Today’s post applies to larger companies rather than smaller ones. Since most of our readers own small- or home-based businesses, I will make this a short post. I want to share how a structural analysis can grow and streamline your business. Your business currently might benefit from structural transition, or it may in the future. Understanding business structures now, however, can help you structure it for greater growth. So, read this for your current and future business.
Three Business Structures
Businesses may adopt one of three structures:
Product Structure organizes based on divisions or product lines. For example, a large company with various brands may build divisions that include accounting, human resources, marketing, sales, and IT staff for each brand.
Functional Structure organizes the company grouping functions together to provide services to multiple operations. For example, one human resource function services the entire company, one marketing group sells all products for the company, one accounting group processes all financial reports, and one manufacturing group produces all the product.
Matrix Structure combines product and functional structures. For example, the company may organize along product lines, but support staff within the groups report to both the product manager and their counterparts in human resource, accounting, or marketing.
Don’t miss out Thursday to learn more about how high impact analysis can grow your business
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