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Unlocking Growth: The 7 Functions of Business and the Key to Success

2 Mins read

Unlocking Growth: The 7 Functions of Business and the Key to Success

Success in the complex ecosystem of business frequently depends on one’s capacity to handle a variety of tasks with ease. Any successful business is built on these seven essential functions: Sales, Marketing, Finance & Accounts, Operations, HR & People Management, Research & Development (R&D), and Leadership. While it is important to recognize the importance of each function, maybe even more important is determining which ones require your immediate attention in order to promote sustainable growth.

Leadership is the first intrinsically fixed function for any founder. It’s about laying out the plan, establishing the direction, and making a roadmap. Understanding market trends, seeing business opportunities, and guiding the company’s course in accordance with its mission and fundamental values are all parts of leadership.

A founder can only realistically oversee the floating function, one extra function in addition to leadership, at any given moment. Depending on the size and stage of the business, this floating function requires the founder to devote all of their focus to it. It can be R&D, sales, finance, or HR—all of which are important in their own right.

The secret to growing well is realizing that although the founder might be skilled in one or two areas, the other functions call for specialized personnel. This calls for the professionalization of every department inside the company. Experts in the fields of sales, marketing, finance, operations, HR, and R&D can be appointed to manage these areas so that the company can run more efficiently and have more room to grow.

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A company that wants to grow should ideally have five core members at the very least: the founder who oversees leadership and one other function, plus four other professionals who are each in charge of one of the other functions. One important employee may perform several tasks in the beginning, but as the company grows, specialization becomes essential.

Furthermore, succession planning is essential. When the time comes to transition, the founder should train a successor who can take over the floating function with ease. Because of this foresight, continuity and stability are guaranteed, allowing the company to flourish in the face of shifting conditions.

As the business gains traction and financial stability, it should aim to expand its team to accommodate all seven functions effectively. Transitioning from five to seven team members allows for greater specialization and depth within each function, fostering innovation and resilience. It’s imperative to recruit the best talent available, as the caliber of your team directly impacts the company’s trajectory and success.

In conclusion, the secret to growing a business lies in understanding the seven functions that drive it forward and strategically allocating resources and expertise. By embracing the concept of fixed and floating functions, professionalizing each aspect of the business, and investing in top-tier talent, founders can unlock the full potential of their enterprise and embark on a trajectory of sustained growth and success.

 

 

 

By Ebenezer Denzel Amanor | Denzelamanor.com

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