Of the many things that you can do to ensure that your company is successful in the long term, identifying business functions is among the most important.
Being able to identify business functions helps you to have a clearly-defined path to guide your company towards. You will also be to shape the roles of your team and the other people who help you get where you want to be as an entrepreneur. Knowing about the functions of your business involves being at least somewhat involved in every aspect of your business; whether that’s by being hands-on, acting in a supervisory role, or simply checking progress every so often.
So how do you go about identifying business functions so that you can better shape your company’s future?
Determine What Keeps Your Business Going
A business, no matter what industry it’s in, is like a machine. It has a lot of different components working together to ensure its successful operation.
Some of those components affect the overall operation of the whole business more so than others. But even if one thing isn’t working the way it’s supposed to, the whole business won’t run as well as it should.
Unless you are the only person in your entire company, you rely on employees to be able to carry out operations successfully in order for your company to thrive.
Even if you are the only person within the company, you probably rely on suppliers and other business to business relationships to keep your company going. This means that your business functions (the ongoing activities that allow you to continue to pursue and meet your objectives) are partially influenced by other people besides you.
Since business functions are important to you being able to accomplish your mission as an enterprise, it pays to manage these functions as carefully as possible so that the outcome produced is to your benefit.
- Regarding your employees, you want to make sure that not only are they trained and qualified for the job, but that your employees have everything needed in order to do the job that they have been assigned.
This may seem like a simple thing, but if an employee doesn’t have the equipment needed to do the job correctly, corners may be cut to produce results that aren’t as good as they possibly could be.
Other factors you should work on when identifying business functions that involve your employees includes their morale.
If your employees enjoy showing up to work every day and have incentives to do anything beyond the bare minimum, both you and your customers will notice because of the output your employees generate.
- You also want to look at the strength of your business to business relationships when you’re identifying business functions. Maintaining strong business to business relationships will ensure that you always have what you need, whether it’s supplies, consulting services, loans and funding, or anything else.
By keeping these relationships strong, you’ll be able to rest easy knowing that certain important business functions can be carried out.
Likewise, building and maintaining strong relationships in the business world may lead to new opportunities for furthering your company, thus allowing you to expand the effectiveness of your business functions to the benefit of your company as well as your customers.
These are the two main areas where identifying business functions are key. Knowing the capabilities of both of these aspects of your business will allow you to make decisions without underestimating or overextending yourself.
Beyond that, knowing what your business functions are allows you to be consistent with your customers, understand where you can improve in the name of better output, and work to establish your credibility in your industry.
In essence, being aware of your business functions and just why your company operates the way it does is a surefire way to avoid stagnating and potentially failing as a company.
Instead, by identifying business functions, you’ll be able to grow as a company and enjoy the kind of longevity that every entrepreneur dreams about when they first open their doors.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more information on business analysis, business planning, and ways to grow your business profitably, please check out our website www.portalcfo.com.
Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.