Doing this will increases the profit made, a business may do this by expanding the business. For a business to increase the sales and markets shares they must, sell their products to there current customers, sell there products to new customers, sell there products to customers in different markets and sell new or improved products. For a business to increase their market share they need to make sure that they sell more products than there competitors.
A business can do this by, lowering prices, offering special offers to customers, making sure that there product is of excellent quality, making sure that there product is available to there customers, doing market research into the customers needs, promote and advertise the business. Providing services to the community The community around a business may hold most of its employees, therefore they need to make sure that they treat there employee correctly, if local employees are not treated correctly then the community could rebel against the company therefore sending it into a decline.
A company can avoid this by offering all of its employees training facilities to better them if the worst should happen (redundancy), because if a company doesn’t make sure that the employees are happy, then that could largely effect the local community, if people loose there jobs then they will have less money to spend therefore the local shops will make a lower profit forcing them to close down.
Producing high quality products and offering high quality services Producing high quality goods and services is extremely important in a business because if a customer buys a poor quality goods or service they are not going to use that company again, then that’s loosing customers which will in the future cause the business to loose profit, so making sure that the business is providing excellent quality goods or services will therefore increase the profit.
Developing a skilled workforce The workforce of a business is the most important part of a business because without them there would be no one to run the business, not only do they need to have a work force they also need to have a team that knows what they are doing, and this can be done by training the employees. Fulfilling charitable or non-profitable objectives
Businesses may set these objectives to get on the better side of the local community, businesses sometimes do this by letting the community use the staff facilities such as meeting halls and sport facilities. A business may also donate money to local charities. TOPMAN itself has several objectives most of them have been explained above these are there objectives. The finance department handles all of the money going out of the business and coming into the business, making the finance department one of the most important departments.
The major responsibilities of the finance department are, Preparing accounts – this area of the finance department will prepare accounts for showing to independent auditors and they will also prepare the account for the annual general meeting (AGM), Paying wages and salaries – this department is the department that pays all of the businesses employees either on a monthly or weekly basis, this area needs to team up with the accounts department to make sure that the wages are paid directly into the employee bank accounts and that it is not sent else were.
Other payments – this area is were they make sure that they pay any payment that need paying in order to run the business such as V. A.T, loan repayments, insurance premiums, Investment – at certain time a business may have spare fund left over and the finance department has to decide on what to do with these fund they can, take the money out of the business as profits, re-invest the money back into the business, pay back any loans the business may have, invest the money outside of the business and Obtaining capital and other funds – this area is were they get money that they need to progress in the business world such as funds for new machinery.
Production This department deals with all aspect of producing the product. The major responsibilities that this department has are, building and land – buying buildings and land for the product to be produced, Equipment – obviously a wide range of equipment is needed to produce a product, equipment such as vehicles, computer, tools, People – people are need to produce the product, materials – a number of materials are need to make a product materials such as wood, metal, plastic. Human Resources The human resources department of a business is often know as the hiring and firing department, because that is what they do.
The major responsibilities of the human resources department are, Recruitment – hiring new staff to work in the business, Retention – this is were the human resources department will investigate certain incidents involving staff leaving the business, they will investigate why they have left, Discipline – this area is were the human resources department keeps track of the behaviour and performance of the staff in the business, if the behaviour or performance of a certain employee drops rapidly then meeting with them will be called and the employee will be issued with a warning which in the future will result in dismissal.
Working conditions – this area is were human resources have to make sure that the conditions that the employees are working in are acceptable, these conditions can be hours of work, temperature that the workplace is, noise in the workplace (could future result in deafness therefore resulting in the employee suing the company), safety, Health and Safety – the human resources department need to make sure that the workplace the employees are working in is safe, an unsafe work environment may result in an injury, Training, Development and Promotion – this is the area were staff are trained to the standard of the company in order to develop and get a promotion.