The roles of the main functions in a business
Anne Boden of Starling bank talks about the roles within her business
Business operations
The business operations department deals with all activities that are related to the day-to-day running of the business. The department鈥檚 overall aim is to maximise efficiency and profitsThe amount of money made after all costs are deducted. while minimising costs. Operations covers elements of the business including supply chain management, procurementObtaining the correct supplies from the correct supplier., logisticsThe commercial activity of transporting resources from their current position to where they are needed., methods of production, managing stock and costs, and the overall sales process.
Finance
The finance department deals with all of the money that comes into and goes out of the business. The finance department has a number of roles, including sourcing finance to pay start-up costsOne-off costs a business needs to pay before it starts trading., preparing and creating financial accounts, maintaining financial records, paying bills and analysing financial performance. Businesses usually organise their finance departments according to the business鈥 size, what it sells and the markets it operates in.
Marketing
The marketingIdentifying and satisfying customer needs. department is concerned with identifying, anticipating and satisfying customers鈥 needs in the most profitable way possible. Marketing has many roles, such as market research, developing marketing and promotional strategies, and the overall implementation of the marketing mixA description of marketing鈥損roduct, price, promotion, place.. Marketing is often seen as the creative department in a business, as it generates content, eg advertsUse of posters etc to inform people about the new goods. designed to raise awareness of the business鈥 products and services.
Human resources
The human resources department is responsible for the recruitment, training, organisation, retentionRetention refers to the amount of employees the employer is able to keep in the business., development and motivation of employees. Human resources works within the overall aims and objectivesA business aim is the overall target or goal of the business, whereas business objectives are the steps a business needs to take to meet its overall aims. of the business, and it also influences those aims and objectives. The role of human resources is hugely dependent on the size of a business and the number of employees it has.