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5 Basic Activities of Any Business

5 Basic Activities of Any Business

Every business is based on several different activities. These activities play a crucial role in the efficient and effective growth of the company. These divisions work together for the betterment of the enterprise. These activities allow organizations to operate smoothly. Following are the major activities:

1. Human Resources

Any organization is incomplete without an effective workforce. Human resources represent the people who are working for the company and the department that is responsible for the allocation of resources to the employees. The term ‘human resources’ was founded in the 1960s when people started to realize the importance of labor. The development of the employees and the management all come under human resources. The core responsibilities of this division are to determine the needs of the staff, to hire the employees that could fulfill the needs of the organization, train and ensure retention of the workers, monitor their work, managing relations, unions and collective bargaining. Moreover, it also involves ensuring that everyone is working up to their full potential and ensuring high performance, keep records of the employees and their personnel policies.

A human resource department of any organization is also responsible for ensuring that everyone is provided with equal opportunities, motivate the employees and upgrade the learning knowledge of the employees.  Nowadays, it is more about making sure that all the workers work together to achieve the purpose of the organization and to make sure that the environment is working towards enhancing the growth and success of the company.

2. Customer Service

In this competitive market, the most important element to consider for your company is the customers. Without any clients, conducting any kind of business is useless. Product quality and prices do not matter anymore as long as the product fulfils the needs of the consumer. Consumers these days are more attracted to brands that recognize what exactly they want and try to design a product according to that. The customer service plays an important role because it is their main responsibility to take care of client’s satisfaction. Unhappy buyers only result in the decline of any company.

In numerous cases, the members of the customer service were the ones that brought back the lost consumers and not the sales or marketing people. Every member of the customer service should have good interpersonal skills and they should know how to answer all the queries of the people that approach them.

3. Accounting And Finance

In addition to customer service and human resources, another primary activity of any business is the accounting. Accounting involves monitoring the cash flow of the management. The accounting and finance department is liable for minimizing the expenses of the organization. They minimize the expenses by keeping check of the liabilities and the money that they have to receive from other parties. Moreover, they also consider the cost involved in entering a new market and what can they do lower the costs of it. Bookkeepers are also essential because they maintain the liquidity of the company. They create future financial maps for future funding and investments. They point out the key timings and processes that can play an immense role in enhancing the growth and making big positive changes. Another responsibility that this activity has is that they are the ones who formulate a business plan because they have all the prior financial knowledge about the company. They are responsible for testing any growth options, for alerting you about potential risks and helping you to understand the competitors better.

4. Marketing And Sales

To generate sales, marketing department plays a very vital role. Almost every business has its own marketing department, which is busy in making strategies and plans that focus on the improvement of their products and how to create a value of their brand. The marketing activities are divided into various categories, which involve collecting and gathering primary and secondary data. According to many assignment writing services, there is one traditional marketing mix, which signifies the core responsibilities of every marketing department. The marketing mix includes price, product, place and promotion. Each member of this department is dedicated to fostering changes and improvements in the products. They not only take care of the product but also, where to launch them, when to launch them and how to promote it.

There are two kinds of marketing. One is called macro marketing, which considers all those external factors, such as, the economic, social, political, or technological factor that affects the brand value. The second type is called the micro marketing, which considers all the internal factors such as the workers, suppliers, customers and the media. In many companies, the marketing department and the research and development department work together because they have similar tasks. 

5. Supply Chain And Logistics

Finally yet importantly, in any business, the supply chain is a system of people, activities, information and resources that make sure that a product or services reach from a supplier to a client.

Enterprises cannot survive if they do not have a good supply chain division. This division is liable for taking care of the inventory management to delivery management. If you rely heavily on e-commerce then all the satisfaction of clients depends on the supply chain. Moreover, the operational responsibilities of the supply chain are to enhance the process and to maintain the standards of the processes taking place.

Conclusion

To conclude, the above-mentioned names are some of the main activities and roles that every enterprise has to play to ensure that their workforce operates properly, their brand has its own value and finally, their clients are happy with them.

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