When you are going for business ownership, you will firstly need to
know whether you want a sole proprietorship, a partnership or a
corporation and whether you will have shareholders. Being owner of an
organization, you should devise a clear business plan which should
incorporate the flow of your entire organization.
According to the structure and size of your company, you will have to
decide what sorts of departments are required for your business. For
instance, let us review some of the key departments in this article that
would be paramount for the success of your company.
Administration department comes at first, which could have the owner in
the case he/she is actively running the business. It further involves
board of directors and managing director. These individuals are
responsible for promoting the vision of the company and act as the
guiding source to the employees to ensure proper implementation of the
business plan.
The finance department is also crucial, which is
lead by a financial manager. This individual is responsible for
forecasting and adjusting profits and losses for the business on daily
basis. In addition, he/she should also maintain and balance financial
stability by making optimum use of the working capital towards its
financial growth.
The service, production and distribution departments collectively
contribute to the development of the organization, where the employees
are placed according to complimentary specialized skills and experience.
These employees cater to the needs of the business and customers. One
thing that should be kept in mind is to make use of the modern
technology always as it ensures fast growth of the organization.
Another important department for the success of a business is human
resource. The manager of this department is responsible for hiring
quality employees that are best suited for jobs and in addition he
should be able to communicate with the owner and directors effectively.
Also, this manager will deal with any sort of issues that arise within
the organization, amongst the employees or management. The HR manager
should be able to address these issues very effectively by properly
communicating with all the parties and coming up with a solution.
As discussed above, these are the four most important departments for
the success of a company and you being the owner should never ignore
them. You should be able to understand and decide the operations of each
department and should also have proper control over the business.