Running a business efficiently and effectively is challenging, especially if you haven’t received formal education in business administration. This body of knowledge is tremendously relevant and can guide you through starting, running, and expanding your business. It can also help you protect your company from legal action and other pitfalls that can endanger your capital investment.
Similarly, when you take a finance course, you’ll learn about rate of return and time value of money concepts. Learning these subjects will help you manage your money and investments. It will also help you plan out your capital structure, which is an essential part of forming and maintaining your business. Too much debt in your capital structure can spell disaster for your company, but a solid understanding of finance can help you manage that risk.
While subjects such as quality assurance, process excellence and systems thinking are in many ways related to human resources, these concepts are taught separate from the HR. However, many business students supplement their business administration education with quality assurance courses, training and certifications. So, if you hire a business administration professional, they are likely to have a good understanding of process improvement techniques, along with strategies for managing processes and people within systems.
Especially, the administration department become even critical when the company has to take certain stand and some limited stuff need to be out to the media. This department also take care of the brand reputation and time by time they come up with the initiative to build company online brand.
For example, their team ensure that the resources are getting the proper facilities like transport, food, in-house first aid medical benefits etc.
Accounting & Finance
You are exposed to an array of topics when you major in business, including the mathematical side of business – accounting and finance. In your accounting courses, you’ll learn the basics associated with the bookkeeping process and financial reporting. You’ll get to see how financial statements are produced and how they are used in business. Understanding a balance sheet, income statement and statement of cash flows is key for running your business effectively.Human Resources
Understanding how to allocate human capital within an organization is critical for managing your business efficiently and effectively. The many laws governing employment, along with the role and responsibilities of your training department, are critical to understand. Human resources topics and related subjects are taught in business schools. You will be exposed to a number of important philosophies and concepts about managing labor, and how to use employees in your business.While subjects such as quality assurance, process excellence and systems thinking are in many ways related to human resources, these concepts are taught separate from the HR. However, many business students supplement their business administration education with quality assurance courses, training and certifications. So, if you hire a business administration professional, they are likely to have a good understanding of process improvement techniques, along with strategies for managing processes and people within systems.
Sales& Marketing
Learning how to entice potential customers into purchasing a product or service is key for starting a business and being successful. Whether you’re just starting your business education or are pursuing a business admin PHD, you’ll be exposed to marketing and its importance to any company’s survival. A business admin PHD can help you design a marketing plan that is fresh, original and has all of the working components needed to penetrate your target market. Without a well-defined plan, your marketing efforts may not yield substantive results.Corporate Communication
Corporate Communication is quite important for any company and this also involves the public relation (PR) department, public speaking, meetings and much more. This administration decides what to say to media and public and what not.Especially, the administration department become even critical when the company has to take certain stand and some limited stuff need to be out to the media. This department also take care of the brand reputation and time by time they come up with the initiative to build company online brand.
Managing Daily Operation and Facilities
Administration department is not also limited to the above areas but also, they have the great role in managing the daily operation from organization prospective.Wrapping it up!
A business administration education has wide ranging implications for you and your business. If you do not have the time or means to get an education in business, then hiring someone well-versed in business is key for the success of your company. Running a business is an artform that requires careful study to master.
Ashutosh Jha
Ashutosh Jha is a professional blogger, Blog and IT Consultant. He writes about Blogging, SEO, Making Money, Internet Marketing and Web Design.
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