In today’s economy starting a business can be very beneficial as the markets are expanding day by day with the advancement of technologies, giving us opportunities to work for several sectors of industries like industrial, agricultural or health care industries and earning profits or revenues. But it is very important to setup a working organization so that our business can be run smoothly, departments like finance department and marketing departments are one of the main departments for any business which helps to promote and run the business.
Finance department focuses on the three main essential things which enable us to run the business which are business support service, find was to make the costs of business to minimum and to effectively control the flow of capital invested in the business.
All the records of transactions in the business from the costs of raw material till the profits earned by the finished products, and paying the salaries of the employees till the cost of maintenance of business, are recorded and stored in the data of the business which helps to maintain the capital flowing in the business is done by the finance department.
Companies with shares and outside financing, reporting of finance to business and from business to the investors is also done by the finance department which enables to run the business having capital which is required for the production and earning profits. Everything which remotely relates to money in a business is connected with finance department.
It is very important for the success of business that it’s service or good which is being provided to be known by the consumers in the market. Unless and until the produced commodity or service given by the company is consumed in the market, the business will not be able to earn profit and get successful. This where the marketing department enters in the field of business, this department enables consumers to know about the goods or services which are offered by the company so that it sells whatever it has to offer and is able to earn for the establishment of the business.
Marketing department uses its unique strategies and researches, understanding the concept of demand and supply in the market, to sell offered goods or services. It helps in the promotion of business in the market so that the business can spread in the market and expand from time to time, it also uses strategies to increase the sales of the goods and services resulting in generating higher profits and revenues, it strives to develop a respectable goodwill of the company in the business so that people trust their goods and services which are offered to them, it considers the competitions they face in the markets by other firms and businesses and try to come up with better planning and strategies so that the business can flourish without any barriers.
There is no doubt that no business can be run in the absence of any of these departments, one helps to build a business and the other one helps it to achieve the goal of the business which is profit. But if we talk about the importance of the departments, finance department is the basic department on which the whole business depends upon. Without a proper marketing department, business may not be able to connect to markets and have higher rate of sales but without finance department, business cannot function at all.
Finance department uses assets and cash in form of capital and turns it into the form of goods and services which can be offered to be sold in the market. Marketing department may increase the profit margins and expand the business but finance department handles the cost and transactions of the business which is the core need of any business. A business can function without marketing department but a business can never function without a finance department.
Author Bio: Adilah Bisar is the Content Marketing head at CV Writing service providing company. She has been working with this company for 3 year.