Business Operations Examples All Companies Need to Know About

Introduction to Business Operations Examples

From stocking new products and serving customers to general administrative tasks and workforce management, these business operations are key to a company's success. Not only do these activities help a brand generate revenue, but it also ensures workflow moves seamlessly. Regularly assessing business operations enables organization leaders to effectively oversee their company and expand their growth.

Clear Cut Examples of Business Operations

Business operations are activities that company staff complete each day to increase their value and profit margins. For retailers, their business operations may entail procurement, inventory counts, managing online orders, and engaging with customers. Whereas, restaurants may focus on preparing food, waiting on diners, and bussing tables. Generally, all businesses will partake in tasks, such as marketing and administration.

Completing these jobs is important for company owners as it allows for goal achievement and business plan execution. When businesses follow through with their daily responsibilities, they will also have a consistent cash flow and enhanced customer loyalty. Some of the most common examples of business operations that owners should keep track of include the following.

1. Managing Finances

Business owners need to manage and track the outflow and inflow of money. This allows them to effectively budget and procure inventory. It also helps leaders ensure they have enough funds to compensate staff members and stakeholders. Companies in the United States also have to pay state and local sales tax, as well as their suppliers and third-party contractors.

A few ways that companies will manage their finances are by assessing their accounting software or consulting with their accountant. They may also collect receipts to review expenses, realign budgets, and examine data reports regarding sales. Performing these activities ensure the business is on top of their financial obligations and are compliant with tax and labor laws.

2. Oversee Workforce

Most companies will employ people unless they are sole proprietors. When recruiting staff members to a team, management must outline job responsibilities, conduct interviews, and select the best candidate. Afterward, managers will need to train and onboard new hires, and assess their performance on the job.

Other workforce activities include employee scheduling, performing payroll, and being compliant with federal and state labor laws. These regulations range from withholding a specific amount of taxes to making sure employees take their breaks during shifts. Business owners may also have to remedy workplace conflicts and help promote productive and welcoming company culture.

3. Create Marketing Campaigns

Marketing tasks are especially important for any business that sells goods. Customers need to know that a company exists or that a product is worth buying. With marketing campaigns, entrepreneurs can promote their brand and quality. Tasks related to marketing include curating advertisements, social media management, and presenting at events or shows. A restaurant may market its business by having banners and hosting giveaways.

4. Updating Technology

In today's technological world, businesses are adopting software and digital solutions to streamline their operations. Computers, copiers, inventory software, and payroll systems are just some of the tools modern companies are using. Business owners need to stay on top of the latest tech gadgets, troubleshoot issues, and monitor the performance of their solutions. They may also have to do routine checks and have maintenance done on their systems to ensure security and efficiency.

5. Manufacturing

This business operation activity is most common for manufacturing businesses, such as canned food companies and textile services. These organizations will generally order raw materials and produce an entirely new product for customers. Activities related to manufacturing entail managing assembly lines, conducting quality control, and testing products.

6. Collecting Data

In order to make informed decisions, businesses of all sectors will need to collect some form of data. Organizations can gather metrics to look at sales, labor forecasts, productivity, and employee turnover. These insights are valuable as they provide a look into how well a company is doing, where they stand in the market, and how their employees feel. Generally, data can be collected via a business software system, such as payroll, point of sale, or employee scheduling.

Key Takeaways to Business Operations Examples

• Business operations are daily activities managers and staff members perform to keep a company afloat.
  
• Business operations also help companies with goal achievement and strategy execution.
  
• Organizations across all sectors have different business operations.
  
• The most common examples of operational activities include managing finances, marketing, and overseeing employees.