Business Ownership being presented as an enterprise that involves itself in goods and or services to the end consumer can be created from many different industries to include consumable and non-consumable products, textiles, auto, technology, energy, farming, transportation, financial, real estate and many more. Before you move ahead in business ownership, there are many key factors to take into consideration.
First of all, you will need to decide if you are going to be a sole owner, a partnership or a corporation and if you will have shareholders. As the business owner, the basis of the business will include having a clear business plan created to include the flow of the entire organization.
Depending on the size and structure of your business, you will need to decide what departments you need for your type of business. For example, let’s consider some very important departments that may be key to the success of your business.
First of all, the Administration Department could consist of the business owner if he or she is running the business, the board of directors, and possibly a Managing Director shares the vision of the business and is key in guiding the employees to maintain the flow of the business plan in place.
The Finance Department heads the Financial Manager of the business and this employee should be able to predict and adjust for profits and losses on a daily basis as well as understand how to balance and maintain the financial stability of the company by working with the capital provided all while working toward positive financial growth.
The Production, Service and Distribution departments contribute to the growth of the business substantially when proper employees are in place with sufficient and specialized skills, experience and knowledge depending of what the type of business demands. The latest technology and advanced methods should always be used to ensure the most development and growth for the company.
The Human Resource Department Manager is key to the success of the business in regards to the quality of employees that are hired and needs to be able to effectively communicate with the owner and other managers of the business as well as the employees. The HR Manager will be dealing with employee issues and needs to be able to communicate effectively with all parties involved all while maintaining company and legal policies and working with all parties involved to resolve any issues that arise in a professional manner.
These four Departments need to be considered when taking on the exciting venture of Business Ownership and you as the owner, will need to understand and be capable of deciding the functions of each department and always be aware of what is happening in the workplace and have control of your business in every aspect.