A business is neither the sum of services nor the sum of individuals. Whether your business is an SME or a multinational, four functions ensure its balanced operation. Focus on finance, administration, people and innovations.
The financial function, the guarantor of cash
The economic function is the most often observed. It allows decision makers ensure the availability of necessary funds for the activity and the investments.
The effort of this function is essential:
- Financial management;
- Financing and investment;
- Risk study (financial);
- Compliance with legal procedures.
In short, the finance function is a decision support tool. It gives the manager an overview of plan development strategies while maintaining good investment capacity. In order for the challenges of this function to be respected, the management of your company should be governed by three criteria:
- That profitability (to ensure the sustainability of the activity, but also to reassure potential investors);
- That solvency (to find capital);
- That liquidity (ie immediately available cash).
Since all companies are different, you will need to find the right organizations for your investments and capital. Also the use ofa comparator for online banking such as comparateurbanques.com, which can help companies find the right institution to grow their business.
The administrative function, the gear
Depending on whether you are one SMEs or a large company, the administrative function will be headed by the director or by a dedicated department. In all cases, it performs the same missions:
- To coordinate.
In short, the administrative function consists primarily of dealing with all that is “paperwork”. It is an essential gear that secures the communication between the various instances of the company. The administrative department is also involved in light legal and financial tasks such as handling payslips, registering invoices or following up on customers. He then manages mail, phone calls and at least part of electronic communications. The administrative staff is too at the heart of a business organization. He is responsible for archiving and archiving numerous documents. It is therefore this pole that allows the company to run smoothly.
Human resources, the cohesion factor
Formerly known as the “Personnel Department”, human resources have evolved significantly. Initially, this service was mainly managed hires and layoffs. Today, human resources play a major strategic role in the company. While recruitment remains one of their key tasks, human resources have been expanded into activities education and compensation. Human resources are also interested in the interaction between employees. The biggest challenge for human resources is thatoptimize the company by making the most of its human resources. Of course, if business and growth are the ultimate goals, they are achieved thanks to the respect and involvement of each individual employee.
If before it was enough to offer a good salary to find new talents, the needs and desires of the workers have evolved. Candidates are looking for more find values, reach a goal or feel valued. Team cohesion then became inseparable from job satisfaction. The human resources departments compete in imagination to unite the groups: company seminars, travel, team building, each with its own brand.
Research and development, development vectors
The markets are evolving. Customers are changing. The needs of society are changing. In order to remain competitive, a business must follow or even anticipate all these changes. The research and development functions make it possible through their actions to move the companies’ lines to follow the market. For this, the roles of research and development are:
- Develop specifics on company products;
- Test products and analyze the results to repeat them if necessary;
- Manage the protection aspects of news.
For a business to function in the long run, it must be effective on several fronts. The financial side ensures its cash flow and its development capacity. The administrative center controls the organization and flow between the gears. Human resources attract and retain human talent and build effective teams. Research and development allows the company to stay moving and follow trends.
- To study the market and competitors;
- Design products or services that meet the needs of the market;
- Keep watche on the work of competitors;
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