Financial Performance Of Retail Business Assignment Sample

Examine The Financial Performance Of Retail Businesses Through Effective Change Management Strategies In The UK - Case Study On Tesco

Part 1: Research introduction

1.1. Description of a research project

A wide array of research has identified the fact that Organisation and performance are highly influenced by the presence of Change management strategies. As commented by Ahmad et al. (2020), the practice of Change management tends to create a significant contribution to the overall organisation competencies which can further boost the overall innovative Ness of the respective business organisation. in the modern era of rapid technological innovation and frequent changes in the taste and preferences of consumers, following a stagnant tradition and organisational strategy cannot be effective in terms of bringing about the required success within the respective business firm. As stated by Freeman et al. (2021), because of the existing intensive market competition, the shorter life cycle of products and services, the volatility of products and fluctuating market environment, most business organisations have been constantly searching for using new sources of competitive advantage. in this regard, one of the most important and effective sources of gaining competitive advantage in the modern days is to come up with high-quality practices of Change management for the overall financial performance of the company. keeping the importance of effective change Management practice, The present research proposal will focus on investigating the financial performance of one of the famous retail business companies in the UK named Tesco through the application of statistics Change management strategies.

As stated by Shankar et al. (2021), change management can be described as a particular process of continually renewing organisational structure and organisational direction along with organisational capabilities for serving the ever-changing requirements of both extra and internal customers and the business environment.

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1.2. Research rationale

Figure 1: Grocery market share in the UK

(Source: Statista, 2023)

The main issue of the present research is that in most cases it has been observed that the entire process of Change management is associated with several challenges. Lack of executive support, as well as lack of active sponsorship, can be considered two of the most crucial challenges faced by most business organisations when considering the Change management approach. in the modern environment of highly competitive retail industries, the leadership and management authority of Tesco has also been going through several challenges, especially after the sudden outbreak of the Coronavirus pandemic And the emerging war between Ukraine and Russia. As commented by Harrison et al. (2019), the leadership and management authority of this company has realised that a lack of effective communication can lead to misalignment which is extremely harmful to the overall organisational performance. Simultaneously the rapid business expansion strategy adopted by this company has resulted in several types of organisational complexity not only within the internal business environment but also in the external environment as well. As a result, the overall decision-making process has become extremely slow as well as inefficient. There are also different issues related to employee engagement and employee morale which have been impacting the capability of the company to deliver high-quality customer services.

These have become an issue now because Currently most of the business organisations including Tesco have been going through several changes within their organisational environment for which the issues have become even more severe. Simultaneously this has again been affecting the business operation of this company now because the company has already been going through several types of accounting scandals, which would affect employee retention rate and several others.

Keeping all of these issues in mind the present study will shed light on evaluating the way Change management practice can affect the financial performance of a business organisation, by specifically considering the case study of Tesco.

1.3. Research aim

This research aims to investigate the impact of change management strategies on the organisational performance of the retail business industry in the UK.

1.4. Research objectives

1- To examine the relationship between organisational performance and change management strategies.

2- To evaluate the financial performance of retail organisations through change management strategies

3-To analyse measures to improve retail financial performance in Tesco.

1.5. Research questions

The core research questions will be as follows:

1. What is the existing relationship between Change management Strategies and the financial performance of a business organisation?
2. What are the challenges faced by the leading authority of Tesco while considering the Change management practices?
3. What strategies can improve retail financial performance in Tesco?

Part 2: Literature review

2.1. Introduction

In this particular section, the perspectives and views of several research scholars regarding the effectiveness of Change management practices on the financial performance of organisations will be discussed in detail. This particular section will mainly focus on analysing the previous research done on the research objectives of current research. In this section, the relationship between change management practices and the financial performance of business organisations will be critically evaluated. Thereafter, the point of view of different scholars on the way financial performance can be improved through change management will be discussed. Finally, this section will also discuss several startegies through which the financial performance of Tesco can be improved over time.

2.2. Relationship between Organisational performance and change management strategies

There is a strong impact of Change management strategies on determining the success or failure of organisational performance. The main motive for bringing about organisation Change management is creating a prosperous working environment through some strategic changes along with applying these changes through the people belonging to the management and leadership authority. As stated by Zada et al. (2021), Change management always helps a business organisation in terms of ensuring that the changes are always made in some coordinated way. This may help in terms of improving the communication between the employees and the leadership authority to lead to a better process of decision-making. One of the crucial impacts of Change management is that it always helps in terms of ensuring that changes are always made in a controlled and safe way Which can father play an important role in terms of improving the overall decision-making process of a particular business organisation.

In many instances, it has been noticed that organisational change may have a strong significant impact on the psychological state of employees Which indicates the fact that there is a strong relationship between Change management Strategies and the performance of employees. According to Xie et al. (2019), in case the leadership and management authority of a particular business organisation becomes successful in terms of applying appropriate strategies of Change management then the entire process of Change management can appear to be a strong catalyst in terms of increasing the motivation of employees along with increasing employee engagement.

This has to be noted in this connection that there is a strong correlation between employee performance and the overall financial performance of every business organisation. healthy workless environment can also improve the job satisfaction level of the employees which in turn can improve the overall performance level of the employees. As a result, the productivity and the quality of the work will also be improved eventually. As commented by Gartenberg et al. (2019), organisational change may also enhance collaboration and teamwork. Whenever business organisations are undergoing some kind of change, the employees should work together to adopt a new system and process. These need communication and collaboration which may further lead to stronger relationships along with a more cohesive team. This has to be noted in this connection that bringing about changes in the organisational leadership style can be considered another effective way of improving the financial performance of that company. As commented by Awaysheh et al. (2020), different kinds of leadership styles can affect the employee's performance towards their task accomplishment differently and the deer ship style adopted by the company is strongly correlated with the overall job performance as well as the financial performance of the company. For example, in the modern workplace environment, transformational leadership has appeared to be the most appropriate and suitable category of leadership style whenever the business has been going through some Change management process.

In the modern era of rapid technological innovation, most business organisations have been investing huge money in research and development to come up with the latest technology innovations to attract more customers towards their company. Whenever a company has been planning to bring about some technology changes within their organisational workplace, they require a huge amount of financial support to conduct a high-quality training and development program. significant improvement in productivity and business growth can be achieved when the company will be capable of using new technology.

Lewin's Change management model is known as one of the famous models of managing organizational changes. the entire model comprises three different stages such as unfreeze, change and refreeze. According to the basic phenomena of this particular theory, retraining forces can influence the behaviour of the individuals which can ultimately decide the actual fate of change. driving forces can inspire and steer the employees towards the new state. Whenever a business organisation is going through some changes within its organisational workplace environment, the application of this particular theory becomes extremely relevant and effective.

2.3. Critical evaluation of the financial performance of retail organisations through change management strategies

In the modern age of a highly competitive business environment, standing still is not an option to maintain a noticeable position in the dynamic business environment. As a result Change management is extremely important for every business organisation. Without this, there is a high chance of complete business failure in the market. Change can be broadly categorised into two types such as proactive change and reactive change. reactive change can be categorised as the change which has been implemented In response to some kind of external event or a serious internal managerial and operation and problem situation. On the other hand, as stated by Cameron and Green (2019), there are several ways through which the leadership and management authority of retail business organisations can improve their financial performance through a successful application of Change management strategies. Fight sleep implementation of high-quality innovative technology can be considered one of the most effective categories of change which can be brought about within the respective business organisation to improve the financial performance within the smallest period. In the Modern situation of a highly competitive business environment, most business organisations are observed to invest a huge amount of money in research and development to gain a certain degree of competitive advantage in the market. Most specifically speaking in the current working environment application of Information Technology has become extremely popular and can be used by retail organisations for improving their efficiency level of Administrative function. Information Technology also has the capability of improving the effectiveness of managerial and leadership activities as well. moreover information technology and related applications on task along with providing better information to the managers. Innovative technology can also be used in the marketing segment of the retail industry to attract more customers within the shortest possible period of time. As stated by Ahmad et al. (2020), increasing popularity of digital marketing strategies such as social media marketing strategies can be considered one of the most effective examples of Technology application in the marketing segment and in most the cases it has been observed that such kind of organisational changes have a strong positivity impact on the financial performance of the overall business organisation.

According to Xie et al. (2019), because of environmental Complexities, globalisation, technology and changing needs of consumers, bringing about change within the organisation has become a necessity. Most of the organisation managers in the retained industry of modern times have accepted the fact that change has become the only constant phenomenon which must be attended and controlled properly if the company wants to survive not only in the short run but also in the long run. The entire process of Change management within the organisation environment is associated with guiding and concluding the human emotions as well as reactions with the objective of cutting down the unavoidable reduction in productivity which can be brought about by the change. Organisational change in the retail industry can lead to an adoption to the environment along with improving the overall financial performance. There are several factors associated with the practice of Change management such as the planning's of the change, the highly committed leadership, inform stakeholders along with an aligned workforce. As stated by Ahmad et al. (2020), retail business organisations that have already successfully managed the change have typically developed a workforce plan to achieve their vision of change. Workforce planning has ensured that the organisation comprises an adequately skilled labour Force for supporting their needs during the post-change phase. This has to be remembered in this connection that all the change is quite inevitable in every retail business organisation but resistance to the change can be considered as a common subject in the literature of Change management. Employees can resist the changes because they predict them to have an unwanted outcome.

2.4. Strategies to improve organisational performance by Change management

Intending to lead to a successful Change management process it is extremely important to apply effective strategies by the leadership and management authority of the respective business organisation. Before bringing about the proposed change within the team it is extremely important to develop a transparent plan in which every single activity associated with the change will be documented clearly along with outlining the changing responsibilities for every individual who is going to be affected by the overall process of change. As stated by Ahmad et al. (2020), it is extremely important to maintain a high level of transparency throughout the entire process of Change management because this will help the leader of the Change management to avoid any kind of communication within the organisational workplace.Providing high-quality of training and development programmes to every individual employee associated with the Change management process is extremely important to lead to a successful organisational change. Whenever the change is associated with some sort of shift in technology or business process it is extremely important to provide adequate training and guidance to the Employees to help them in terms of getting a custom with the new situation and this will also help the employees not to feel being left behind because of lack of skill or some lack of experience.

2.5. Summary

After reviewing the overall literature, this can be summarised that there is a strong correlation between Change management Strategies and the financial performance of the company. in Case the leadership and management authority of a particular business organisation can successfully implement the strategies of Change management within the organisational workplace then it will have a positive financial outcome otherwise not.

Part 3: Research methodology

3.1. Introduction

In this particular section, the methodological Tools and techniques which will be applied by the researcher throughout the completion of the overall research will be discussed in detail. at first, a timeline has been predicted which may be required to complete every individual activity associated with the current research. they are after the research strategy, Data Collection Tools and techniques and data analysis method have also be identified in this particular chapter.

3.2. Gantt chart

Figure 4: Gantt Chart

(Source: Author)

The entire completion of the project may take approximately 3 months.s during the first month after starting the project, the researcher will set the research aim and objectives along with determining the significance of conducting this particular research. they are after the data collection method and analysing the collected data will also be a time-consuming process because The entire research will be based on both primary as well as secondary data.

3.3. Research structure

After setting the research aim and objectives, the importance of conducting this particular research will be taken into consideration. The rationale behind conducting this particular research will also be taken into consideration afterwards. then the researcher will conduct a critical literature review in which the research outcome of several Scholars will be compared. theories and models related to change management and their practical implications in the modern workplace environment will be considered (Pandey and Pandey, 2021).

3.4. Identification and justification of research methodology

Intending to understand the actual impact of Change management strategies on the financial performance of Tesco, the present research will be based on a positivism research philosophy. application of this particular category of research philosophy will help the researcher in terms of establishing a strong relationship between the two variables of Change management Strategies and financial performance. simultaneously in this context application of the deductive research approach will be taken into consideration along with exploratory Research Design. The research will be based on a mixed research method.

3.5. Data collection method

Since the research will be based on a Mixed research methodology, the researcher will collect both primary as well as secondary data to reach the research aim and objectives. more specifically speaking the data collection method will be a combination of secondary qualitative data and primary qualitative data. While collecting the primary quality data, a significant interview will be conducted with Three different managers of Tesco who have been presently associated with the company and have been working in this company for more than 5 years. On the other hand, the secondary qualitative data will be collected from reliable secondary sources using the search engine such as Google Scholar, ProQuest and a few others. The company-related information will be collected from the official website of Tesco. other statistical information required to complete this research will be collected from government authorised websites.

3.6. Data analysis method

After collecting the primary data and the secondary data, a systematic thematic analysis will be conducted to analyse the collected bunch of data. While applying this particular tool of data analysis, five different common things will be conducted and each of the same will be strongly correlated with the research aim, objectives as well as the research questions. throughout the completion of the entire Data Protection Act 2018 will be strictly followed. The privacy and security of the collected secondary and primary data will be maintained. there will also ensure that the collected data will never be used in any kind of an ethical manner.

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