7 Areas for Operating a Business

7-Areas-for-Operating-a-Business

When growing your business, you need to have knowledge of different practices.

These make us better able to adapt to new requirements or needs to compete and succeed.

We can group these practices in different areas:

 

  1. MANAGEMENT

The management area tries to achieve the objectives that the organization has set. It is the practice that allows the control of the company using accurate and relevant information from different areas and taking appropriate measures according to the strategy and objectives the company shares. The tasks of management are planning, organization, coordination and control.

 

  1. HUMAN RESOURCES

It is the area responsible for selecting, hiring, remuneration, and training the company staff. Human activity is an element that cannot be ignored in the world of business. The interest of companies for their workers has evolved throughout history. Today, many business organizations regard their workers as the basis of their success, so many of them have created the departments of Human Resources.

 

  1. MARKETING

This business function encompasses a wide range of activities that can be divided into two parts. The first includes the activities of selling the product or service being performed. The second is the activities of buying the materials needed for the production of the good or service in question.

Within this area, marketing activities include meeting market needs, identifying products and services that meet the needs of potential customers, pricing, promotion, and distribution.

 

  1. ACCOUNTING AND FINANCE

Accounting and finance use a set of techniques to record the quantitative information expressed in monetary units (euros, dollars, or any currency) of transactions carried out by an economic entity to facilitate the various stakeholders to make decisions in relation to such economic entity.

 

  1. PRODUCTION

Production is the set of actions that transforms raw material inputs, good, or services, through human, physical, and technical resources. This function is also known as the technical function. It includes full set of activities through which the company creates products or provides services that are the object of its activity. Companies must deal with the research, development, and innovation, as well as produce or provide the service inherent to its own activity and make appropriate quality controls required to check that their products or services are brought to market in good condition.

 

  1. MANAGEMENT

The management area is responsible for controlling all documents of the company. It is a role which also encompasses a wide range of activities that are developed within the field of document management and bureaucracy.

 

  1. LEGAL

Legal is the framework that governs the actions of companies such as contracts and other legal requirements and establishes the taxes they must pay the state.

These areas allow the company to operate and, most importantly, the products reach consumers. There is no need to have a person or team in every area. In small businesses, many of these areas are covered by the same person. The important thing is to understand that the operation of any business covers actions in all these areas.

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