Mastering Business Management: A Framework for Organising Your Company.

Purpose of the article:

Organising a business can be complex, but by categorising using fundamentals of a business, and subcategorising different aspects, it can be easier to manage and ensure that all areas are functioning effectively.

This suggested framework, which we have been using for the last five years, not only helps us keep track of everything, but also gives us an eagle eye over the entire business, making it easier to manage and understand in more depth.

Business Strategy & Planning:

Where all study and research and strategising about all the other sectors happens.

• Mission and Vision: Defining the purpose, values, and goals of the business.
• Market Analysis: Understanding the target market, customer needs, and competition.
• Product Development: Designing and launching new products and services.
• Sales and Marketing Strategy: Creating and executing marketing and sales strategies.
• Financial Planning: Developing and managing budgets, forecasting revenue and expenses.
• Legal and Compliance: Ensuring compliance with legal and regulatory requirements.
• Accounts Receivable Management: Process of collecting outstanding debts from customers or clients, and ensuring that payments are made on time.

Operations Management:

Covers  the various aspects of managing a business's operations, including supply chain management, quality control, inventory management, human resources, and technology and IT management.

• Supply Chain Management: Coordinating and managing the production and delivery of goods and services.
• Quality Control: Ensuring that products and services meet customer expectations and standards.
• Inventory Management: Tracking and managing inventory levels.
• Human Resources: Recruiting, training, and managing employees.
• Technology & IT: Implementing and managing technology systems to improve business operations.

Finance:

Involves managing the financial resources of the company. It is an important aspect of business management as it ensures financial stability, compliance with financial laws and regulations, and transparency and accountability through financial reporting.

The Finance category is an important aspect of business management, as it involves managing the financial resources of the company. It includes various subcategories such as accounting, budgeting, taxation, investment, and financial reporting.

• Accounting: Recording and reporting financial transactions.
• Budgeting: Developing and managing budgets to ensure financial stability.
• Taxation: Complying with tax laws and regulations.
• Investment: Making strategic decisions about investments to generate returns.
• Financial Reporting: Providing transparency and accountability through financial reporting.

Marketing & Sales:

Marketing and sales are essential components of a business's overall strategy and planning. They help a business to understand its target market, customer needs, and competition, and to develop effective marketing and sales strategies to promote its products and services.

• Branding: Developing and establishing a unique identity for the business.
• Advertising: Promoting the business and products to customers.
• Sales: Generating revenue by selling products and services to customers.
• Customer Service: Building customer loyalty and ensuring customer satisfaction.

Legal:

Ensures compliance with legal and regulatory requirements. By ensuring that a business complies with legal and regulatory requirements, it can avoid legal disputes and penalties that can be damaging to the business.

• Contract Law: Drafting and negotiating contracts with customers and suppliers.
• Intellectual Property Law: Protecting the business's intellectual property, such as trademarks and patents.
• Employment and Compliance: Ensuring compliance with employment laws and regulations.
• Litigation: Representing the business in legal disputes and negotiations.

Conclusion

It is true above framework doesn’t fit all businesses, however the goal is to approach the business with fundamental principles, so you can have an eagle eye over the entire operation of your business.

By categorising and subcategorising the different aspects of a business in this manner, it becomes easier to understand the different components and ensure that they are working together effectively.