Every Successful business needs marketing because it helps you to create awareness and is the first step to sell your products or services. Without a proper marketing strategy, all the money would go in vain. 'Marketing to everyone is marketing to no one'; It clearly explains That You need to target the right audience. Also, to the people who say that spending money on advertising and promotions is just a waste of money. Big brands like Samsung, Apple, Amazon, etc are spending Billions of U.S dollars on marketing.
One of the most important departments because it helps to generate revenue. Sales is a skill that you need to master If you want a successful business. If your sales team doesn't know how to sell your products or services no matter how much marketing you do, you won't make a penny. Treating the customers, the right way Builds trust and loyalty that helps with verbal marketing, you don't spend any money still get a lot of leads. To get investors to invest in your company they should know that the revenue will only increase in the upcoming years.
It deals with the volume of production, Higher the production rate, Higher is the profit. Also doing the long-run analysis should be the first step in production. The main goal is to produce high-quality products or services at a very low price to increase profits. Products or services produced should be in demand and easy to supply. Investing in Production assets (equipment, factory buildings) is expensive, A Successful business needs to maximize the return it makes on these assets.
Most businesses fail because they do not have a strong financial foundation which is very important to achieve financial freedom. Finance helps a business to run smoothly and make sure there are enough funds for now and future investments. It helps to prioritize the cashflow, In a successful business, you need to invest money on assets and not liabilities. Finance mainly focuses on Budgeting, Tax planning, prudent spending. Saving money from business tax in a legal way can help you to make more profits’.
This department plays an important role because you need Quality employees to Work in your company and H.R (Human Resource) helps you to hire them by interviewing and then training the new employees. In simple words, The H.R department deals with all the work related to employees. Whether it be Recruiting, Training, Firing, Paying, Onboarding, development, Performance management of employees. To deal with Employee needs, Oversee compensation and benefits. Ensuring a better company culture is the work of the H.R department.
R&D (research and development) is very necessary for bringing in new products or services, Improving and growing your Successful business. It gives an idea of designing a product creatively or providing a service in a new way that will help to attract new customers. It plays an important role in marketing as well. Many companies do not understand its importance, Investing in Research and Development is a must for sustainable company growth and to be ahead of all your competitors.
As an entrepreneur, you must hire one skilled person for each department mentioned above to handle all the work and a person who knows all the departments to oversee or manage these six skilled people like a boss Who will eventually report to you. You need to create a whole hierarchy of managers and supervisors who make sure all the work is done in the right way and on time. This is how you can keep on growing a successful business.