Every business is different, but we use the following list of functions to help define a business and to serve as a high-level checklist of the different functions you can learn about and improve in your business.
The business owner is ultimately responsible for all business functions. If you’re a freelancer or have a small business, you might be doing all the work yourself or outsourcing some of the work to other freelancers or small businesses, such as using a CPA to prepare your tax returns.
Executive. This involves setting the purpose and vision for the business, and the process of building it and improving it. It also involves oversight of all business functions.
Personnel. This involves hiring, training, managing, and separating people. It also involves creating a company culture and helping good people through tough times.
Information. This involves research, business intelligence, data storage, reporting, data retention, and compliance with various laws involving the collection, processing, retention, and destruction of information. Learn more about the
Revenue. This involves attracting customers, sales, and service.
Operations. This involves management of all day-to-day business activities. In many companies this is simply known as “management”, but we call it out here because even management needs to be managed.
Logistics. This involves buying things, receiving things, and shipping things. It involves arranging for travel.
Technology. This involves developing systems to get things done in any part of the business.
Finance. This involves accounting, payroll, projections and forecasts, and also managing risk.