Here are some of the core functions of a business which makes an effective operation or organization. By strategically facilitating these functions into your business can maximize the probability of shareholders wealth and business growth for the long term.
1. Production Function;
This primary function deals with creating your business end product or services for fulfilling consumers needs.
2. Marketing Function;
This function necessitates, planning, executing and monitoring an effective campaign for attracting new & maintaining customer relationships with the business.
3. Finance Function;
This deals with the entire financial aspect of the business, from Booking keeping to filing taxes for the business.
4. Human Resource Function;
This function deals with how the business relate with its human capital such as workers, customers, etc. following established policies and guidelines. keep this function warm and friendly.
5. Management Function;
This function is further classified in four key functions are; Planning, Organizing, Learning & controlling (POLC) otherwise referred to as the Policing function. Ensure things get done, when it needs to be done following pre-established guidelines.
6. Innovation (Research & Development);
Without this function the business will not develop or grow period. This core function helps the business to wether situations that may be affecting the other five core functions, such improving product, strategic policy implementation, improve profitability by taking advantage of open opportunities.