How do the 3 areas of business apply to a business in your city?
Ok so Imma explain to you what the 3 areas of business are before we really get into this. The first is sales and marketing. Basically this is the part of business that gets the product out in the open and sold. The second area is operation where everything is manufactured or taken care of. The third and final area is administration and finance. Pretty self-explanatory: who is in charge and who we have to pay or how we get paid.
My family manages an industrial property and rents out spaces on the property as a business. The first area of business (sales and marketing) is dealt with by our business through the use of a sign in front of the building that advertises the empty space and occasional craigslist listings. The second area of business (operation) is apparent whenever me an the fam. pick up trash, inspect the building weekly to make sure it’s in shape, fix anything that needs fixing, and generally make sure the property is attractive enough to attract potential tenants. If by any chance we are unable to fix a problem we call in a handyman. For the third and final area of business (administration and finance), we end up doing a lot of paperwork and computer-spreadsheet editing. Then we have to go collect rent from all the tenants and make sure everyone is caught up on their payment. Then back to the spreadsheets! Time to pay the bills for the building. Of course it’s never quite that simple, but overall, this is how the 3 areas of business apply to our business. :)