There are about 30.2 million businesses in the US, and each of these businesses is unique. They cater to different demographics, have varying consumers, and offer distinct products and services. Some of these companies may also perform differently than others. There might be some companies whose goal is to survive. Some companies might aim for something higher, like becoming one of the best competitors in the industry. There are many differences to be had within these 30 million or so companies, but they also have similarities. It is within these similarities that we can see what makes each company function.
As we all know there are many departments in every business. Division of labor, a strategy coined by Emile Durkheim and Adam Smith, made these departments possible to exist within a company. It’s meant to increase the labor force’s efficiency and give them varying tasks so they wouldn’t be bored. Some formal businesses are clear to identify these departments, while other companies tend not to label these departments. Nonetheless, every business owner must understand which departments are integral to their business operations to succeed. Here are some essential departments in every company that you should know.
No company can survive without a human resource department. This is where the company gets its people. These people become employees that work the cogs of the great machine. Without employees, there wouldn’t be a company, and there wouldn’t be employees without a human resource department.
The HR department is integral to the inner-workings of a company. Years ago, HR was filled by many recruiters working on replacing particular employees. However, the department nowadays uses recruitment automation tools to streamline this process. Today HR also has a new function which is to help employees grow within a company. This growth is connected with employee satisfaction, and HR aims to reduce employee dissatisfaction because one of their more recent essential functions is employer and employee relations. They are the middle-ground that seeks to support both sides in a company. And without the human resource department, the entire company will be left in disarray.
As you can see, there are also different parts to this particular department. This structure is shared across other departments. Each department has different functions, so they also have to segregate themselves to perform these functions. However, one department isn’t always so segregated, and it is a relatively new department. This department is marketing.
Marketing is a relatively new department found primarily in big companies all over the world. Small businesses tend not to have this department, but they do have a group of people that works on marketing. So despite not being formal about the existence of a marketing department, small businesses still technically have them.
The role of marketing in every business is to create the identity of the business. This identity will then help the business sell its products and services. Sales will then help the business to grow and achieve its intended goals. This is the marketing department’s simple function, but growing changes need to be addressed in this modern world.
Nowadays, many marketing departments monitor their social media accounts and create initiatives that promote the company. These are some of the modern functions of marketing. Additionally, the marketing department can now be segregated into two different functions, digital and traditional marketing. Digital marketing is marketing done in the online world, while traditional marketing is marketing done in the physical world. Big businesses tend to have both of these marketing types in their company.
Accounting and Finance
The last essential department in every company is accounting and finance. This is where most of the magic happens in business. This is where a business can identify whether it’s a successful business or not.
The accounting and finance department (also known as the accounting department) works with all other departments to optimize a particular company’s cash flow. They give budgets, reports, and financial statements and provide them to each department’s various heads. They provide transparent information that can help each department make meaningful decisions regarding its growth and survival. Without the accounting department, there wouldn’t be other departments. This department makes many small businesses legitimate businesses in the industry.
So here are three of the essential departments that exist within every company. As stated earlier, some of these departments might not formally exist in a small business, but they still have people working the same functions. Without any of these departments, a company would cease to exist, and lacking one of these departments will lead your company to its eventual failure.