Parts of a Business
The day-to-day activities required for continued business functioning.
What is Operations?
the process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources.
What is Financial Analysis?
the logical process of coordinating resources, such as money and employees, to accomplish an organization’s goals.
What is Management?
the people who work to produce goods and services, and they are invaluable to a company.
What are human resources?
refers to all the activities a business engages in to interact with its customers.
What are Customer Relations?
Ensuring that the product being sold meets predetermined standards.
What is Quality Control?
Whatever it takes to run the business.
What is Overhead Expenses?
The people responsible for management.
What are managers?
the process of planning, staffing, leading, and organizing those employees.
What is Human Resources Management?
In the intangible sense, a business’s environment is the way employees and customers feel when they interact with the organization.
What is Corporate Culture?
Overseeing and controlling the number of finished products the business has available for sale.
What is Inventory Management?
The money that angel investors put into startup businesses to get them off the ground.
What is Venture Capital?
deciding what work will be done and how it will be accomplished.
What is planning?
an explanation of the skills, knowledge, and characteristics required for the job.
What is a Job Specification?
Reacting to questions, complaints, and problems as they occur is not enough.
What is being proactive?
The process of planning, controlling, and organizing an organization or department.
What is Strategic Management?
What the business owns or controls minus debt.
What is Equity?
involves setting up the way the business’s work will be done.
What is Organizing?
may involve giving the employee a tour of the facilities and making introductions, giving the employee information about company procedures and policies, and familiarizing the employee with his/her new workspace and equipment.
What is Orientation?
When customers feel that a business has taken the time and effort to build relationships with them, they are much less likely to switch over to a competitor, even if the competitor lowers its prices.
What is Customer Loyalty?
A business acquiring the goods and services it needs to keep production going and to accomplish its business goals.
What is purchasing?
keeping accurate and useful financial records.
What is Accounting?
involves providing guidance to workers and work projects.
What is Directing?
discussions with employees who are leaving that are designed to gain feedback for the business.
What are Exit Interviews?
When customers are happy with a business, they are likely to tell their friends, family, coworkers, and acquaintances about it.
What is Word-of-Mouth Promotion?