Functional Areas of Business

Functional Area of Business
Shatonya Eberhart
Kinberly Roberts

Functional areas of business are crucial for the growth of a company. Although some companies are not as large as others and so they may not need all of the areas of business. Or the areas will be done by some of the same people.   These are functional areas because these are parts that need to build to help the company grow, or maintain. If these areas are not secure the company may be as successful as it needs to be.
There are eleven functional areas of business.
  1. Management, coordinates and oversees the work of others so that the goals can be accomplished, they are also the most important resource.
  2. Law is the study of the legal asses of the business and ensures that the company is in compliance with the regulations ad requirement.
  3. Human Resource, address the concepts of the development of the business. They are also used to hire, discipline, and help the employee maintain a functional environment.
  4. Leadership, covers different ways that a manager can influence employees, they handle power struggles and organizational changes.
  5. Accounting, maintains and auditing the financials aspects of a business. It helps the income, and outgoing of finances. Budgets and costs are also a part of accounting.
  6. Finance, addresses the fiscal success of a company. It looks over the finances to evaluate the prospects for new business ventures.
  7. Economics, the study of supply and demands of a company, and help with the recession and depression of a company.
  8. Research and statistics, is the way that companies can see how their competitors are doing and some of the things they can do to change. It also gives the statics of growth both for the present and for the future.
  9. Operations management, the study to increase the value of the supply chain. They make sure that the company is operating within its capacity, and ensure that the company...