3 Functions That Every New Business Needs

Setting up a new venture can be scary. It may feel as though you need everything in place to make your business successful. But, thinking carefully about your company needs is imperative. If you don’t, you could end up spending your limited budget on the wrong departments and processes. Whether you outsource or keep these departments in-house, you need to ascertain what departments you need.

 

There are three functions that all businesses need. This is irrespective of the size and scope of their company.

 

Marketing

 

Let’s face it, without a marketing department your business is destined to fail. Whether you have one guru in charge of everything or an outsourced agency that deals with your needs, you need to have a marketing team. Social media, SEO and PPC are all vital to businesses. But, for the fledgeling business, marketing is critical. After all, gaining prominence on the internet means that more people will use your goods and services. For the benefit of your sales and growth, you need to have your marketing team in place. Think about how you want to reach out to customers. You may not have a loyal customer base as of yet. So, you need to find ways to reach out to people. Is this something you can do yourself? Or, is this best left to the experts. Whether you use offline or online methods, marketing departments are vital to your success. They can boost both profits and growth. Don’t forgo them.

 

Procurement

 

Procurement processes are complicated to put in place. But, if you deal with stock and moving goods, you need to have a firm control over your lines. With a procurement process, you can make sure that you are in the right place to get the most from your suppliers. According to IESA, you need to have some sort of procurement process in place. You need to establish your provider relationships to see a significant ROI. You also need to have a detailed notion of what lines work and which ones do not. You can put in place a balance of goods. Having too little or too much stock can be problematic. Having a procurement function within your enterprise will ensure that you are maximising your capital investments. It’s all about money when it comes to procurement. You need to know how to save cash if you want to stick around for the long term.

 

IT Support and Infrastructures

 

IT is not a luxury; it’s a necessity. In the digital age, what business can afford to omit an IT department or IT whizz? You need to make sure that you have in house support and infrastructures in place to determine any IT issues that you may suffer from. If you don’t, the impact on your customers could be detrimental. They may lose confidence in your services and with that, go to your competitors. Ensure that you have the right processes in place so that you can serve your adoring public. IT support ensures that both you and your customers are happy with your business. Without it, you could play havoc with your profits.

 

 

Be first to comment