Business administration is all about managing workers in a nonprofit organization or a business, and effectively allocating resources through the application of the micro-economic principles. The field is very wide, incorporating a variety of management positions, with the main goal of achieving growth, stability and profitability for the organization or business.
Business administration depends on factors such as the structure of the organization and the proposed system of supervising, coordinating and allocating tasks. Some organizations choose a hierarchical structure where the board of directors, managers, stockholders and an executive committee work together as business administrators to achieve the desired goals. Depending on the structure of an organization, these business administrators work together towards a common goal by applying business principles such as management, finance, marketing and accounting. The roles of business administrators in an organization are many, and some of them include the following.
- Directing and overseeing the budgetary and financial activities of an organization.
- Managing the general activities in relation to the services offered by the organization.
- Analyzing the sales reports, financial statements and other performance reports.
- Establishing and carrying out the organizational or the departmental goals, procedures and policies.
- Negotiating and approving agreements and contracts on behalf of the organization.
- Appointing departmental managers and heads in the organization.