Verto Internship Induction Guide | Business Operations Tasks

Assignment Scenario

Before progressing onto university to study International Business, you have managed to secure a 4-month management internship with a prestigious company in Oxford, England. Verto is a relatively small UK-based electric vehicle manufacturer focussed on making small, affordable electric cars and commercial vehicles. It has run the internship scheme for several years, offering just 10 places a year.

If you complete the internship successfully, it will increase your chances of joining Verto’s graduate recruitment programme.

Your responses to the tasks should be based on real businesses that you are familiar with. The businesses need to be Small Medium Enterprises (SMEs), although some sole traders may not be able to provide sufficient information required for the tasks.

Task

The Head of Human Resources at Verto, Kareem Akram, is keen that interns understand the way in which businesses and organisations operate internally before they join the company’s different teams. He has produced an Induction Booklet you have to complete. The headings in the booklet will require you to do some reading and research about different aspects of how businesses and organisations work internally.

Please use the separate Unit 2 Induction Booklet to submit your responses. In the Induction Booklet, you should demonstrate you can:

1. Outline the differences between strategic, tactical and operational objectives. Give an example for each objective.
2. Explain factors that lead to the choice of objectives in profit making and non-profit making organisations.
3. Explain the importance of customer service to organisations.
4. Analyse different organisational structures.
5. Analyse different legal identities of businesses.
6. Analyse the importance of human resources for a named organisation.
7. Explain the physical resources required by a named business.
8. Explain the digital/technological resources required by a named business.
9. Explain the sources of finance available to a named business.
10. Explain the main components of an income statement (profit and loss account), a balance sheet, a cash flow statement.
11. Explain the elements and purpose of budgets.

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Expert Answers on Above Business Management Questions

Strategic, tactical and operational objectives

Strategic objectives are long term goals decided by the top management within the organisation such as expanding the sales of EV across Europe in the next 5 years. Tactical objectives are medium term goals and it is the departmental managers responsible for setting up these objectives. It can be in the form of launching a marketing campaign to increase the sales by 20% in a year. Finally the operational objectives are short term in nature which can be for everyday basis for the smooth performance of organisational processes. It can be an objective to reduce vehicle assembly defects by 1%.

Factors leading to choice of objectives

In case of profit making organisation, it is the need for achieving financial sustainability, competition in the market, growth target, expectations of shareholders and customer demand. In case of non profit organisation, it is the requirements of the community, or donor requirements, or volunteer capacity.

Importance of customer service

Customer service is highly important as it helps in building loyalty and thereby ensuring repeat business. It is also crucial in enhancing the brand reputation and helps in differentiating the business from its competitors. In the case of small medium enterprises, strong customer service is a crucial competitive advantage.

Different organisational structures

The different types of organisational structures are functional structures that are categorised by departments, flat structure which has few management layers, matrix structure whereby the reporting is done to more than one manager. Each of these structures have their advantages and disadvantages.

Different legal identities of business

The different legal identities of a business are sole trader which is owned by a single individual, partnership having two or more owners, private limited company which is the type of separate legal entity, and franchise which is operated under a parent brand.

Importance of human resources

Human resources is highly important for an organisation as it helps in managing the human resources that are responsible for carrying out the organisation’s activity. HR manager responsible for recruiting and training skilled employees, helps in managing performance and development, ensures compliance with employment law, and helps in building a positive workplace culture.

Physical resources needed by Verto

EV manufacturers like Verto require physical resources in the form of a manufacturing plant, machinery and tools, vehicles and delivery equipment, raw materials, safety equipment etc to carry out day to day operations.

Digital/technological resources required

The digital resources needed are in the form of inventory management systems, customer relationship management tools, ERP systems, CAD designs software, digital marketing tools, and online communication tools.

Sources of finance

There are different sources of finance available to a SME including bank loans, business overdraft, personal savings, government grants, trade credit, crowdfunding etc.

Main components of financial statements

The main components of a financial statement includes the income statement, balance sheet and cash flow statement. Each of these statements have their own purpose showing different information relevant to a wide range of stakeholders.

Elements and purpose of a budget

The elements of a budget include estimated income and expenses, variances, time periods and financial targets. The purpose of a budget includes controlling the spending, and help management in properly planning and forecasting. It is quite useful in allocating resources and helps with decision making. 

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