The objective of this report is to evaluate business environment of Halifax Bank by considering different business approaches and its impact over its decision making process. In this regard, it is required to analyze organization’s strategic process by considering:
- Explain different types of organisation as well as its potential size and scope.
- Identify the interrelationship between different organizational functions and its relevancy to organizational structure.
- Discuss the positive and negative impact of macro environmental factors over business practices of Halifax Bank.
- Evaluate Halifax Bank’s internal strength and weaknesses and its interrelation with macro factors.
Business environment is considered as the surroundings and the internal and external factors that influence the business. It also consists of various factors which provided impact and alternations in business accordingly. Managers in organization are responsible to analyse these factors in order to make effective decisions for accomplishment of organizational objectives. The factors involve employees, shareholders, clients, government, supply, demand, law and the other which provided impacts on decisions of business (Hilton and Platt, 2014). Present report is based on analysis of Halifax Bank which is one of the leading and most respected banks in UK. It is private limited bank that provided various services which involves commercial, investment and market personal as well as financial services and other financial services. As a client manager of Halifax bank, there are various kinds and purposes of organization have been discussed along with their size and scope as well as legal structure. Further, essential relationship between the different organizational functions and ways through which they link to organizational objectives and structure are also determined. In addition to this, some positive and negative impacts of macro environment on business operations have been identified. At last, internal and external analysis of Halifax bank is also accomplished in order to identify the strengths and weaknesses.
P1 Different types and purposes of organization; public, private and voluntary sectors and legal structures
Business is termed as converted process of basic skills and the materials as per the request of customers or which deliver service as per the needs of consumers. Business environment also contains different factors like customers, government, suppliers, competitors, local communities and distributors etc. Global business enterprise like Halifax Bank should also seek to gain their competitive advantage by providing commercial, investment and personal banking services as well as marketing strategy (Hillary, 2017). It has been considered that business prospective of business of banks have been affected by several factors such as government intervention and change in technology. Further customers are identified as vital for survival of business enterprise and its prosperity. In this context, as a client manager of Halifax Bank, there are various kinds of organizations are analysed which can be their customers and take financial services provided by them. They also provide financial resource's organization for regulation of their business operations. Different types and purposes of organization are mentioned below:
Sole trader: A sole business structure is analysed as personal which is trading as the individual who is legally responsible for all the important aspects of business (Sole trader, 2017). This business involves any debts and losses which will not be shared with the others
Purposes: the main purpose behind establishment of sole proprietorships is to maximize profitability and increase brand recognition in market.
Partnership: Business enterprise which is established by two or more person by sharing a specific amount of capital as investment and also share profits as per decided ratio. It is also considered as formals arrangement under which two or more organization or individuals cooperate with each other to manage and regulate a business (Kew and Stredwick, 2017