- Date of joining
- Documents to be submitted during joining
- Security requirements
- Commitment or declaration and
- Provision regarding termination
P2 Main employability, personal and communication skills required for a specific job role
There are variously skilled related to personal and professional skills required for a specific task. Each job needs some specific capability to perform a job and others are common skills such as communication, time management, etc. As per the given case, Primark required that to identify major employability, personal and professional capability for a sales associate. These are:
Employability skills: As the public face of the company the Sales Associate is responsible for dealing with all customer questions about the products and services the company offers (Bucolic and Matthews, 2011). A Sales Associate is expected to be continuously updating their knowledge of the company products, services, and policies. Complaint handling is a critical part of this position. Turning a frustrated customer into a happy customer, while adhering to company policies, requires a combination of empathy and tact.
Sales Associate Responsibilities:
- Greeting customers, responding to questions, improving engagement with merchandise, and providing outstanding customer service.
- Operating cash registers, managing financial transactions, and balancing drawers.
- Achieving established goals.
- Directing customers to merchandise within the store.
- Increasing in-store sales.
- Superior product knowledge.
- Maintaining an orderly appearance throughout the sales floor.
- Introducing promotions and opportunities to customers.
- Cross-selling products to increase purchase amounts.
- The ability to adapt quickly to changes in consumer behavior – such as the move towards shopping across discounters and traditional supermarkets, or the growth of online shopping and the rise of social media – is vital as it requires brands to rethink how they present themselves to the world (Burton, 2015).
- As marketers, we’re generally presented with a set of challenges by clients, to which we look to apply the best possible marketing solutions. So, it’s essential for any successful modern marketer to have the ability to solve problems.
- If someone has superb communication skills, he or she probably has an aptitude for clearly and collectedly conveying and receiving messages to and from others both verbally and through body language, including facial expressions, eye contact, arm movement, and posture.
P3 Main physical and technological resources required in the operation of a company
There are various resources needed to run a business in an effective manner. These are relating to the physical and technology in ton operations. In the context of ABF these resources can be:
Physical resources: Physical resources may encompass a wide variety of specific items and objects depending on the nature of the business.
- Land, buildings, water, and water rights
- Machinery and manufacturing equipment
- Vehicles and distribution networks
- IT equipment and hardware
- Point-of-sale systems
Some physical assets are specific to an industry. Livestock, feed, and crop reserves are specific to the agricultural sector, for example. Physical resources may be crucial depending on the nature of the industry. Physical resources typically require a significant outlay of capital (Campout and et. al., 2012). A car manufacturer must invest considerable amounts into production facilities that can only be housed in a suitable area, while a small software developer can set up in any number of available office locations at a competitive rate……………..