Business has five key functions of business. We can learn this to be a good consideration while starting a business. They are, management, marketing, finance, and accounting.
Let’s discuss it one by one. Management discuss about which the employee and other resources that will be used by the firm. Such as decisions in the numebr of the employee that will be used, how many equipments that is need by the firms, and also manage the condition employee in order to make them in a high motivation. Those kind of management really need in a business.
The next is marketing. Why is it important? It is because we sell our product to the market ryte? Marketing become one of the important. It try to answer which products or services are developed, priced, distributed, and also promoted to the customer. Marketing should consider in some point like how much the price that is appropiate in society, the use of media in order to advertise our product and others things that is related to promotion and approaching to market.
Next is finance. It calculated all the use of funds for the business operations. It try to answer the condition of fund in firms, such as should the firms borrow money to increase the modal of the firms, if yes, should it be take the short term or long term, and soon. All this consideration should be thought seriously by the firms. Why? Because if take an action without any consideration, just borrow money and borrow, we will loss because of we borrow to much. We should think of it.
Next is accounting. It little bit the same with the finance function, but the different is the job description. It summary and analysis of the firm’s condition. It did not think of from where I should borrow the money, and how is the way, but accounting try to analysis the using of that loan.