Introduction to Business Operations and Management

BMM 3003

INTRODUCTION TO BUSINESS OPERATIONS AND MANAGEMENT

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Introduction to business operations

Business operations are defined as the set of activities which are engaged by the business daily which could lead to an increase in the basic value of the enterprise while earning profit from a business in the end. The activities that are performed in business-related operations could be optimized in an easier way to generate some sufficient revenue that could lead to cover expenses associated while lead to earning profit for the owner of the business in an easier way. Employees associated with business and its working helps in the accomplishment of goals of the business by accomplishing several functioning like marketing, manufacturing as well as accounting more easily and effectively indeed.

Business operations are associated to evolve with the growth of the business so it is required that management must plan to accommodate all changes in an easier way that could lead to present glitches that occur in the system. Business operations could vary according to the industries for which it is applied also they are structured in a way which is according to the requirements of the industry. It is associated to master the basic operations related to the specific industry which could lead the business to achieve success more efficiently indeed (Gibson, et.al, 2015).

Functions of Business operations

The basic outcome associated with business operation includes harvesting the values from the assets which are owned by the business. Assets that are involved can be either physical or can be intangible. Business operations could encompass 3- fundamental management essentials that could lead to maximize value which is being harvested from assets of the business. The basic operation includes generation of recurring income, increment in value related to assets of business while securing the income as well as the value of the business (Choi and Li, 2015).

Operational based functions are just like the basic operations on an own which are often subjected to nay change that might occur. Founders of the company as well as stakeholders could have a decisive hand which could lead to knowing how the functions associated could be performed. Also, there are several factors which could lead to change that includes, inventory of human capital, and responsibilities of the departmental, level at which streamlining as well as majoring effectiveness of leaders with a charge of overseeing as well as adapting to all the operations of the business.

With these some of the functions are common which are performed in business that includes:

• Maintenance of communication that is effective while striving best for the consensus associated.

• Presence of management at a senior level while catering right coaching, mentoring as well as tutors.

• Auditing as well as re-engineering of the process related to business

• Making performance maximized by making a balance between the departments as well as groups associated.

• Management of budget as well as the process of planning at strategic as well as department-based levels.

• Monitoring as well as guiding the parties associated with the business to cooperate.

• Reviewing contract that could ensure compliance (Luu, 2016).

References

Choi, T.M. and Li, Y., 2015. Sustainability in fashion business operations.

Gibson, I., Rosen, D. and Stucker, B., 2015. Business opportunities and future directions. In Additive Manufacturing Technologies (pp. 475-486). Springer, New York, NY.

Luu, P., 2016. The role of ethics in business operations.