function of business

 Function of business :-

Following are the function are essential in business. I am explain all the function how you can improved business with this function

Production :-

The business should produce or manufacture certain goods for the purpose of sales. The production of goods or services is a regular function of business enterprise. The goods must be produced with minimum cost and sufficient quality to meet the demand of people. this is the main function of business

Purchases :-

The manufacturing business is bound to purchases raw material for the production of goods.the business is concerned with purchase of store and spares for repair and maintenance of machinery.

Sales :-

The sale function of business is just like oxygen for a men.the life of business is linked with sales because business is depends upon sufficient sales volume.

Finance :-

The business is successful if payments are made on due dates. The owned capital and borrowed capital must be sufficient to meet the fixed and working capital requirements. The success of business depends upon finance and business failure means  shortage of finance.

Storage :-

The storage function is important due to regular production and seasonal consumption and vise versa. There is need of storage facilities in order to improve the quality of certain products like tobacco, rice and date paims.

Advertising :-

The business must advertise its products in order to inform the consumers. The products can be sold only if the consumer is aware about the price and quantity and working of the product.

Insurance :-

There is risk involved in business due to uncertainties in future. The business must buy insurance policy of insurable risks. The insurers share the risk of loss due to unforeseen circumstances.

Transportation :-

The goods are produced in factories and mills but there are used by consumers. There is need of transportation of goods from factories and mills to residential areas where the consumers are living. The business must make agreements of transportation of goods.

Research :-

The business make research for inventions and innovations. The introduction of new products and new models of old products are possible through research facilities. In this way he keeps the business a live in competitive markets.

Accounting  :-

The business keeps detailed record of production purchases sale wages and other day to day expenses. There is need of proper books of accounts for sales tax, income tax, and legal requirements.

Personal :-

The personal department look after the welfare of the workforce. The business deals with recruitment, selection, training, appraisal, health and safety, equal opportunities. Payment systems and work disputes.

Information :-

The business office is an information house. The incoming and outgoing information is stored in the office. The businessman can plan his business activities on the basis of such information. The budgets can be prepared for the years of come.

Public relations :-

The big businesses maintain public relations in order to win the favour of  the general public. Annual accounts are published and people are invited to visit the business office. The  public opinion becomes favourable in case of rise in prices they do not boycott the products of the business.