Business:
Business means those activities, which are concerned with the production and distribution of goods and services. Earning of profit and satisfying of human wants are the two major objectives of Business.
Organization:
Millard has defined it in the following words.
“A convenient tasks or duties of grouping each duties in the form of parts of delegating authority to each post and of appointing staff to be responsible that the work is carried out as planned.
Business Organization:
Business organization is an act of grouping activities into effective cooperation to obtain the objectives of the business.
Principles of Organization:
Business activities must be divided into several sections. It will make the work more easy for the businessman.
1. Division of work:
Business activities must be divided into several section. It will make the work more easy for the businessman.
2. Right man for the right job:
This principle should be applied and each section should be given under the supervision of a qualified and efficient person. It will improve performance of the section.
3. Flexibility:
There should be flexibility in the structure of organization. In order to meet the changing circumstances we may be able to bring the changes in the organization.
4. Division of Responsibility:
There should be a clear division of responsibility, Each person and each section should be clear about his duty.
5. Co – Ordination:
The organization must be arranged in such a way that it may coordinate all the departments or sections.
6. Balance in various sections:
For the successful business there should be a balance in various sections of organization.
7. Specialization:
It is also an important principle of organization. At each stage of production higher degree of specialization should be achieved.
8. Delegation:
It is also a basic principle of the organization. The scope of delegation of author and responsibility must be clear to the workers.
9. Line of Authority:
The – process of business can be performed very well. If there is an unbroken line of authority from the highest level to the lowest.
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