Managing Business Operations Table of Contents Introduction. 3 Task 1- Features of a business environment 3 Task 2- Business Handbook. 9 Task 3- Control and Decision Making. 17 Task 4 – Personal Skills Audit 21 Conclusion. 24 References. 26 Introduction Materials are converted into products and services throughout corporate operations to maximise the profit of the business organisation. Profit and customer satisfaction goals are inextricably linked in every business. Business operations implement a wide range of strategic strategies, ideas, and action plans. When a company’s business operations are poorly managed, both its profitability and organisational behaviour suffer. Organizational operations differ depending on the size and type of business. Employees who work in companies that use good management practises are more productive and responsible at work. Business operations necessitate strategic management strategies that are tailored to a specific firm. Leaders and managers employ a variety of methods and technologies to improve the efficiency and success of operations. Task 1- Features of a business environment Identify common functions and divisions found in business organizations Every company has a set of activities and divisions that operate similarly. These functional activities and divisions assist commercial enterprises in the production of goods and services from raw materials. Every business must consider production, financing, marketing, human resource management, as well as include research and development. An organisation cannot operate or generate revenue unless it has these divisions and functions (KAIRA and VASCHENKO, 2020). Production The primary responsibility of a business is to manufacture goods and provide services. Customers’ needs are met as a secondary goal. Other divisions or functions contribute to production by providing materials and designing. The production manager is in charge of resolving these production and functional issues with the help of his production team. Technology is essential in the manufacturing process. Finance Accounting and finance is another important area for dealing with economic problems. Accounting assists businesses in keeping track of their expenses and revenue. Organizations’ debit and credit balances are recorded through an apt organisational accounting department. Finance, on the other hand, creates strategic budget plans and financial management standards for the company’s various divisions. The finance department creates a budget for production, human resources, research, and development, along with considerations for marketing (KAIRA and VASCHENKO, 2020). Marketing The marketing department is the most effective because it is so tightly linked to the other operations and responsibilities in a business. Promotion is the responsibility of this section if goods are to be sold on the open market. When necessary, it develops a strategic marketing plan. To put it another way, this section informs customers about the goods and services that businesses offer (Yasinovska and Myshchyshyn, 2018). Human Resources Management Human resource management is a department that assists other departments by improving employee skills and monitoring their work. Personnel management is in charge of identifying and training effective workers who can meet the organization’s changing needs. Employees of Jonathon Marshall, for example, need to improve their management and technical abilities. The Human Resource Management Division will be in charge of it. It also saves money when preparing to understand the requirements of other departments (Yasinovska and Myshchyshyn, 2018). Research and Development Thorough market research is critical to a company’s success. A successful firm must have a thorough understanding of the business environment, current market trends, and customer needs. Researchers and developers conduct extensive market research and develop business plans to capitalise on the opportunities discovered. Consumer behaviour and attitudes are studied to conclude consumer preferences, whereas employee behaviour is studied to create company culture (Storonyanska and Benovska, 2018). Describe different organisational structures, providing appropriate examples for each of the organisational structures and advantages and disadvantages Different organisational structures and sizes are associated with the small, medium, and large companies that differ extensively from each other. Small and medium-sized businesses have fewer management layers than larger corporations. Organizational structures vary from one company to the next in terms of their benefits and drawbacks. Functional Structure A typical commercial organisational structure is the functional structure of an organisation. Based on their commonalities, this paper is instrumental in bringing out the using appropriate examples from each type of structure that forms groups or teams of individuals with comparable skills, interests, and duties. Workers with similar skills and duties are assigned to each department in this structure, and they work together to achieve departmental and organisational goals and objectives. The participatory decision-making culture of the organisational structure is what propels businesses to apparent success. Production, marketing, human resource management, and finance are just a few examples of departments found in business organizations (Dubgorn et al. 2019). Advantage and disadvantage The most obvious advantage of a functional organisation is that having employees organised by specialty ensures a consistent level of departmental competence. When departments are staffed with specialists in only a few areas of the business, teams tend to split. Employees in different teams are unable to connect and share their perspectives, which may be detrimental to the company’s long-term growth (Dubgorn et al. 2019). Divisional Structure The most important consideration in activity division is whether or not a particular project, product, or customer group is applicable. A group of people who work together to achieve a common goal or create a common product. A company, for example, may organise its employees into teams or groups based on the product it sells. Specific goods are assigned to groups, which must include all of the group’s or division’s activities (Islami et al. 2021). Advantage and disadvantage Divisional organisation in the business allows for specialisation and efficiency. Your marketing, IT, R&D, and HR teams, for example, are divided into their departments inside your business by functional divisions. The disadvantage is that departments may become isolated and hesitant to collaborate with others (Islami et al. 2021). Matrix Structure This organisational structure is a hybrid of a functional and a divisional structure. All divisions and functions are interdependent. This kind of organisation increases productivity and encourages employees to come up with fresh ideas. On the other hand, there is a high likelihood of divisions and functions clashing (Berezney, 2019). Advantage and disadvantage A matrix organisational structure enables many departments to easily communicate and collaborate on a project. Problems are resolved more quickly, and communication throughout the organisation is improved because employees report to multiple supervisors rather than just one functional manager. Individuals may find themselves divided between their responsibilities to various managers and projects as a result of the matrix’s requirement that workers answer to multiple management while simultaneously working on many projects. Furthermore, since there are so many managers in charge, management directions may vary from team to team (Berezney, 2019). Figure 1: Matrix Structure Hybrid Structure A hybrid organisational structure coexists with functional and divisional structure structures. Instead of a matrix structure, this organisation uses a framework to allocate departments, which can be functional or divisional. Many businesses use a hybrid organisational structure around the world (Fostolovych, 2020). Advantage and disadvantage Divisional and functional organisational structures are rigid, while a hybrid structure is more adaptable. Lower-level employees and senior management get along well. This makes dealing with any problems that arise among the employees much easier, resulting in increased production. The possibility of conflict between corporate divisions and departments is a significant disadvantage of a hybrid organisation. Timelines and resources may be a cause of contention for project managers and department heads. Many employees are unsure of their position within the power structure. Misunderstandings about the various workers’ responsibilities and tasks are also possible (Fostolovych, 2020). Figure 2: Hybrid Structure Describe the key differences between the public, private, voluntary sector, and public service organisations. Several types of organisations may emerge, depending on the nature, size, scope, and legal forms of the organisation, such as public, private, and non-profit. The nature, size, scope, and legal structure of these organisations vary (Johanson and Vakkuri, 2017). Public organizationPrivate organizationVoluntary organizationThe government funds public organisations that have a specific mission and serve the public. Government agencies strive to provide better services to their citizens at a reasonable, if not free, cost. The National Health Service, for example, supervises all other healthcare providers in the United Kingdom. This type of organization refers to personally owned organisations that are formed and managed by individuals. In other words, the company is run and funded by a single person/a private group of people. Private organisations must follow the laws of the country in which they operate. Depending on their purpose, the size and scope of private organisations can vary greatly. Institutions like this have aided in the economic development of a country.Non-profit organisations can be formed by individuals or groups to help their communities’ social and economic growth. The main goal of the non-profit sector is not to make money. Furthermore, these types of organizations can be private companies and can have numerous departments, such as research and development and business. Table 1: Differences Explain why a business organisation may choose to change its structure and the impact this may have. Change in a company can take many different forms. It may be necessary to make structural changes to a company. Change can be planned months or years, or it can be imposed on a business as a result of a shift in the external environment. Changing the way a company operates can be dramatic and quick, or gradual and slow. Either is possible. Change, in whatever form it takes, necessitates the abandonment of old habits and the adaptation of new ones. The process entails effectively managing people in various positions (Lahti et al. 2018). Task 2- Business Handbook An explanation of a range of key accounting concepts This paper explains a variety of important accounting concepts. Both businesses require accounting software to keep their financial systems organised. The income statement and the balance sheet are the two most important financial statements in the world of finance. A firm’s long-term security is enhanced by a strong balance sheet. A balance sheet is a statement of a company’s assets and liabilities, including current obligations, long-term liabilities, and equity (Bibee, 2020). The income statement contains information such as sales, turnover, revenue earned, operating costs, and a net profit or loss statement. Accounting also includes operational revenue, which is the total revenue generated by a company’s operations. The revenue generated by various distribution and manufacturing operations, as well as outsourcing and contractual labour, determines the turnover of a company (Bibee, 2020). Because high operating expenses are stifling profitability, most companies are looking for ways to cut costs while increasing sales. The third and most important component of all accounting standards is the cash balance statement, which depicts cash inflows and outflows over a fiscal year. According to the accounting committee, this declaration is the final say on whether the organization’s financial stability should be strengthened further. A description of the stakeholders who need to understand an organisation’s financial position Everyone is affected by a company’s health, but key stakeholders who are committed to improving the operating environment, preserving jobs, and laying the groundwork for the company’s future success in other internal markets as a scope opportunity are especially important (Andriof and Waddock, 2017). The company’s private owners and the internal and external stakeholders that may be the workers of the corporation are also primarily involved in the corporate financial health status. Other stakeholders, such as the company’s employees, play an important role in determining the company’s financial health. Apart from the organizational stakeholder’s many customers who have previously purchased the company’s goods and services are curious about its financial situation. To put it another way, a successful company produces high-quality goods that keep customers coming back for more. When a company performs better, it will deliver high-quality goods that will attract its clients for a longer period in exchange. External partners, such as consultants and suppliers, play an important role in assessing the financial health of the company because they create and provide high-quality goods and services. External suppliers who fail to deliver high-quality goods on time and in an acceptable manner can harm a company’s overall performance and financial health (Andriof, and Waddock, 2017). Donors were the last group of stakeholders to be concerned about the organization’s success because it would have a significant impact on the money they had invested if it failed. To encourage businesses to follow the law, government officials must enforce strict laws and regulations, as well as tax policies. A description of the information that is provided by business budgets As previously stated, a budget is a company’s capital and financial action plan. A project or product cannot be developed without first developing a budget. Financial statement analyses reveal the expenses associated with an organization’s operations. A budget is required because it identifies potential spending sources as well as associated expenses. Managers may feel more confident in their day-to-day responsibilities as a result. Organizations employ a variety of budget monitoring techniques. Businesses are increasingly reliant on technology to keep track of and analyse their expenses. They may use spreadsheets or other budgeting software, depending on their preferences. To manage and analyse budgets, large corporations create their software. Business leaders and managers can anticipate future problems and deterioration in the company’s financial situation by keeping an eye on the budget and acting quickly to correct them (Charifzadeh and Taschner, 2017). An explanation of the importance of excellent customer service to a business organization and a description of the elements required for excellent customer service in an organisation To be successful, it is important to understand the significance of excellent customer service to businesses. This is what distinguishes a business from its competitors by exhibiting exceptional customer service. Businesses such as Jonathan Marshall’s hardware store must excel at customer service. Superior customer service not only increases revenue but also aids the company in establishing a positive reputation. Marketing expenses will be reduced because Jonathan Marshall’s hardware store provides excellent customer service, which acts as an automated marketing advertisement. Consumer satisfaction with Jonathan Marshall’s hardware store’s goods and services is directly related to employee happiness. Furthermore, the quality of goods and services will improve as a result of this (Charifzadeh and Taschner, 2017) Set of proposals for improving customer service Respect: Customers must be respected, and businesses must take their needs into account when developing new products. Companies frequently take quality compromising shortcuts to increase profit margins, which should be avoided at all costs. Throughout the sales process, they must be courteous and respectful to clients (Charifzadeh and Taschner, 2017). Understanding: Understanding: If a business unit wants to make more money, it must be able to recognise and anticipate consumer needs. Customers solve their problems by purchasing products and services rather than purchasing things. It is the responsibility of a business to identify and resolve consumer issues. Listening and Responding: Companies must pay close attention to their customers and respond appropriately. Customers’ opinions on the company’s product offerings may be elicited through a survey or in-person interaction. They may change the business plan for their product line if they obtain better development ideas to meet the needs of various customers (Rasul, 2018). A description of the elements of excellent customer service Jonathan Marshall’s hardware store is lacking in a few key components that would elevate its customer service to exceptional levels. One of these aspects is prompt customer service, as well as consumer respect and effective communication. Quick response: Customers visit Jonathan Marshall’s hardware store to purchase services and products. If this occurs, Jonathan Marshall’s hardware store must act quickly to keep customers satisfied. The modern consumer wants to save money and time. As a result, quick servicing is required (Bayunitri, 2017). Respect: Respect for service consumers distinguishes a company and helps it run smoothly. Jonathan Marshall’s hardware store has another tool at its disposal for providing excellent service: customer respect. Effective communication: If they communicate properly, they will get what they want. Jonathan Marshall’s hardware store is expanding, so he needs to be able to communicate clearly. To be successful in this field, employees must also improve their communication skills (Bayunitri, 2017). An explanation of why business planning is important. In this part, the discussion is based on the significance of business planning. Although it may appear insignificant, planning serves as the foundation for everything else. It creates a framework in which any activity or sequential process of an organisation can take place. The use of a project plan to help organise all of the tasks that must be completed within the project’s time frame assists in translating the company’s core vision. The mission statement or vision should be reviewed regularly to ensure that the company’s goals are pursued and executed with care and precision. A company’s mission statement also serves as a road map for developing corporate strategy, allowing management to develop specific activities that supplement the company’s overall goals or departmental vision. The entire strategy process is designed to attract the best people to the company while also keeping inspirational goals on track (Torres and Ronzoni, 2018). A description of mission, vision, business strategy, and organisational objectives. The description should include details of how these are used in business organisations. Mission – A mission for the organisation is developed to communicate the group’s purpose. This will take the form of matching priorities and goals and will cover the organization’s individual technical as well as organisational elements. Vision – In other words, a business’s vision is how the organisation intends to behave itself to accomplish its objectives. The functional ways through which the organization’s purpose and vision may be accomplished are also linked (Pathiranage, 2019). Organizational objectives and core competencies: A company’s objectives are a collection of techniques it plans to employ to accomplish its most critical goals. They may be linked to the company’s technological and human resource capabilities. When the present industrial pattern changes, fundamental abilities may rapidly adapt to meet the changing needs of consumers. The Strategic Planning team’s early involvement in establishing and upgrading the corporate core competencies would aid the company’s advancement to a higher level (Pathiranage, 2019). Business planning – The organisational strategy comprises the business task, goal, concepts, and strategy, as well as the organization’s reporting execution plan. An explanation of the key elements of a business plan and how it is created As previously said, some of the most important components of a business strategy are generated from the following elements. Vision – It is an explanation of the key components of a business plan and the method by which they are created. In other words, vision is where an organisation wants to go in the long term. Mission – A mission statement describes what departments must accomplish to fulfil their visionary goals (Xu, 2020). Organizational objectives: The aim of business is in context to the respective departments that establish goals following the organization’s medium and long-term objectives. Financial Plan – The financial plan contains expenses such as start-up costs, operating expense estimates, and income expectations for a certain period. Marketing Plan – The marketing plan includes the marketing goals, communication budget, and marketing strategy needed by the company to achieve operational aims (Xu, 2020). Necessary steps in the creation of a business strategy: The setting of the Organizational Objectives Defining the Organization’s Goals for every Business owner is necessary. It is instrumental in establishing the company’s goals with a clear understanding of how to achieve corporate objectives. Long-term priorities may be defined by using a company’s mission and vision statements. Financial Resources Assessment – The financial resources available to the organisation are evaluated to assess whether or not the company’s business objectives can be fulfilled. To evaluate the available financial assets and make investment choices, the promoters and key stakeholders must examine the available financial assets. Roll out the plan – It also refers to the process of executing the plan. The campaign will involve a variety of activities such as newsletters, notice boards, pamphlets, pre-live events, and live events, among others (Xu, 2020). Interpreting the financial statements provided in Appendix 1 When reviewing a company’s financial statements, many important performance indicators must be evaluated to assess the company’s overall success over time. This information will assist shareholders in determining if it is worthwhile to invest in the company. Profit margin: A check of the company’s profit margin shows a 36.2 percent growth in net profit, which is outstanding. In addition, the company’s gross profit was higher, at 26.66k dollars. It is an excellent investment option, as shown by its profit margin (Langemeier and Yeager, 2018). Current ratio: Profit margin: To calculate the current ratio, divide current assets by current liabilities. In other words, it shows an investor how much cash a company has available to spend. The smaller the quantity of liquidity, the more difficult it will be for a company to pay its daily operational costs. The company’s current P/E ratio is 7.42, which is great. Investing in companies with a current ratio higher than two is generally seen as favourable. These ratios are used by the business’s shareholders, who put up a substantial amount of money and have voting rights when it comes to making critical decisions for the company. Companies should make decisions based on what is beneficial for the shareholders (Langemeier and Yeager, 2018). Explains how and why budgets are monitored. It is essential to ensure that the developed and authorised implementation plans in the areas of financial, operational, and capital expenditures are carefully monitored. A company’s management must be able to keep its employees accountable for it to be successful. Managers are in charge of inspecting and controlling the resources of the functions. An apt explanation of budget and a relative monitoring technique keeps a company instead of their primary objectives. It is instrumental in analyzing the amount of money that is managed inside organisations. Budget management may be made easier for companies by using different tools and processes. Explains the processes used to monitor organisational budgets. With today’s technology, it is possible to build a digital budget monitoring system. Companies utilise spreadsheet analysis to analyse all of their expenses and create a structure in which the calculations are done automatically. Creating specialised accounting software for a company may assist them in tracking their increasing sales and profit. Budgets generate asset and liability plans, as well as a projected balance sheet. As a result, a projected income statement is produced, which predicts future revenues and expenditures (Kamau et al. 2017). Differentiates between functional and personal customer expectations and how an organisation can ‘delight’ a customer in both areas The ability to provide excellent customer service is referred to as a “functional customer expectation.” An organisation can ‘please’ a customer in both functional and personal aspects by distinguishing between expectations. After-sales service, shipping, and fewer faulty products are all part of the package. A customer’s emotions about a product are reflected in their customer expectations after using it. To develop new products, companies may conduct market research to determine customer demand and trends. In this competitive market, an appealing design or superior quality of a product may assist a company in increasing sales (Torres and Ronzoni, 2018). Task 3- Control and Decision Making Why an organization needs operational control As a consequence, each business has its own set of goals and objectives. Management operating organisations also create strategic plans that include a vision, mission, goals, and an action plan for attaining them. Objectives cannot be met in the absence of a management system. As a result, operational control is crucial. It assists organisations in sustaining high-quality standards in both the products and services they offer. These management measures guarantee a safe and sound company operation to satisfy customers (Lin et al. 2020). Explain systems that organizations use to achieve operational control Organizational operational control is accomplished via the methodical activities of company operation management bodies. Controlling business operations requires the implementation of an organization’s control procedure. This process has many stages, including: Set standard: This aims to establish a baseline for the business. This refers to the aspect of ensuring development in terms of performance criteria for organisational activities. It is because, they may be compared to one another, and is a critical step. Observations are made to determine whether or not the performance remains at the predetermined level of quality (Lin et al. 2020). Measure real performance: Strategic action plans are created by organisations to determine how effectively they are doing this. Jonathan’s management must identify the exact actions performed by their teams and departments to guarantee that goods satisfy quality requirements. Compare performance with the established standards: These steps analyze the findings of industry norms. At this step of operation control, actual and standard performances are compared to determine if the performance level is on target. Describe different techniques that managers can use to help decision making Every day, managers and executives make a slew of choices. Organizations employ a range of tools and methods to assist them in making choices. To name a few, there is marginal analysis, SWOT analysis, a decision matrix, and many more. Marginal analysis is one of the most often utilized decision-making tools for managers. Managers will be able to make better choices with the assistance of SWOT analysis. Because it addresses the benefits (strengths), drawbacks(weakness), opportunities, and dangers(threats) associated with a problem or situation. Making a choice becomes considerably easier if the features of the issue are known. Managers may use a decision matrix to assist them in making a decision. The significance of each item, as well as the pros and disadvantages, are described in a decision matrix. Thus, the decision matrix assists managers in making choices (Ignatieva and Gavrilenko, 2018). An identification of the different types of information that enable managers to have control and how they use the three-stage control loop. Different types of Information: Understanding the various layers of an organisation is critical for users to make better choices. The following are the different organisational levels: Operational Management: The operational level is concerned with the organization’s day-to-day business transactions. They are working with Tool-box Retailer here, and they deal with sales every day. If they offer goods on credit, their credit policy must include some kind of borrowing restriction. When determining whether or not to give credit to clients, salespeople simply need to examine the most recent credit information from the system (McClory et al.2017). Tactical Management: The key actors in this sector include middle-level managers, department heads, supervisors, and so on. At the operational management level, they typically keep an eye on what users are doing. In this case, an operations manager will make semi-structured choices. Some of his decisions will be governed by rules, while others will be dependent on his judgement. Based on an individual’s credit limit and payment history, he decides whether or not to raise the credit limit for that customer, based on the number of sales anticipated from that client. Strategic Management Level: The top position in the organisation, typically held by a president or CEO. At this stage, consumers begin to make less organised choices. Mr. Jonathan, a senior decision-maker, is responsible for validating the tactical manager’s (i.e., department heads’) data. When making unstructured decisions, he relies on information from tactical managers and the outside world to help guide his thinking and decision-making processes (McClory et al. 2019). Transaction Processing System (TPS) Mr. Jonathan can employ transaction processing tools to keep track of the store’s day-to-day operations. He can receive information on transactions that place daily by using TPS. How many spanners were sold today, for example? How much merchandise do we have on hand right now? What is the balance owed to the Customer? (name:ABC) The three-stage control loop is as follows: There are several types of control at the strategic and operational levels of control. Controls for feed-forward: The goal of feed-forward control is to detect problems ahead of time and take action to address them. For example, in the case of the “Tool–box,” feedforward controls include performing preventative maintenance on machines and equipment as well as due diligence on monetary investments (Trianita et al. 2020). Proactive control: While these controls are not always proactive, they do deal with the current section of the problem and prevent it from getting worse. Because it deals with the current situation, concurrent control is also known as real-time control. In the case of “Tool Box,” the concurrent problem may be current market competition, and what strategies the operations manager would employ to overcome it. For example, the pricing of the tools may be slightly higher than current market competitors, and a small price adjustment could help management overcome large sales and lost customer loyalty (Trianita et al. 2020). Feedback controls entail gathering information about a completed task, assessing that information, and devising strategies to better such activities in the future. Mr. Jonathan can use data from previous execution to align future execution with predetermined objectives thanks to feedback controls. Behavioural controls: Behavioural controls involve direct assessment of administrative and employee decision-making, which is influenced by a variety of outer and inner factors that might influence the link between a supervisor’s decisions and organisational performance. They’re also appropriate for managers that coordinate resources and competencies across multiple SBUs. Managers at “the tools box” will compare data from previous sales records and make future judgments based on their findings (Kim and Lim, 2020). Financial control: Financial control is the administration of a company’s expenses and costs to keep track of them in budgeted amounts. According to the budget, management does research on the aspects of its financial state that are most critical, such as resources, sales, or benefit, seeks to evaluate them through spending plans, and then compares actual execution to planned execution. Add up to the sales and indications of being profitable would be applied critical controls at a crucial dimension (Kim and Lim, 2020). Nonfinancial controls: It refers to those aspects of the business that aren’t immediately financial but are expected to produce positive execution outcomes in the future. For example, “Tool – Box” has established that extremely satisfied consumers are the best predictors of future deals for its Industrial hardware, thus it will maintain all records for Industrial apparatus clients’ satisfaction regularly. A description of good and poor business decisions, based on their impacts on business organizations. In a company organisation, role decisions are critical because they drive operations toward meeting goals and objectives. As a result, every action has an impact on the corporate organisation, either positively or badly. Managers may make decisions without adequately assessing the situation. Decisions are poor when strengths, limitations, opportunities, and threats are not understood. These kinds of decisions have a significant negative influence on corporate operations. Good decisions, on the other hand, have a beneficial impact on businesses and help them achieve their goals and objectives (Schwertner, 2017). Task 4 – Personal Skills Audit SkillUsed techniques and descriptionOutcomesEvaluationNeed improvement ? (Yes = 1, No=2)Problem solvingAs Jonathan has delegated responsibility for resolving issues that arise, I must deal with a variety of issues. As a result, I learned how to solve challenges.I improved my problem-solving abilities.This is a skill in which I am confident.2Technological skill.I mastered a variety of technical skills at this time, including Microsoft Office, browsing, and website maintenance.I’ve improved my technological abilities.Confident2Decision making skillI’ve looked at several organisational issues and taken part in decision-making meetings. It assisted me in developing decision-making abilities.Decision-making abilities that have been honedLess confident1LeadershipI’ll have to lead a team to complete the task. Jonathan taught me how to be a leader.I’ve improved my leadership abilities.Confident2Time managementTime management is critical in a commercial setting. As a result, I must keep track of time while at work. As a result, I learnt how to manage my time.I’ve improved my time management skills.Confident2Team workWorking in a group was less comfortable for me. After completing my work in Jonathan, I quickly learnt how to operate in a group setting.I learned how to work in a group.Less confident1Communication skillI was an excellent communicator. However, by doing Jonathan’s allotted tasks, I gained confidence in public speaking.Gained communication Skill.Confident2Finance managementI didn’t know much about how an organization’s finances were managed. I got money management skills after finishing my career at Jonathan. For instance, I learned how to prepare financial statements and how to understand them.Financial management and statement interpretationSelf-assured, but room for growth1Writing SkillsI struggled with organisational abilities including report writing, poster design, and statement writing. I enhanced my writing skills by completing Jonathan’s assignment.Writing skill.Confident2Presentation skillI’m required to present reports. several times throughout my life Jonathan is where I work. By I learned by practise. ability to presentPresentation skills were learned and enhanced.Less confident1 Table 2: Personal Audit Conclusion To make a positive difference in operation management, Jonathan Marshall’s hardware business needs to establish and implement an operations management plan. Finance, production, human research management, research and development, and other departments are required by business organisations to run the entire process to generate a profit. Organizations may employ a hybrid structure to run their operations. Another important aspect of Jonathan Marshall’s hardware store is developing a budget to record financial statements. References Andriof, J. and Waddock, S., 2017. Unfolding stakeholder engagement. In Unfolding stakeholder thinking (pp. 19-42). Routledge., S., 2017. Unfolding stakeholder engagement. In Unfolding stakeholder thinking (pp. 19-42). Routledge. Bayunitri, B.I., 2017, July. 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