What do you need to set up for your new business in order for it to become successful? You think you will need several functions, but you may not have realized that some are necessary for your organization to function as efficiently as possible.
This will depend a lot on what you do and the size of your brand. You may not need certain items – such as a distribution network, if you provide online services, for example. However, there are some that virtually every brand should consider having; these are just a few of those important business functions.
This department plays the biggest role in the success of any organization. A sales department generates revenue and ensures that you make a profit from selling your services and products. They can also work with the marketing team, among other tasks, on brand recognition and product launches. They will also develop ways to sell your product to their target customers or users.
To communicate with your target customers, so that they can learn about your products and services, it is necessary to have promotional and advertising activities. Effective marketing and promotional activities will impact your organization’s long-term success, including your profit and market growth.
Therefore, your marketing team will be responsible for promoting your business, which will help generate sales and expand your company. They will create marketing strategies and promotional campaigns and analyze what your competitors do as well.
Computers are essential to your business and your IT staff will support the smooth running of the latest necessary technology implementation. They can provide help with using software and manage data, which will assist you in operating your brand. Using IT support services, you can improve employee productivity – and you don’t have to worry about a thing.
HR is the most important asset for your brand: its daily operation would not work without people. Therefore, the success of your business will depend on those who work in it.
Your HR department is responsible for recruiting people with the right skills, experience and qualifications to achieve your goals. HR will also determine the salary for different functions and to train employees.
Accounting and Finance
An accounting department will handle your company’s accounting for a fiscal year. They will track your income, equity and expenses and report to the relevant authorities at the end of your fiscal year. The accounting team will monitor accounts payable, prepare income statements, books and balance sheets.
This team will request inventory for production when needed, in addition to fulfill orders and work with your marketing team to implement the necessary changes to your products. So, if your brand produces electric guitars, for example, your production team will focus only on making them.
Originally posted 2020-03-19 21:05:06.