Management Assignment: Analyzing Business Environment of Sri Lanka for Premadasas Holdings

Question

Task

In this management assignment, you need to perform analyses to gain an in-depth understanding of the context in which Premadasas Holdings primarily operates. Be sure to include graphs/tables/figures to help convey the story effectively.

Analyses must include (but are not necessarily limited to):

PESTEL analysis of Sri Lanka for Premadasas.
Analysis of the national culture of Sri Lanka, including, at the very minimum, results from Hofstede Insights.

Answer

Introduction
According to the research on management assignment, business environment connotes external factors, forces as well as institutions that are beyond the control of the operational functions of the organization. Such environment affects the functional aspects of the business organizations. The present study sheds light on evaluating the business environment of Sri Lanka. Besides this, the study also highlights the functional operations of Premadasas Holdings by presenting it in the form of PESTEL analysis. Finally at the end, the study demonstrates the national culture of Sri Lanka.

Operations of Premadasas Holdings
In the 21st century, Premadasas Holdings of Sri Lanka has been able to achieve the title of fastest growing franchise across the globe. The organization has been successful in becoming one of the recognizable real estate and has its functional operation location in 86 territories across the globe over 145000 agents C21 network (Amarasinghe & Silva, 2019). Moreover, Premadasas Holdings were significantly privileged towards becoming the master franchise holder for the brand in Sri Lanka. Also, C21 network has been able to brand itself concerning its relentless agents with 121% attitude. This is what the organization wanted to receive the culture from its team members in Sri Lanka. Presently, Premadasas Holdings is having its real estate division as the property developers of Premadasas Holdings and have now transformed as a team of 15 agents towards becoming first regionally owned franchise.

Based on the goal and culture of Premadasas Holdings, it can be stated that, it is focusing on making its century 21 pioneer team as one of the perfect model brokerage that will assist the future franchisor in becoming one of the famous brand. The team members of the company have collective experience in the industry belonging from several backgrounds and different age groups (Colombage & Edirisinghe, 2018). Concerning the age group of the employees working in the organization, the younger realtor is 22 while the oldest of the same have been found as 64 years. All of such members of the organization aimed at performing their functional activities as a team for bringing effective outcome. In addition to this, the team members of the organization have successfully been able to manage its place at the top 3 positions of real estate brokerages in terms of achievement of successful conversions. At century 21 pioneer, the organization aimed at working collaboratively along with the element of conducting friendly competition. As a result of which, the organization have picked individuals based on their ability of collaboration and those who are aiming for achievement of bigger goals than the transaction alone ensuring care and retention at the forefront.

PESTEL analysis of Sri Lanka for Premadasas Holdings

Political	The stability and type of government De-regulation and regulation of trends followed by the government Employment and social legislation Trade, tax policy and tariff controls Like changes in the political environment
Economic	The inflation rates, interest rates and present economic growth of the nation The per capita income of Sri Lanka is 13, 216 dollars (Das et al. 2019) Due to the biased governance power, the nation faced difficulty of uneven economic development Encouraging economic development resulted in development of strong relationship with United States. Poverty in the nation have been reduced due to economic growth in the nation The investment and economic presence in the nation resulted in development of concern among the policymakers in the nation.
Social	The labor taxes to be paid by the employers of the nation has been made easy through introduction of electronic filing system The total population of the nation stood at 22.9 millions (Edirisinghe, 2019) The agricultural sector contributed 27%, other miscellaneous services contributed 47% and industrial services contributed 26%. The ethnic groups of the nation comprised of: 4.2 % of Tamil Nadu, Sinhalese 74.9% and Moors 9.2%.
Technological	Advancement of the modern technologies in the nation assisted in conducting various activities including real estate. This will be helpful for Premadasas towards conducting their operational functions in the nation Access to the technology, potential innovation, intellectual property issues and advances in the manufacturing sector are important aspects found in the nation (Karunaratne, 2018). Application of dependent technology, recycling, uses of energy enabled various organization to operate effectively.
Environmental	There are several dimensions of application of regulatory environment Comparison of business regulated environment across economies over the time (Manoharan, 2019) Enhancing improvement in the regulatory environment for conducting business across the globe Acquiring market values, customer values and investor values Enhancing staff engagement, management style and implementation of effective organizational culture.
Legal	Adoption and implementation of future legislation and current market legislation Implementation of regulatory processes and bodies (Nambuge et al. 2020) Following employment law, consumer protection law and various environmental regulations. Maintaining competitive regulations and industry specific regulations.

From the above PESTEL Analysis of Sri Lanka for Premadasas, it can be stated that, all the conditions of the nation are favorable for Premadasas towards setting up its business functions. Besides this, the organization is required to consider the above external environmental factors before commencing the business operations. This will assist the organization in carrying its activities productively.

Analysis of the national culture of Sri Lanka
The national culture of Sri Lanka mixes the traditional aspects and modern elements based on its regional diversity. Besides this, the culture of the nation is largely influenced by the heritage of Buddhism that has been passed from India based on its religious legacy in central and southern part of the nation (Perera et al. 2020). Moreover, the cultural impact of the nation is specifically pronounced towards reaching the nation by leaving its identity. The traditional facets of Sri Lanka includes: British elements, Dutch and Portuguese elements and possesses strong connection to both South East Asia and India.

For setting the business functions of Premadasas in Sri Lanka, it can be stated that the cultural aspects considered for performing functional operations is associated with empowerment of business owners in giving them the support and tools required for running the business operations smoothly. The century 21 prides itself on various important phrases that aim at fulfillment of organizational goals towards giving 121% effort. Besides this, Premadasas is also looking forward towards fostering of the qualities in enhancing long-term sustainability where services of the clients are always increased irrespective of focusing on the business transactions (Premaratna et al. 2017). Moreover, the franchise owners of the organization also have an important role towards establishment of its brand in the nation towards attracting the employees in performing the functional operations.

For starting business in Sri Lanka, the procedures followed in commencing and formation of the company requires following considerations:

Pre-registration
Post-registration
Obtaining gender specific documents

Recommendations towards management of talents in Sri Lanka
In terms of talent management in Sri Lanka, it can be stated that, the organization in the nation is required to implement effective ways in provision of high quality training to the employees of the organization (Yapa et al. 2018). In addition to this, the organization is also required to encourage the employees towards enhancing innovative ideas. This will assist Premadasas in performing their operational functions effectively towards fulfillment of organizational goals.

Conclusion
From the above study, it can be concluded that, Sri Lanka is a favorable nation in which various business functions can be carried out. The organization in the nation is also required to obtain credit by following movable collateral laws and implementation of credit information system. In addition to this, cost and time is required to be considered for resolving the commercial dispute along with the formation of judicial processes for enhancing flexibility in the regulations of employment. Therefore, it can be stated that, Premadasas can commence its business operations in Sri Lanka after considering the concept of doing business.

References
Amarasinghe, H. K., & Silva, D. S. (2019). An Investigation of Tourism Investment on Accommodation Sector of Tourism Industry of Sri Lanka. In Sustainable Tourism Development (pp. 265-292). Apple Academic Press.

Colombage, J., &Edirisinghe, L. (2018). Maritime trade-dependence of Bangladesh, Myanmar and Sri Lanka: Implications and way forward. Maritime Affairs: Journal of the National Maritime Foundation of India, 14(1), 85-98.

Das, P., Varga, P., &M’Seddi, E. (2019). The economics of real estate knowledge in South Asia: An analysis of supply and demand in Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka. In Real Estate in South Asia (pp. 3-26). Routledge.

Edirisinghe, L. (2019). A Contemporary Appraisal of Logistics Performance in Sri Lanka. Available at SSRN 3392773.

Karunaratne, V. P. (2018). The current behavioural patterns witnessed of the customers/clients/players in the personal real estate market in Sri Lanka. International Journal of Social Economics.

Manoharan, N. (2019). Connectivity between India and Sri Lanka: A model for South Asia. In New Futures for South Asia (pp. 204-214). Routledge India.

Nambuge, G. S., Peiris, M. T. O. V., &Kalugalla, K. G. P. (2020). International Journal of Real Estate Studies INTREST.

Perera, B. A. K. S., Samarakkody, A. L., &Nandasena, S. R. (2020). Managing financial and economic risks associated with high-rise apartment building construction in Sri Lanka. Journal of Financial Management of Property and Construction.

Premaratna, S. P., Priyanath, H. M. S., &Kodippiliarachchi, P. (2017). Role of SMEs in Industrial Development in Sri Lanka. In Modernization of Agriculture and Industry: Challenges for Sri Lanka, Sri Lanka Economic Association. Annual Sessions 2017.

Yapa, I., Heanthenna, S., Bandara, N., Prasad, I., &Mallawarachchi, Y. (2018, December). Decentralized Ledger for Land and Property Transactions in Sri Lanka Acresense. In 2018 IEEE Region 10 Humanitarian Technology Conference (R10-HTC) (pp. 1-6). IEEE.

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