Hampreston

All businesses serve their customers through the production of goods or services – in order to do this business activity is usually organized into a series of functional groups that operate in an integrated system to fulfil an objective (e.g. the production of widgets).

The internal organization of a company may differ from organization to organization and there are notable differences between manufacturing organizations and service industry organizations but there are some functional areas that are typical of most businesses which include:

1/ Finance – The finance function group is responsible for the management of a company’s money and financial responsibilities (eg. Paying suppliers, billing customers, carrying out financial reporting, co-ordinating the flow of money throughout the enterprise).

2/ Marketing – Marketing typically serves a variety of roles which include – identifying customer needs, identifying customers, ensuring that customers needs are satisfied, managing communication with customers.

3/ Manufacturing/Production – these groups are responsible for the production of a company’s products

4/ HR – Human Resources groups are responsible for the management of people within a company – typically this could include – hiring staff, managing payroll duties, determining welfare policies, co-ordinating training.

These (and other) business functions will deliver two things – end product to sell to market and waste. Many businesses have departments set up to reduce waste as it can be considered a business cost.

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1. Financing a new business
2. Alternatives to starting a new business on your own
3. What is a company’s balance sheet
4. Generating business ideas
5. Using Internal Benchmarking to drive business improvement and corporate change

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