A business is an organization or entity that provides goods or services to consumers to fulfil their needs and wants. Businesses can function with a profit or a non-profit motive. It can also be owned by one person or a group of people.

The activities needed to operate a business are known as the functions of a business. Given below are some of the primary business functions:

Production

Production is the function of converting the inputs into outputs through a production process. This function ensures effectiveness by obtaining the maximum amount of output from a limited number of inputs. Production also ensures that the highest standards of product safety and responsibility are maintained. A Production Manager is responsible for planning & controlling the production schedule, manage labour and raw materials, make decisions about the usage & maintenance of equipment, and implementation of health & safety procedures in the production process​.

Human Resource Management

Employees are the most important resource of an organization. Therefore, Human Resource Management is responsible for the proper handling of these employees. Its fundamental purposes include Human Resource planning, recruitment & selection, performance management and training & development. The HR manager is responsible to support the organization’s staff need by establishing a recruiting, interviewing and selection process. The HR Manager is also responsible to ensure monitoring & appraisal of employee performance, and hearing & resolving employee grievances​.

Accounting and Finance

This function manages the financial resources of the business, assesses & reports on the financial performance and keeps track of financial records of the business. A Finance Manager is responsible to prepare financial statements, review company financial reports, monitor financial details to ensure that legal requirements are met and to help the management make financial decisions​.

Marketing 

This is the function which communicates about the good or service of the business to its customers. Marketing involves advertising the product, selling it and delivering it to the customers. A Marketing Manager is responsible for creating & communicating the marketing plan, evaluating a marketing strategy, managing customer service, building brand awareness and handling social media marketing​. 

Information Technology 

In this modern world, Information Technology plays an important role in business functions. It also helps the organizations stay ahead of their competitors. IT has improved organizational communication through platforms such as email, video conferencing, company intranets and the internet. With the help of different software available in recent times, organizations can carry out their business functions effectively in a cost-effective and time-saving manner.

Research and Development

Research and Development (R&D) is an important business function since it helps in business growth. R&D also helps businesses stay ahead of their competitors. Further, it is a process which includes activities that help the organization to innovate and introduce new products and services. The Research and Development Manager is responsible for research, planning, designing and implementing new programs, product or concepts into the organization.