Every business is based on different activities in which specializes. The activities of the businesses help to bring productivity and in the growth of the company. Every business puts together a combination of policies and programs to run these activities smoothly.
They are put together in such a way that they comply with all the rules of government while being employee friendly and productive for the organization. The tasks determine how the activities carried out and that allows the organizations to operate in a more efficient way. A combination of all of these business activities makes the organization. There are different types of business activities based on the nature and requirement of the business.
Following are different types of business activities
1) Budgeting :
Budgeting is the target of the spend for every department of the organization. The different types of budgets for different departments as per the requirements. There is a marketing budget sales budget only even an annual business budget.
This budget helps to determine revenue utilization in the respective operations which will fuel the further growth of the organization. It is the responsibility of the Department Head to form a budget based on the expenses of the last year the requirements of the new year. The common trends to form the budget on annual basis. Underutilization of the budget indicates proper planning while and overutilization of the president indicates in proper planning and lack of focus.
It also indicates increasing competitive activities and a decrease in market share. The budget is always incremental all the previous year and is largely based on the achievement of the previous year. Usually, the budget of the previous year as compared to the expenses to indicate the budget to expense ratio.
2) Accounting and Auditing :
The process of managing flow of the money in the organization is called accounting while monitoring that will of the money and checking if fertilization is done in a proper way is called auditing. Accounting deals with the cash flow in the organization and also with the financials.
The assets and liabilities are matched properly and it is desirable to have more Assets and liabilities for the better financial health of the organization. Managing of all these expenses salaries of the employee’s budget comes under the finance division.
These types of business activities are a very important determinant of the organization since they are directly related to the profits. Accounting is also responsible for tax filings, monitoring cost of the company and making financial decisions. Accounts receivable accounts payable customer credit or a few the things that are adopted by the accounting department.
On the other hand, auditing is to check if the fun answers are in the proper direction. It is necessary that all the activities in the organization or according to their sops or standard operating procedures. Auditing is also performed to see the commitment to the delivery ratio of various departments.
It is crucial that auditing is done by a third-party company which would be impartial in the results since a partial auditing result is no good in the long run. Many organizations provide these services like KPMG and Ernst and young. Proper audits indicate excellent transparency in business activities.
3) Marketing :
The marketing department is the backbone for sales. Every organization with have a marketing department of its own which will focus on improving brand recognition and brand value in the market. Organizations have different activities for the marketing department to write from market research after post-marketing campaign feedback.
The marketing activities would be divided into several subcategories like market research which would involve in collecting data which is a primary and secondary. Marketing department would also in wall product launching and product management activities which take care of the product right from launch until the feedback collection.
Providing the required material for the sales department is also one of the activities of the marketing department. It involves providing educational material sales aid and other required materials related to marketing. Another aspect of marketing activity is to launch a marketing campaign.
These campaigns involve a product and its awareness in the market why the use of events and Advertising. In some companies advertising is also a part of Marketing by then other companies advertising form a separate apartment which has its own activities.
In any case, the coordination between Advertising and Marketing department is of crucial importance to launch an effective campaign. The ultimate aim of the marketing activities is to gain more revenue by increasing the sales and generating higher profits for the organization by providing more exposure to the products the brands of the organization.
4) Sales activities :
These are the types of business activities which are eminent in every organization whether it is small or big. Sales are the ultimate revenue generator for every organization. It is important that the organization focuses on sales activities and provide all the necessary requirements for the sales team in order to generate profits.
This is activities include recruiting the best of the salespersons, training them regarding the technicalities of the product, helping them convince and convert the customer by training on soft skills and also collecting the payment in order to realize the profit. Growing of sales is the aim of every organization.
It is the sales team that reaches the prospects and creates a customer base generator regular business. The aim of the sales team is to convert new customers and maintain the existing customers and secure the business. Coupled with the products of the company systems create demand for the product in the market. Often there is synchronization of activities between the sales and marketing department which is managed and developed by the company heads. An organization which has highest sales with automatically have a higher market share and get more profits. In other words, it will be more financially stable.
6) Operations and Supply chain :
The supply chain is a very important aspect of the business. Every company needs a good supply chain management system which will take care right from inventory management to delivery management. This is true especially in the case of e-commerce where supply chain and related types of business activities are of Paramount importance and play a crucial role in customer satisfaction.
Operations also include process enhancement and process standardization. Using six sigma to enhance the productivity of the current processes or to make necessary modifications all to change the entire process is a part of operational activities.
7) Customer service :
This business activity is rated by far the highest amongst all types of business activities. In this competitive environment only, product quality is not important but a 360-degree view of the customer is crucial because customer satisfaction is rated as highest in the entire business activity.
Customer satisfaction is the end part of the process which starts with production moves on with product management and marketing then goes ahead with sales and finally ends with customer service. Customer service plays a very important role in after Sales Service.
Many times, it is the customer service that brings lost customers back to this organization and not sales or marketing. It has become mandatory for organizations to rate this activity has the highest and that is a reason why they have dedicated customer service executives assigned to solve the issues of the customers.
Companies have now taken to social media to provide customer satisfaction were and customers get an instant reply when using platforms like Facebook or Twitter to complain about the product or the service. Customer service definitely plays an important role in customer satisfaction and is rated as high as product quality.
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Johnny wonder says
great answers ever.
Need idea about core business activities in any industry
If you are know. what business will you do… Know about that…..
So you have many opportunity in your business.
paulo namwila says