N5 Entrepreneurship Lower level
Lower level, or first level managers, entails supervising the workers to get the job done. They face the realities of operations such as quality control, productivity, customer service and complaints, production targets, motivating the workforce and problem solving. This is a very important responsibility within any business. Their own expertise in technical and human skills is very important. If they possess exceptional conceptual skills, promotion to middle level management is more likely.
Workers
They are not part of the management structure of a business. They are therefore not managers.
2.2 Functional responsibilities
Most businesses, even the smallest, differentiate between four very different but interrelated functions within a business. The reason is that each of the functions requires specialised knowledge. People are also trained in one of these fields. To ensure effective management, businesses are therefore usually divided into departments according to these functions. There are various other methods, but those will be discussed in more detail in the organising section of the course. The functions (responsibilities) are:
Nothing new, your business plan dealt with this, remember?
Business Functions
Finance
Marketing
Production
Personnel
Example
An accountant will find him/herself in the finance department and a sales representative will be in the marketing department. The course you are currently doing, can most probably be placed in one of these categories.
1. Finance
Finance in a business can be divided into two separate but interrelated sections, namely financial accounting (bookkeeping) and managerial accounting. The latter is concerned with providing information to managers – those who are in the business and who are charged with directing and controlling of the operations. Financial accounting provides information about the people outside the business i.e. debtors, creditors and the bank. Both make use of the set of accounting records and financial statements. Financial information helps the manager to: – Plan effectively – Do costing – Determine the profitability – Direct operations – Solve problems
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