Business Office Administration Essay Example

improve the financial and material well-being of both the organization and its employees. According to Adams (1913), administration refers to the ability to organize social energies in an orderly manner to achieve the organization's goals.

Click and Rick (1939) argue that administration is the system of knowledge and practice that promotes understanding of leadership. Additionally, Click (1948) outlines the functions of administration, which include planning, organizing, staffing, budgeting, coordinating, training, deleting, and reporting. Thus, administration can be defined as the effective application of human resources. According to Dungeon (2006), an office is a place where administrative, clerical, and information processing activities are conducted.

The office, according to The International Webster Comprehensive Dictionary of the English Language, is defined as a room or space where a person conducts their business or carries out their occupation. It is distinguished from a shop, store, or studio. Essentially, an office serves as the central location for coordinating, planning, budgeting, reporting, and directing business activities. Starting a business involves five basic steps: generating business ideas, conducting and preparing a feasibility report, incorporating the business, and locating the business.

When creating a business plan, it is important to understand the indicators and reasons for business failure. There are several factors to consider in this process. First, conducting research to identify the needs of society is necessary. Second, it is crucial to identify enjoyable activities. Additionally, considering personal ideas and examining successful sectors of the economy are important steps. Evaluating background knowledge and skills is also necessary. Lastly, choosing the desired form of business is essential. Furthermore, conducting a feasibility report plays a critical role in assessing the viability and potential returns

on investment of the proposed business.

In order to conduct and prepare a feasibility report, several components need to be considered. These components include:
1. Statement of Business Purpose, which includes details such as the proposed business name, location, and product description.
2. Managing Team, which consists of information regarding personnel requirements, structure, and duties.
3. Description of Business Environment, focusing on the potential for success within specific areas.
4. Technical Appraisal, evaluating factors such as the factory, administration building, raw materials, utilities, and machinery.
5. Production Operation, outlining the necessary machinery for production, expected capacity, and maintenance management.
6.

The text below includes different elements that pertain to the project:

1. Manpower Analysis: This includes the evaluation of required skills, number of staff, and cost of staff maintenance.
2. Marketing and Distribution Plan: This plan outlines the marketing strategy to achieve sales projections.
3. Project Implementation Plan: This plan provides a timeline for project phases.
4. Financial Economy Analysis: This analysis determines the financial viability of the project, including cash flow analysis, profit and loss statement, break-even period analysis, method of cost control, and capital requirement sources.
5. Critical Risk and Associated Problems: This section is designed to increase the credibility of the business by identifying potential risks and associated problems.

Evaluation and Conclusion (Methods used to calculate the prospect of the business include payback erred (BP) discount cash flow method and Average Rate of Return (EAR) on investment). Incorporation of the Business: Once the viability of the business has been established, it is necessary to legalize the proposed business through the relevant government agency. This step ensures that the business is legally empowered to carry out its intended ventures. In Nigeria, it is

required by law that businesses be registered with the Corporate Affairs Commission (CA) before commencing activities.

To register a limited liability company, one should refer to the Companies Act and Allied Matters Decree of 1990. For business name registration, the Act of 1961 should be consulted. Once the registration requirements are met and a certificate of incorporation is issued, the registered business gains the ability to own property, engage in legal proceedings, and have ongoing existence. The location of the business plays a crucial role in its survival strategy. Even with sufficient funding, a poorly located business is unlikely to succeed.

When starting a business, the entrepreneur should consider several factors. These include proximity to raw material supply, availability of skilled workers, competition in the market, and access to essential economic and social infrastructure. It is important for entrepreneurs to be aware of symptoms and warning signals that indicate potential business failure. These indicators include decreasing sales, depletion of working capital, high employee turnover, declining profitability, production of low-quality goods, and more.

The text discusses the different forms of business and their classifications. There are two main categories: Incorporated and Incorporated. The choice of form depends on factors such as the size of the business and whether it would attract shareholding. If the business is large, like a bank, incorporation is required by law. On the other hand, smaller businesses like a corner provision store may be able to exist without incorporation. One specific form of business is the Sole Proprietorship, also known as the "Single Proprietorship".

A sole proprietorship offers several advantages, including complete control over assets, sole responsibility for liabilities, flexibility in operations,

easy problem solving, high privacy, low running costs, full ownership of profits and minimal legal restrictions. However, it also presents challenges as the owner is personally liable for all debts and obligations. Creditors can pursue both business assets and the owner's personal property since they are treated as a single entity under the law.

The businesses often face limitations in raising funds for expansion and this can slow down their growth rate, often leading to the death of the owner. The partnership form of business involves two or more individuals who agree to contribute money and assets to a common fund in order to run a business together and make a profit. Examples of partnerships include law firms and accounting firms. Partnership agreements can be entered into orally or in writing.

The article discusses the "Deed of Partnership," a written document that outlines important details of a business partnership. These details include the nature of the business, partner names, investment amounts, profit and loss sharing formula, partner restrictions, partner duties, and partnership dissolution. In the absence of a partnership agreement, these details can be referred to under Section 24 of the Partnership Act of 1890. There are two types of partnerships: general and limited. In general partnerships, partners have unlimited liability for debts and obligations. Limited partnerships only hold partners liable for their capital contributions.

The benefits of a partnership business include fewer legal restrictions, a range of management skills, flexible decision-making, confidentiality, increased access to funding, and exemption from double taxation. However, there are challenges such as limitations on transferring ownership, unlimited liability, conflicts in authority and control, and the potential dissolution of the

business due to partner death, withdrawal or incapacitation.

A company or corporation is a legal entity established under government Corporate Act laws. It possesses the rights, responsibilities, and powers of an individual under the law. This means it can be sued or file lawsuits. The term "company" commonly refers to groups of individuals who come together for profitable business activities. A company is formed through the group Decree of 1990 as an incorporated business. The process involves submitting an incorporation application to the CA (Corporate Affairs Commission), along with copies of the memorandum of association, articles of association, and a statutory declaration confirming compliance with requirements outlined in the Companies and Allied Matters Decree. Payment of necessary stamp duties with the Corporate Affairs Commission (CA) is also required.

A company can be classified as either limited or unlimited, depending on the extent of liability its members have. In a limited company, members are only liable for their share ownership during liquidation. Conversely, in an unlimited company, members bear responsibility for the debts of the company. It is worth noting that regardless of whether a company is limited or unlimited, it can also be categorized as private or public. The advantages of establishing a company include: 1. The ability to attract substantial financial resources. 2. Possession of a distinct legal identity separate from its owners. 3. Ease of expansion and growth potential. 4. Shareholders are solely liable for their own shareholding amount, limiting personal risk exposure. 5. Efficient management and decision-making processes.

The Demerits:

1. Extensive legal restrictions
2. Lack of secrecy
3. Double taxation
4. Limited personal interest

Financing a Business: After deciding to start-up a business and the form of business to undertake,

the next important stage is the sourcing of fund. There are two major sources of finance for business organizations;

1. Internal Sources - These include funds generated from personal savings, family loans and contributions, ploughed back profits, sales of business property or rights, periodic contributions by partners or promoters.
2. External Sources- These include banks and financial institutions, venture capitalists, angel investors, crowdfunding, government grants or loans.

Here is a list of external sources of funds: funds generated from over-draft and loan from banks and private lenders, debentures, sales of shares, factoring, leasing, trade credit, and hire purchase. These sources can be used to obtain a loan for your enterprise. To successfully obtain a loan from lenders, follow these steps:
1. Prepare a comprehensive business plan.
2. Prepare an executive summary which includes the borrower's name, address, business description, amount of loan required, purpose of the loan, and repayment statement.
3.

Profile of the business owner and managers 4. Business projection of say 5 years Raising funds for business start-ups or expansion has always been a problem for entrepreneurs. This is verily attributable to: 1. Entrepreneurs lack of knowledge on the existence of sources of finance and how to source them. 2. The inability of the entrepreneurs to convince financiers on the viability of their business 3. The Inability of the entrepreneur to package a sound business proposals 1. 6 Important Activities of a Business Office: Activities of a business include the following operational areas: 1 . Finance 2. Personnel 3.

These five (5) operational areas, namely Production, Marketing, Research and Development, Finance, and Personnel, are interconnected. The financial inputs support the procurement of raw materials and the maintenance of personnel and

infrastructure. The marketing unit sells the final products and services to consumers, collecting valuable feedback on their preferences and relaying it to the production unit. The production unit, in turn, transfers this information to the research and development unit for further action. Simultaneously, the personnel team combines the human resources of the organization to accomplish the business objectives.

The personnel operations are the most important factor for success in business. Personnel are responsible for carrying out financial, reduction, marketing, and research and development activities. Therefore, the importance of personnel and their efficient utilization to achieve organizational goals cannot be emphasized enough. Entrepreneurs must pay special attention to managing human resources for optimal business results. This includes the following functions: 1.

The following functions are performed by the office, regardless of its size or elegance:
1. Work analysis
2. Manpower planning
3. Recruitment
4. Selection; placement of staff
5. Orientation; solicitation
6. Compensation/maintenance
7. Appraisal of staff performance
8. Employee training and development
9. Labor relations
10. Personnel safety and welfare
11. Employee conduct and discipline

Understanding your office will not only enhance productivity and performance, but also serve as strong elements in the workplace.

1.7 Office Administration

The office performs the function of receiving and processing information.

Personnel control and welfare, arranging information, storing, giving information, planning, budgeting, financial control, recruitment, placement, training, compensation, and coordinating are all crucial elements of an office within an organization. The office functions as the central hub of the organization and its significance cannot be emphasized enough. It acts as a repository for operational data and records necessary for calculating and disbursing personnel salaries, wages, benefits, and allowances. Furthermore, it

serves as a communication conduit.

This article examines the functions of office layout and the organizational structure found in offices. Office layout refers to how furniture and equipment are arranged in a workspace. It is important to have an appropriate office layout that enhances staff comfort, presents an appealing appearance, provides easy access to equipment, and maximizes space utilization. There are three types of office layouts: group layout, process layout, and electric layout (which combines the first two). The organizational structure of an office can be either open or partitioned, depending on factors like size, number of employees, specialization, and building location.

The open office is a room without partitions, which has various advantages. These advantages consist of saving space, being cost-effective, promoting effective communication among staff members, reducing staff movement, making supervision of subordinates easier and decreasing the occurrence of fraud in the office. However, there are also disadvantages to consider. These include an often noisy office environment, lack of privacy, demoralization of certain employees (particularly middle and top-level managers who value prestige), absence of secrecy, and susceptibility to spreading infections.

The closed office is a partitioned space where each job designate has its own room. It offers various benefits such as increased focus on work, privacy, motivation for staff seeking prestige, document confidentiality, and improved productivity. However, there are also drawbacks including the high cost of partitioning and furnishing, slower communication and workflow, higher chances of idleness on the job, and cumbersome supervision. Moreover, closed offices reduce the capacity to accommodate multiple staff members on one office floor.

Business ethics and corporate social responsibility play a crucial role in organizations. Ethical practices involve

understanding what is right and acting accordingly. In the workplace, business ethics entail recognizing right from wrong with regards to product or service impacts and interactions with stakeholders. Some ethicists argue that moral principles always determine the correct course of action while others believe it depends on the situation.

Individuals have the ultimate responsibility for determining their own ethics and acceptable behavior. However, managers play a crucial role in maintaining a strong moral compass, especially during times of crisis or confusion. Ethics act as a benchmark for comparison and establish a framework for distinguishing between acceptable and unacceptable conduct. A morally upright organization prioritizes fairness, holds individuals accountable, promotes integrity at all levels, fosters positive relationships with stakeholders, and rewards acts of integrity.

Successfully implementing an ethical organization requires support from the Chief Executive and the establishment of an ombudsman position. Ongoing education for staff members is also necessary, along with the creation of an ethics committee that includes representatives from different departments within the organization.

Resolving ethical dilemmas within an organization can be challenging because they often involve complex choices between right courses of action rather than clear-cut decisions between right and wrong. These predicaments may arise for both managers and customer service officers and may not have definitive guidelines outlined by laws or religions.In deciding whether to follow Federal Government policies on the "Quota System" or "Federal Character" in employment, it is important to consider the organization's own recruitment policy requirements. The framework for ethical decision making involves several steps, including recognizing events or issues that may involve unethical conduct or illegal activities. There may be uncertainty about which ethical course of action to take. Before

taking any action, careful thought is crucial. This includes summarizing and clarifying the problem at hand, reflecting on why the dilemma exists and its contributing factors, and considering potential consequences to determine the most positive approach. It is also important to seek input from colleagues, supervisors, unit managers, or directors who may be affected by your actions. Reviewing relevant policies or professional standards can offer guidance in the decision-making process. Lastly, assessing risks associated with the situation and seeking insights from individuals such as supervisors or higher-level managers can help effectively manage the issue at hand.

When making decisions, it is crucial to consider your company's core values and code of ethics. It is important to ask yourself a series of ethical questions: Is the decision both legal and ethical? Does it feel right? How would it be perceived in the newspaper? Will it have negative consequences for you or the company? Who else might be affected by this choice? Would you feel embarrassed if others knew about your actions? Is there an alternative way to proceed that avoids an ethical conflict? Does the decision contradict company policy? What would a reasonable person think about this choice? Can you sleep at night?

Corporate Social Responsibility (CARS) refers to an organization's responsibility to protect and contribute to the well-being of its community. This includes taking accountability for the company's actions and striving for a positive impact on the environment, consumers, employees, communities, stakeholders, and other members of the public sphere who are also considered stakeholders.

Origin of Corporate Social Responsibility: 1.9.1

In the late 1900s and early 2000s, multinational corporations adopted stakeholder engagement and the term "Corporate Social

Responsibility" (CSR). This acknowledges those affected by a company's actions. R. Edward Freeman's book Strategic Management: A Stakeholder Approach, published in 1984, was instrumental in popularizing this term and expanding the perception of corporate ownership beyond shareholders.