Organizational structure and goals | Business & Finance homework help
When creating an organizational structure it is important to consider what functional areas should be included in order to ensure the business can operate efficiently. Generally speaking, there are three essential functional areas that must be taken into account when designing any organization: finance and accounting, operations/production, and marketing/sales. Each of these departments play a vital role in both shaping corporate policies as well as driving revenue growth.
Finance and accounting departments are responsible for overseeing all financial matters related to the business such as budgeting, cash flow management, and bookkeeping. These teams also monitor tax regulations so that companies remain compliant with applicable laws while minimizing their overall liability obligations.
Operations/production teams handle issues related to production processes or day-to-day operations such as managing supply chains or staffing levels in order to ensure adequate resources are available for achieving desired output goals. Additionally these departments may also be involved in research & development activities aimed at increasing efficiency or reducing costs.
Finally marketing/sales teams coordinate promotional campaigns or customer service initiatives intended to attract new buyers while also retaining existing ones. This type of team typically works closely with other divisions in order to develop strategies on how best utilize available resources so that maximum returns on investment can be achieved over the long term.