Understanding Business Structures and Profit Strategies

MAIN BODY

Role of HR, marketing and finance functions

Human Resource:

They carry various functions and tasks which are also performed by other departmental managers. The expertise of human resources are responsible for hiring, training, induction etc. and also manages the relationship with employees, their benefits and other related functions. Roles of HR are discussed as under:

• Performance management: It is the responsibility of HR manager to manage the performance of employees because it helps in developing their motivation and boosting their morale. It is helpful in order to improve the overall performance of employees and also bring efficiency and effectiveness in achieving the goals and objectives (Ghauri, Grønhaug and Strange, 2020). It is performed by Barr Britvic Soft drinks because they put emphasis on their employees and enhancing their performance level which is useful in improving the productivity of company.
• Workplace policies: It defines the development of policies and rules which helps in making sure about the equality and fairness within an organisation. For instance, is adopted by Coca cola because they believe that employees need to perform in well defined manner under their developed policies and norms which include policies regarding vacation, code of conduct, values etc. and due to these policies the reputation and image of company is maintained in market.

Marketing:

This department is also important as it helps in promoting and marketing of products and services and also helps in developing direct contact with customers. Therefore, it is considered that marketing is not only limited to the selling of products and services but it is a wide concept and its roles are mentioned as under:

• Market research: Before launching and entering into new market, marketing department conduct research because it helps in reducing the element of risk (Brannen, Piekkari and Tietze, 2017). For this, Barr Britvic soft drinks perform this function before launching their new products and services in the marketplace as it helps in increasing the possibility of success of product.
• Increase in sales and profitability: It is performed by marketing department in order to increase sales and profitability of company while distributing their products and services and for this, the marketers has different methods and techniques to increase their performance. For instance, Happy Monkey Drinks use innovative marketing techniques such as Internet marketing, word of mouth and many more as it helps in increasing the sales and profitability of company and also attract new customers towards it.

Finance:

It is concerned with raising funds and money for production and operations of company and also responsible for taking critical decisions for company. They decide about the expenses and also include acquisition and use of funds in suitable manner. Roles of finance department is discussed as under:

• Utilisation of funds: It is performed to eliminate the waste of resources and also performed by Barr Britvic soft drinks because it is useful in saving funds and money for the enhancement of company. It define the adequate and estimation amount of working capital which is required to set up an organisation (Gaur and Kumar, 2018).
• Budgeting: It refers to planning and scheduling about the expense and spending of money and for this a plan is made which is considered as budgeting. It is adopted by Tropicana, as it helps in examining the adequate amount of money which is required to form a budget and also helps in keeping balance in income and expenses.

Collaborative working practices

Collaboration refers to working together which represents the efforts which is done by manager to analyse the problems and helps in getting desired outcome. This practice include establishing relationship with employees in order to combine and manage the efforts of employees. It consider the increment of quality of products and services which is provided by administration and management (Andersson, Cuervo-Cazurra and Nielsen, 2020). Collaboration leads to developing the bond of employees which helps in increasing the sales and productivity. It is significant in various ways which are as follows:

• Increased efficiency: Collaboration is important as it helps in the completion of important work on time and include many people in order to divide the work in effective and suitable manner. While delegating work, it is important for the managers of Barr Britvic soft drinks to analyse and determine the formation of team as it depends on the bonding of workforce which can easily improve the efficiency and effectiveness of work and get desired result.
• Retention of employees and job satisfaction: If employees who has good relations among each other work together then it leads to increase the value of team and also add value in work. It is done because of developing healthy and good relation with employees which leads to retention of best talent within the organisation and also leads to increase the satisfaction of employees regarding their job (Gray, 2019). For this, the manager of Barr Britvic soft drinks develop a team in which team members itself motivate themselves and also continue working for business as it leads to retaining best talent in an organisation. In addition to this, participation of employees in decision making of company is also helpful as it makes them feel important within an organisation.

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Role of financial management and reporting in an organisation

Financial management:

It is the significant part of an organisation as it put emphasis on equities and debts. Financial managers do research and on that basis they decide that which type of capital is required in terms of the assets of company as it defines the effectiveness and efficiency for the management of funds in order to attain goals and objectives. Effective management of funds in important for the long term survival of company as it include planning, organising and managing the financial activities. Some roles of financial management are as under:

• Financial planning: It is used to conduct planning for financial resources as it is responsible for the financial activities of an organisation (Doh, Luthans and Slocum, 2016). Managers of Barr Britvic soft drinks use suitable information in order to identify the requirements and economic condition which helps in developing the budget for an organisation.
• Capital management: It is the responsibility of financial manager to determine the needs of funds and money in an organisation and also examine the structure of it in order to select suitable source of fund to fulfil the need of capital needs. Financial manager of Barr Britvic soft drinks they also perform this in order to determine the suitable structure of capital to manage the use of funds in suitable manner.

Financial reporting:

It represents the standard practices which is used in giving suitable picture of stakeholders regarding the financial conditions of company which include sales, revenues, expenses, profitability and many more as it helps in providing in depth insight which is related with the financial information (Fill and Turnbull, 2016). It is used by the managers, investors, owners etc. who relies under the board of directors and take important decision for company. Its roles are as follows:

• Identification of trends: These reports are useful in identifying the trends of marketplace by conducting research or analysing the reports of company as it include past and present records which are helpful in analysing the trends. Financial managers of Barr Britvic soft drinks determine the present trends before making prediction because it helps in overcoming the weaknesses by improving them.
• Progress and compliance: It is determined that data which financial report give is appropriate and helps in achieving success for organisation (Ghauri, Grønhaug and Strange, 2020). To maintain the progress in business environment, Barr Britvic soft drinks use information form financial reports which is useful in determining the opportunities and also improve efficiency of an organisation.

CONCLUSION

From the above information it is concluded that every department of an organisation plays significant role in its operations and also helps in completion of task on time which leads to improve the effectiveness and efficiency of company. Additionally, collaborative working practices are essential to achieve growth for company and also useful in retaining employees to improve the performance and productivity of an organisation. Furthermore, demonstration of knowledge is done in the context of financial management and reporting as both of them helps in providing appropriate information and vision to take decision which is best for organisation.

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