Starting and Running a Business/Functions of a Business

Functions of a business Most businesses must accomplish similar functions regardless of size, legal structure or industry. These functions are often organized into departments. Common departments include (but are not limited to): Accountancy typically responsible for financial reporting, financial controls and the raising of the capital necessary to run the business. Human Resources typically responsible for hiring, firing, payroll, benefits, etc. Marketing and sales responsible for selling the business' goods or services to the customer and for managing the relationships with the customer Marketing typically responsible for promoting interest in, and generating demand for, the business' products or services, and positioning them within the market Sales finding likely purchasers and obtaining their agreement (known as a contract) to buy the business' products or services Operations makes the product or delivers the service Production, costs, and pricing|Production produces the raw materials into the delivered goods, if they require processing Customer service supports customers who need help with the goods or services Procurement responsible for acquiring the goods and services necessary for the business. Sometimes organized as: Strategic sourcing determines the business' needs and plans for acquiring the necessary raw materials and services for the business Purchasing processes the purchase orders and related transactions Research and Development tests to create new products and to determine their viability (e.g. pilot plants) Information Technology manages the business' computer and data assets Communications/Public Relations responsible for communicating to the outside world Administration provides administrative support to the other departments (such as typing, filing, etc) Internal Audit an independent control function typically accountable to the Board of Directors for reporting on the proper functioning of the other departments Management is sometimes listed as a "department" but typically refers to the top level of leadership within the business regardless of their functional role.