The first of the six key functions of business is financial records and management. It is first important to first define financial planning and financial management. Financial planning is the planning for the future of a business to ensure there will be positive cash flow in the years to come. Financial management is when a business monitors its cash flow to ensure the continuation of the business’s operations is as effective and efficient as possible. Financial records keeping and proper financial management will ensure the longevity of your company; this includes keeping reliable financial information useful in making decisions. Anything that has information about the value of the company is important.
The next function is legal management. This is ensuring that your company is following all local and federal laws that is required of them. This is everything from making sure that you are operation under the correct form of business (LLC, Corporation, Sole Proprietorship, and Partnership) to warranties, contracts, and licenses. A big portion of legal management goes hand-in-hand with financial records and management. You want to make sure that your organization is filing taxes correctly, you also have to consider other things like environmental impact, background checks on employees, etc. (depending on what kind of business you are running).
The next on the six key functions is...
... middle of paper ...
...uctive environment to work in. This is often a process that is overlooked but it is just as key as any of the other functions.
The sixth and final key function is production. This is the process where your company actually creates the products that you’re going to sell, or give the service that it provides. It is important that there be a lot of attention to detail in this process. A lot of this process is covered in the operations function. It also important to take into consideration the customer feedback and so that you can make the proper adjustments.
If you and your management execute all of these functions you will have a robust company. Each function is important and must be taken seriously if you want to see your company succeed and be profitable in the long term. Professionalism and consistency in these functions will ensure the longevity of your company
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