Major Business Functional Areas
Here are some of the major business functional areas:
- Finance: The finance function is responsible for managing the company’s money. This includes tasks such as budgeting, accounting, and investing.
- Marketing: The marketing function is responsible for creating and communicating the value of the company’s products or services to potential customers. This includes tasks such as advertising, public relations, and sales.
- Operations: The operations function is responsible for producing and delivering the company’s products or services. This includes tasks such as manufacturing, logistics, and customer service.
- Human resources: The human resources function is responsible for attracting, developing, and retaining the company’s employees. This includes tasks such as recruiting, hiring, training, and compensation.
- Information technology: The information technology function is responsible for developing and maintaining the company’s computer systems. This includes tasks such as software development, hardware maintenance, and data security.
These are just a few of the major business functional areas. The specific functions that are important to a particular business will vary depending on the size, industry, and goals of the business.
How to Start?
Usually, when we want to do our own business or a start-up, we find ourselves in a dilemma situation like what to do and where to start. A very common question that strikes our mind is – “What are the Key functional areas or the domain areas of a Successful Business?“. Well, It is always recommended to start in your area of expertise which will reduce the risk of failing in your to-be venture.
Here are a few more major functional areas of a business or let’s say functional domain which you can go through and decide to start your new entrepreneurship in one of these areas.
- Banking & Finance
- Beauty & Fitness
- Bus & Rail
- Car Rental & Taxi Services
- Career Resources & Planning
- Computers & Electronics
- Game Development (Online/Desktop/Mobile App)
- Education (Physical & Online Classes)
- Enterprise level Software Development
- Health & Fitness
- Food & Drink
- Home & Garden
- Hotels & Accommodations
- Stocks & Shares Investment
- Life & Motor Insurance
- Loan & Mortgages
- Concierge & Relocation
- Network Security
- Politics management & planning
- Travel & Sports
- Tax Preparation & Planning
- Web Design & Development
- Search Engine Optimization & Marketing
- Marketplace e-commerce
- Affiliate Marketing
- IoT (Internet of things)
Have fun, enjoy your new venture and all the best!!
Further Readings
- Check out our other blog on Business and Drop Shipping business.
Feel free to share your thoughts on this topic in the comments section below 👇 We would be happy to hear and discuss the same 🙂
One thought on “The 5 Key functional areas of a Successful Business”
Very nice post