6 key functions of a business

During this lecture, we will discuss the basics of business operations.

I’m willing to bet that if you were to ask five people what business operations mean you will probably get five different answers based on their personal experiences. For our purposes, let’s begin our discussion by defining what business operations really mean. Simply stated, business operations are the fundamental activities and operations of a business on a day-to-day basis to generate revenue and profit.

While business operate for a number of different reasons, generally speaking, a business will operate with three primary functions in mind. The three primary functions of business operations are:

  • To generate income for the business
  • To increase the value of the businesses assets
  • To make sure that income and profit for the business is continuously generated and maintained

Simply stated, and I will use a made up example, let’s say that CoolKicks manufactures and distributes middle-high end athletic shoes as the sole source of recurring income for its business operation. If CoolKicks has only occasional large contracts that come in which provide periodic large bursts of revenue from these individual projects, over time, they will likely fail. On the other side of the coin, if CoolKicks operates by consistently having medium sized contracts roll in for different projects bringing in revenue, which are all generating income at a steady rate, it will probably do very well, make sense?

While there will be fundamental differences in how businesses operate, there are SIX key functions that all businesses need to address just as part of doing business. We will identify and discuss these key functions below.

  • Financial/Records Management – includes things such as bookkeeping, insurance and recordkeeping
  • Legal Management – need to be sure all the operations of the business are legal such as business licenses, contracts with suppliers, and organized under the correct legal form business
  • Operations Management – someone needs to be responsible for running the business on a day-to-day basis
  • Marketing/Advertising – need to make sure customers know about the businesses products or services either by radio, TV, print, etc.
  • Office Management – need to have a space to operate the business and the right equipment to achieve its tasks.
  • Production – needs to be a production process in place to satisfy the customers’ needs

  • The Key Elements of Business Success from an Operating Perspective
  • Business operations is the facet of an organization where most of the direct labor takes place.
    http://smallbusiness.chron.com/key-elements-business-success-operating-perspective-21234.html The 20 Most Important Questions in Business
    What entrepreneurs can do is ask the core set of tough questions that govern the fate of any enterprise. Armed with those answers, they stand the best chance of beating some fairly dire odds.
    http://www.forbes.com/2007/11/21/walmart-microsoft-apple-ent-manage-cx_bn_1121importantquestions.html Five Leadership Lessons from Successful Small-Business Owners
    No two businesses and industries are alike, but successful leadership principles are largely universal
    http://www.openforum.com/articles/5-leadership-lessons-from-successful-small-business-owners
  • Key Functions of Business Operations

    Please complete the following assignment, incorporating ideas and concepts from the week’s lecture and/or articles. Please feel free to incorporate outside resources as well. When completing your assignment, please make sure to double space your papers.

    Traditional Paper

    Research, identify, and discuss the six key functions of a business’s operations.The requirements below must be met for your paper to be accepted and graded:

    • Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.
    • Attempt APA style, see example below.
    • Use font size 12 and 1” margins.
    • Include cover page and reference page.
    • At least 60% of your paper must be original content/writing.
    • No more than 40% of your content/information may come from references.
    • Use at least two references from outside the course material, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.

    Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page.Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.

    A detailed explanation of how to cite a source using APA can be found here (link).

    Download an example here

    Grading Criteria Assignments Maximum Points
    Meets or exceeds established assignment criteria 40
    Demonstrates an understanding of lesson concepts 20
    Clearly present well-reasoned ideas and concepts 30
    Mechanics, punctuation, sentence structure, spelling that affects clarity, and citation of sources as needed 10
    Total 100


 

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