Business Administration: Definition, Functions and MORE

7 minutos de lectura

The business Administration is known as a science of character Social and economical whose main objective is to achieve the maximum benefit of a certain organization.

Therefore, if you are not familiar with administrative and economic issues, We invite you to read this article!, in the following paragraphs we will explain in detail what the objective of the business Administration, what foundations it is based on and more. Just keep reading And find out all this information!

What is Business Administration?

The business Administration It is defined as a social, economic and technical science that is responsible for benefiting a certain company. This is executed through the planning, organization, direction and control of the resources that are at your disposal. Which can be human, technological, economic, among others.

In this sense, business administration is based on the establishment of norms and practices that allow optimizing the use of the company’s resources so that it can achieve its objectives. In effect, this concept is based on certain existing conditions that a company has. In this way, goals can be set for specific purposes.

Of course, these goals can be efficiently achieved through the application of proper business management. We previously established that business Administration is considered a science, this is because it is a university career that is closely related to the field of economics.

Therefore, a business administrator is responsible for applying the knowledge acquired so that a company reaches its maximum benefit and in turn, develop optimally and efficiently.

To conclude, we will leave a more concrete and direct concept about what business administration is. That is, the business Administration It is an organizational method and practice that is based on the management of commercial companies with the sole objective of achieving the best possible optimization.

However, if you want to know a little more about the business Administration and you want to investigate on your part, and we invite you to enter the next link. There you will find a page where they mention some of the best business management books.

What is Business Administration for?

The importance of business administration is often underestimated. The interesting thing is that it is certainly one of the most important aspects when reaching the objectives and achieving the development of a group of workers.

In this sense, business Administration it serves to obtain better personnel, equipment, materials, resources, income and human relations. Of course, its importance lies in its imparting effectiveness to human endeavors.

In addition, focuses on fundamental approaches such as the human relations approach, the systems approach and contingencies, as well as the human resources approach.

In turn, the Business administration provides foresight and creativity. Let us remember that a company without good management will not be able to increase its growth and therefore, it will not be successful. For these and more reasons, it is important that a company or commercial company has a good business administrator that allows it to achieve its objectives, whether in the short, medium or long term.

Functions of the Business Administration

While it is true, business administration is responsible for studying the resources of the company strategically and thus be able to set and achieve the objectives of the organization as effectively as possible. Of course, these objectives are set in the short, medium and long term.

In this sense, the business Administration must be accompanied by a set of functions indispensable that allow you to achieve your goals optimally and successfully. Although it is true, they are cataloged in a group of organized functions.

For example:

  • Coordination: it works as a factor that generates harmony between officials and operations.
  • Planning: It consists of the prior planning of the objectives, procedures, policies, programs and forms of action within a company.
  • Organization: allows setting the functions, responsibilities, powers and authorities among the employees of the company. Of course, the creation of an organization guide allows employees to know the task that corresponds to each worker in the company.
  • Address: allows decision-making and orders where it must always be taken into account that they are consistent and complete.
  • Evaluation: allows you to check the results obtained from the use of the company’s resources. Apply the proposal for corrections in the organization’s procedures.
  • Control: establishes comparison models and thus the results can be evaluated. Clearly, the control tools of a company can vary, such as: statistics, budget control, auditing, quality control, among others.

It is important to mention that the functions of business administration are usually integrated as the different stages through which the strategic planning of resources must go through and thus meet the established objectives.

Relationship of the Economy and Business Administration

Before mentioning how the economy with the business Administration It is important to establish that the administration is in charge of the operation and performance of a certain commercial company. While, a company on the other hand, is an organization that is responsible for the execution of commercial tasks with the sole purpose of obtaining economic profit.

Now, economics and administration are two sciences that are reflected before society as a performance of economic and social development. Therefore, each of them becomes fundamental pillars. In such a way that, they influence the development of an organization and make its growth much more favorable.

In fact, through the economy the administrator has the opportunity to study and analyze the level of economic activity. In addition to, the use of productive resources and the behavior of financial variables. Of course, administrators are in charge of applying important elements that allow them to carry out their tasks and thus guarantee the fulfillment of their objectives.

In this sense, the most important thing for an administrator is increase profits, increase the growth of the company, guarantee the reduction of costs and ensure the increased productivity.

Fundamental Features of Business Administration

First of all, the Business administration is based on a economic methodology that is generated from the combination of different points of study and application. Among them, is the use of marketing to the company, taxation or cost control and of course, the mathematical field is also included.

In another vein, the concepts of administration and management can be applied without problem to the economic reality since it is usual to develop them in the public and private sectors.

Profile of a Business Administrator

While it is true, the business administrator You must be a highly trained and professional individual. Of course, you must be able to put your functions and knowledge into practice in an efficient and responsible way. If you don’t know, what the profile of a business administrator should be like, Do not worry!Next, we will mention some important aspects with which this professional must comply.

To begin with, the manager must be a visionary person who is capable of making reasonable decisions that lead the company effectively. In addition to apply resources that the organization has in a strategic way and be able to achieve its main objectives.

In this sense we refer to innovation, competitiveness and the generation of economic and social value. In fact, the success of a business administrator does not depend only on their studies and acquired knowledge. It is also based on the personality characteristics that this individual possesses and their ability to apply technological knowledge and apply efficient administration.

Now, we will mention the aspects that characterize a good business administrator:

  • Know and motivate your work team.
  • Be a leader.
  • Supervise the work.
  • Be organized and planner.
  • Set clear objectives.
  • Be an expert in your company or business.
  • Know how to listen and know how to communicate.
  • Analyze and study better opportunities for the company.
  • Manage tasks properly.

In addition to these little tips, you must remember your ethics and values ​​as a professional before any project, since these make you an integral administrator. In short, a good manager must have three fundamental skills: technical, human and conceptual ability.

Areas in which a Business Administrator Can Work

In general terms, the administrator has a fairly wide field of work since he has the opportunity to develop in different areas. In itself, the labor field of business administration covers the skills necessary to lead a business.

Also, these are some common fields for management specialties:

  1. Human Resources.
  2. Accounting.
  3. Finance, banking or investments.
  4. Information systems.
  5. Marketing.
  6. Real estate.
  7. Risk management and insurance.
  8. Business management.
  9. Entrepreneurship.
  10. Health Administration.
  11. International Business.

With respect to labor fields administrative in which the administrator can be developed, such as:

  1. Sales and finance.
  2. Organization and methods.
  3. Production.
  4. Marketing.
  5. Supervision.
  6. Production.
  7. Planning

In turn, you can develop as a financial and accounting administrator, university teaching, management auditing, operations managers, business consulting, human resources administrator, purchase and sales administrator, among others.

Thank you for reading! We hope to have provided you with useful information about the business Administration, its fundamental approaches and of course, its important relationship with the economy.

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