Today, the core purpose of our discussion is about 6 types of business activities or what is a business activity list? We all must confess that in modern era, it’s almost impossible to flourish your business without following any proper steps and guidelines. In early days, people don’t have much knowledge or there was very less competition and running successful business wasn’t a difficult task.
Today, it’s the era of comparison. Customers or Buyers always compare same services provided by two or more different service providers. Their liking or disliking depends on your services. They have set preferences in their minds and their brain automatically tells them whether they should buy from this service provider or not.
So experts, who studied and studied about marketing and business strategies and done analysis have extracted list of 6 types of business activities. These 6 business activities are keys to form a successful business setup.
“The road to success and the road to failure are almost exactly the same.”
List of 6 Types of business activities
Business activities plays vital role in all types of businesses and one must not neglect their significance. 6 types of business activities in sequence are Human Resource, Customer Service, Accounting, Budget, Sales and Marketing. See below for their detailed description and worth.
Human Resource or HR holds an important place in any organization and plays vital role in success of any business. HR Management has a strategic role towards organization as they have to manage people for the best sake of the business. Very few acknowledge the value of a Human Resource.
HR is responsible for controlling the budget, for making your customer satisfied, for resolving conflicts that takes place inside the organization, for training and development of your employees and staff and for making your staff performance better.
Successful business never runs because of your quality products or management. They only run successfully because of the excellent customer services. No doubt, that both product and customer service holds equal value and importance. But if one is missing, you may have to face a great loss.
A better customer service is responsible for attracting new clients and keeping them secure. Also, it’s the responsibility of customer service to make their customers promote their products and business etc. End result is that your customers become loyal and give you more benefit by buying more of your products and services.
Many of the customers will convince others to buy your products which means free advertisement. Your customers can feel the value given to them. Consequently, customer service will always focus on preventing your business from facing any failure.
Accounting is also one of the important types of business activities. It is worthy because it contains all the records of financial transactions happened in a business. What your business buy or sell, your salary paid to your employees and all. Every transaction related to your business is recorded by the Accounting department or person.
Accounting is important because stake holders, lenders, investors and banks etc. needs to know about the financial status of your business. Accounting plays a valuable role in planning the budget of your business. Lenders requires details of your account to make a move accordingly.
How much your company is generating revenue, gaining profit or going into loss can be easily analyzed by accounting staff. You need to hire ACCA, CA or CIMA as an accounting person of your business.
Budget is like a base of any business. People often start their business with optimistic frame of mind and with proper planning but fails only due to neglecting the value of budgeting. Budget has a special worth because it gives you an estimate of how much you can afford to spend. How much revenue you will generate?
If you face failure, how much budget you will be left of with? Planning and controlling, all depends on your budget as it gives a bigger picture of where you are standing. According to some, budget is actually the plan.
It give you the estimate about expenditures, revenue, expected profit and restrict you to spend according to the budget. Your team’s or employees work depends on your budget. Hence, budget is the base and key to properly manage and run your business.
Sales are also a vital business activity. This business activity is important as your sales determines the success of your business. If sales are increasing or up to the expected mark, your business is progressing in the right direction. If sales graph is kept falling, it reflects that your business is regressing.
Sales gives you the next move you need to make e.g. If sales are getting low, you need to encourage customers to buy your products and recommend to friends. Sales gives you the direction and motivation of what you should do next to improve these stats.
Marketing is the last type of business activity that we think you should pay attention to. It is not just the advertisement of your brand, but also the process of analyzing the need of your customers and why they buy or need your products?
Marketing strategy helps you to analyze why customers prefer to buy products from your competitors. There are three marketing activities segmentation, targeting and positioning. These marketing activities are the keys towards successful marketing of your business.
For in depth analysis of these three marketing activities: segmentation, targeting and positioning. Click here to see the details to three marketing activities.
This was all about the 6 types of business activities and we hope that you know their importance now. If you were already familiar with all of them, that’s brilliant. If not, you must start making moves keeping in mind all these. Please comment below about how much you like this sharing and how much it helped you. For more business related and entrepreneurial articles, keep visiting. Good Luck for your business and business activities.