Functional Areas in Business Organisation and Types of Skills Needed by Employees

Project

Table of Contents
Introduction .........................................................................................................................................3
Main body ............................................................................................................................................3
Task 1....................................................................................................................................................3
Functional areas in business organisation............................................................................................3
Task 2....................................................................................................................................................4
Types of skills needed by the employees ............................................................................................4
Conclusion ...........................................................................................................................................6
REFERNCES ......................................................................................................................................7

Introduction
For start up of any business proper business plan is required to ensure the success of the
business. It is necessary for the person to understand and examine all the relevant aspects of
business for organising and running the business. Business function refer to activities required for
running the business which includes core and support functions (Falkner 2017). Core function is
related to the primary activities of earning income and support function includes the ancillary
functions required to complete the core functions. Every organisation and department performs
various tasks and function which includes sales, research and development, finance etc. This
scenario is based on the case study of John who won the money prize from the lottery ticket and
decided to run a business name of IMO electronics Ltd. It is well-known regional organisation
running with 200 employees over two sites in Manchester and Liverpool. The study is based on the
functional areas and skills required in employees for completing the task effectively.
Main body
Task 1
Functional areas in business organisation
Business organisation defines the structure of the business that how it is operated, owned
and helps in achieving its goals. In the company various business functions are performed such as
billing, stocking of the goods and materials, customer services etc. Business functions defines the
process of different activities performed by various departments which includes production,
finance, marketing, sales etc. The functions are classified into internal and external business
functions. Various functional areas in organisation are
1. Finance – It is considered as important function as business requires a regular check on the
funds. It involves the functioning of planning, managing and obtaining the funds of the
company. Various experts are hired by the company for financing. The manager is required
to plan the capital needs for the long term and short term purpose. The staff records all the
expenses and incomes occurred on the business to know the profitability earned by the
company. Accounting is a core aspect in the finance as accountant monitors the budgets,
keeps the records of day to day financial information , prepare cash flow statement, balance
sheet, income statement. This department is concerned with procurement and utilization of
the funds. The finance manager is responsible for presenting the financial transactions to the
government agencies, investors, internal and external parties (Geng and et. al., 2020).
2. Marketing – It defines the managerial activities which includes the identification of