Business In Practice Assignment
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The study will describe the various firms' information and how they may be used to improve the country's performance. The study will also assist in enhancing knowledge on the firms' external environment elements, as well as their organizational structure.
In United Kingdom, several types of businesses operate. Finding the proper style of working and boosting economic stability through expanding company operations is critical for the country. While operating in the market, the country has a variety of businesses that assist them in creating more jobs and improving their economic situation.
Micro Business refers to those mini enterprises which are having less or fewer than 10 employees in their working for the business. The owner of the Micro business is the investor or the same person working on different things. They earn less than $25000 in annual revenue. Micro business starts with the small amount of capital and work hard to make it better with improved performance in workplace(De Vries and et.al., 2017).
- Working on the development of business for future growth.
- Resource: Working on al the resources they have
- Flexibility: need to flexible with the changer in working.
The example of the Micro business in the United Kingdom are Manson’s cards, Beauty Boulevard, Issoria, Proviz, writeup etc.
Small business is a type of firm that aids the industry and the nation by increasing market results. Small enterprises are defined as those with a workforce of less than 49 employees. It aids in the production of superior market results. At work, they operate with significant informal management methods. The majority of small businesses are owned by sole owners, with each party responsible for their own profit and loss. In every industry, there is at least one tiny firm (Neumeyer and Santos, 2018). The characteristics are that the entrepreneur needs tyo be stay motivated.
- Ownership: Single ownership
- Management: Owner handle the management
- Limited reach: restricted area of reach
- Intense labour: little dependency on technologies.
Small business companies like, privately owned restaurants, small local bakeries, in the United Kingdom are examples of modest businesses that serve people by offering small amounts of goods and services.
Big enterprises are among types of businesses that give the majority of the nation's economic security opportunities by giving a large number of chances for people who work for them. This helps in giving better opportunity for the jobs and offering of better economic stability for the country. There are 250 plus employees work with the organization in this business. The annual revenue is more than 50 million (Niculaescu, Sangiorgi and Bell, 2021). Large business organization supports the micro and small business to increase better market standing and economic condition of the UK.
- Rich product content
- Customer segmentation
- Guided selling
- Loyalty program
The example of the large organization is Tesco, Sainsbury’s, Asda etc.
A sole trader is a business founded by a single individual who operates as an entrepreneur and is entirely responsible for the company's responsibilities.In this type of corporation, the interests of stockholders are basically equal, and any losses incurred by the firm must be recovered from the employee's limitless income.They are accountable for all of the company's profits and losses. They are the ones who get all the credit and bear all the danger. One of the features of a single trader in the workplace is that they have limitless responsibility and no separate entity. The example of the sole traders in the business are the electrician, plumbers, decorators, plasterers etc (Bruwer, 2019).
Partnership is one of the formal agreements which are done between different parties to work on the same goal of achieving the business profit. They work on the deeds and increase the overall utilisation of the resources to achieve the performance results. There are several types of partnerships, such as limited liability partnerships, general partnerships, limited liability partnerships, and limited partnerships, among others. They collaborate based on a property agreement signed by the official. The profit margin is shared in the workplace, which is one of the partnership's features. They have a working connection with the agencies with whom they collaborate. The presence of the agreement, as well as the liability of nature. Spotify and Uber, for example, are two instances of collaboration companies.
The public benefit business is frequently referred to as a hybrid financial contract since it combines a company's medical insurance with tax system and the ease of operation of cooperation.Limited liability corporations are one of the most popular company structures among entrepreneurs who run small businesses. But, owing to their newness, judges have also yet to create a framework of legal precedent governing them(Aspan, 2017). They operate as a distinct business and get tax benefits. Working with simplicity and flexibility while maintaining a low level of risk. Lawyers’ consultancy, accountancy firm, and others are examples of limited liability businesses.
Public limited liability
PLCs are corporations that are publicly traded on the London Stock Exchange. This is how a firm that provides services for the benefit of the market audience and the control of private to public information operates. Thecharacteristicsof the public limited liability are the paid-up capital, required a minimum of three directors to run the business in the market. PLC works on the betterment of the society and the audience to control the monopolistic market control of the private agencies. One of the examples of the public limited in UK is Tesco. A public company can have at least 15 directors within the business. The public limited company are the legal entity; they have their own different name and logo. Public limited help in development of offering for the audience which can further provide the support in the monopolistic control of the private enterprises.
Co-operatives are businesses in which the members who are affiliated with the firm run the business. It is critical for the firm to have several members who are responsible for the overall condition of the expanding business. The major disadvantages of the Cooperatives are that it is less secretive. The characteristic of the cooperative business is finance open membership, democratic control, service motive, voluntary membership.
The process of an organisation in their working is referred to as organisational structure. It is critical for a firm to work on various structures in order to attain the desired objective for which they are striving for business growth. Working in an organisation and expanding the basic structure with employee accountability for the business performance is depicted by framework (Mo?teanu, 2020).
Functional Organizational structure
The practise of working in a firm where employees who operate in the same field or on the same task are placed in one team is referred to as functional organisational structure.For example, the entire accounts employees are placed in the finance department of the company. The functional organization works with providing the right function to increase the overall development in performance of the business.The advantages of this structure are that it allows for rapid decision-making since members can easily communicate inside the group. If the functions are not performed properly this can affect the productivity with the conflict in workplace. There are different issues which can cause communication gap etc. It is important for the business to develop the resources and employee working in the same need to be aware about roles for productivity.
Divisional organizational Structure
The divisional structure of working in the organization refer to the process in which the company employee works into different teams on the basis of the product and services the company offer. This covers the product development process, which speeds up work and improves the entire company development process. When the team and coordination are working on the same product, it is easier for them to work quicker (Auchter and et.al., 2018). When the work is divided, it is essential to have good communication or else the company can face the issues with their productivity when the work is not completed properly.
PESTEL analysis is the external analysis of the business which works on the external environment factor for the business organization. PESTEL help in the development of better analysis of the environment factor in the business which can help in understanding the productivity of organization.
Politics play a role in the policies of the countries in which businesses operate.It is critical for companies to align their policies with the country's overall policies in order to function more effectively and efficiently. When the company uses the policies that have been created, they will be able to improve the speed with which they work on their new structure. Example Primark and Tesco utilise the political power and the operation of working to develop business performance. The government rules and regulation are being followed by everyone to work in the market.
Economic factor can impact a lot on the business productivity because the country is facing the recession due to lockdown because of the pandemic crisis. Economic condition can allow better resources if the finance stability is strong in market. Brexit situation between the UK and EU is a major concern to know while putting a lot of investment within the countries. The economic situation needs to be strong of the country to invest on new project and provide better results.
The social element is determined by the audience's condition and behaviour in the market. The demographic condition is also a key impact in the productivity of the company.The necessity of operating in the market by generating resources and knowing market taste and preferences must be understood by the business (Ortega and et.al., 2019). If the companies do not follow the trends and references then their performance can be impacted in the business results. The lack of customers attraction can cause the overall business performance.
The businessuses technologies in today's market since they are more technologically sophisticated, allowing them to improve the speed of work and produce a faster total billing process. This also develops a control in the workplace's faster working by technology. E.g. Tesco use the high technologies to increase faster working. Using the technologies can enhance fast working and develop the overall performance with fast productivity and quick bill.
Controlling the environment is critical since it can lead to an increase in customer awareness. Companies must focus on CSR initiatives and limit their usage of plastic since environmental protection is critical, and this may help them achieve better outcomes. E.g. Primark control the waste of product and resources to preserve the environment (Nurmi and Niemelä, 2018).When the companies work on the development of society ithelp in developing the customer attraction which further help in increased sale for them.
Legal procedure can impact the business with the policies and the legal restriction of the government of the country (Wajid and Zafar, 2021). When the business work with all the legal policies and guidelines of the government. It helps them in working smoothly with full procedures which help them in developing business. This also provide them in no issues in paper work and the business does not get affected.
From the current study, it can be inferred that there are many types of businesses operating in the United Kingdom. The more the business opportunity the better the company strength can be increased. It is essential for the country to develop more opportunity from the SMEs and large business to increase the strength in market. The research goes on to say that by focusing on the environment as an external element, businesses may improve their earning and growth processes. The report concluded that working on the external environment factor it helps in development of understanding and resource identification for better results.
Aspan, H., 2017. Good Corporate Governance Principles in the Management of Limited Liability Company. International Journal of Law Reconstruction, 1(1), p.87.
Auchter and et.al.,2018. A description of the ABCD organizational structure and communication framework. Developmental cognitive neuroscience, 32, pp.8-15.
Bruwer, J.P., 2019. Critical innovation skills required of sole trader Small, Medium and Micro Enterprise (SMME) management and its influence on perceived business profitability.
De Vries and et.al., 2017. Trademark or patent? The effects of market concentration, customer type and venture capital financing on start-ups’ initial IP applications. Industry and Innovation, 24(4), pp.325-345.
Mo?teanu, N.R., 2020. Challenges for Organizational Structure and design as a result of digitalization and cybersecurity. The Business & Management Review, 11(1), pp.278-286.
Neumeyer, X. and Santos, S.C., 2018. Sustainable business models, venture typologies, and entrepreneurial ecosystems: A social network perspective. Journal of cleaner production, 172, pp.4565-4579.
Niculaescu, C.E., Sangiorgi, I. and Bell, A.R., 2021. Venture Capital Financing in the Esports Industry. Available at SSRN 3795142.
Nurmi, J. and Niemelä, M.S., 2018, November. PESTEL analysis of hacktivism campaign motivations. In Nordic Conference on Secure IT Systems (pp. 323-335). Springer, Cham.