Rightly supervising these 7 basic business activities should be a focus of any startup business to run efficiently. As a result, these basic activates of the business are essential part in the productivity as well as growth of the company.
Budgets
As a part of managing your finances, implementing a budget can help you keep costs down. For startups & smaller businesses, budgets may consist of little more than a monthly allotment to cover overhead, insurance and payroll. In larger businesses, where multiple departments may engage in long-term projects; you may need to set out fairly complicated allotment on an annual basis.
Read More : 6 Steps ToDo Financial Planning for Businesses?
Your budget should include expected revenue and costs that you update monthly or more often, based on any new information. Under utilization of the budget indicates proper planning, while over utilization of the budget indicates lack of focus. It also indicates increasing competitive activities and a decrease in market share.
Sales
Sales are the heart of all businesses. Depending on the industry you work in, sales may hinge on a dedicated sales team. Particularly, that develops prospects into clients, performs demonstrations and maintains contact with your existing client base. In some cases, you may fill the role of primary salesperson for your business by dealing with new client acquisition. As with the other aspects of business, this is best handled by scheduling an allotted amount of time. Obviously each day or week to specifically handle sales-oriented tasks.
Marketing
Very few businesses can survive without marketing. A good marketing plan should seek to maximize exposure of your business to the target market. This may mean mass marketing via television commercials or specifically targeting clients via trade magazines. You should review your marketing efforts regularly to see which elements produce the best results.
Accounting
In essence, accounting boils down to tracking the money you take in and the money you spend. For businesses that deal in a small number of transactions per week or month, periodic data entry may be sufficient. Retail businesses with a high number of transactions typically call for daily accounting. Keeping up to date on expenditures and income allows you to see where you make the most along with where your business loses money.
Also Read : 7 Benefits of Record Keeping for Business
Customer Service
No matter what product or service your business provides, good businesses live and die on customer service. Customer service helps to secure new clients and promotes referrals from your existing clients. Customer-service departments, unlike front-line staff, provide existing customers with a direct contact. Such as solutions to issues with bills, faulty products or shipping errors. In smaller businesses, you and your management team may provide these services personally.
Human Resources
Even in well-ordered businesses, a number of human resource tasks need attention. If you lack a dedicated HR person in your business, that leaves employee acquisition in your hands or those of your managers. You must conduct interviews, hire applicants and determine what benefit packages, if any, your company will offer. Furthermore, you will also need to address any interpersonal conflicts that crop up in the normal course of business.
Production Line and Supply Chain
The production line and supply chain is a very important aspect of the business. Every company needs a good supply chain management system which will take care right from inventory management to delivery management. Especially, this is true in the case of e-commerce where supply chain and related types of business activities are of paramount importance and play a crucial role in customer satisfaction.
Learn More : 5 Keys to Build a Better Product Prototype
If you’re a startup business which offers only service to your customers, then the focus should be on the production line. Also, the operations include process enhancement and process standardization. Using various management techniques to enhance the productivity of the current processes or to make necessary modifications all to change the entire process is a part of operational activities.
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