Different business models Flashcards
The role of finance
The role of finance is to provide the business with the resources to purchase raw material; do market research; carry out manufacturing; assess business performance and set goals.
Financial objectives (6)
- Revenue objectives
- Cost objectives
- Profit objectives
- Cash-flow objectives
- Capital structure objectives
- Return on investment objectives
Key activities and duties in finance (14)
- Accounting and reporting
- Strategic financial management
- Taxation management
- Record keeping and reports
- Accounts payable and accounts receivable
- Payroll
- Finance controls
- Financial planning and growth
- Risk management
- Capital budgeting
- Treasury
- Financing
- Investor relations
- Corporate strategy
The role of marketing
It serves as the face of your company, coordinating and producing all materials representing the business. It is the Marketing Department’s job to reach out to prospects, customers, investors and/or the community, while creating an overarching image that represents your company in a positive light.
Marketing objectives (5)
- Sales volume
- Sales value
- Sales growth
- Market share
- Brand loyalty
Key activities and duties in marketing (9)
- Defining and managing your brand
- Conducting campaign management for marketing initiatives
- Producing marketing and promotional materials
- Creating content providing for your website
- Monitoring and managing social media
- Producing internal communications
- Serving as media liaison
- Customer and market research
- Overseeing outside vendors and agencies
The role of productions and operations
Operations and production management is a field of business concerned with designing, planning, and controlling an organisation’s operations. It includes managing raw materials, human resources, and equipment. There are many different functions of production and operations management. Still, the ultimate goal is to ensure all the products or services are produced and delivered promptly and efficiently.
Operational objectives (8)
- Quality
- Speed of response
- Dependability - deliver reliably on time
- Costs
- Flexibility - meeting customer needs more precisely
- Environmental objectives
- Defect rates
- Safety targets
Key activities and duties in operations (5)
- Forecasting
- Capacity planning
- Location facility
- Layout
- Integration of activities
The role of HR
An effective resources (HR) management department can help provide organisational structure and the ability to meet business needs by managing your business’s most valuable asset – your employees.
HR objectives (6)
- Employee engagement
- Talent development
- Training
- Diversity
- Alignment of values
- Number, skills and location of employees
Key activities and duties in HR (7)
- Recruit candidates
- Hire the right employees
- Process payroll
- Conduct disciplinary actions
- Update policies
- Maintain employee records
- Conduct benefit analysis
Manufacturing -
- the processing of raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing
Retail -
- any business facility that sells goods directly to the consumer whether for or not-for-profit; resell goods from suppliers
Office professional services -
- any business, department, or individual whose core output is a service or expertise rather than a manufactured product
