WEEK 2 :BUSINESS STRUCTURES

• Working in an administrative Role

• Lecturer: Celeste Solozano

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Business Structures

• State vs Private Sectors

• Sole Proprietorship

• Partnership

• Corporation

• Limited Liability Company

• Non for Profit Organizations

2

Public Sector vs Private Sector

Examples of Public Sector and Private Sector business in TT

• Public Sector

• Caribbean Airlines

• Regional Health Authorities

• The Trinidad and Tobago Solid Waste Management Company Limited

• The Vehicle Management Corporation of Trinidad and Tobago Limited

• Trinidad and Tobago Electricity Commission (T&TEC)

• Trinidad and Tobago Entertainment Company Limited (TTEnt)

• Trinidad and Tobago Film Company Limited (TTFC)

• Trinidad and Tobago Mortgage Finance Company Limited (TTMF)

• Trinidad and Tobago National Petroleum Marketing Company Limited (NP)

• Trinidad and Tobago Postal Corporation (TTPost)

• Trinidad and Tobago Securities and Exchange Commission (TTSEC)

• Trinidad and Tobago Solid Waste Management Company Limited (SWMCOL)

• Urban Development Corporation of Trinidad and Tobago Limited

• Water and Sewerage Authority (WASA)

• Private Sector

• Commercial Banks

• Insurance Companies (Guardian Life, Algico, etc)

• Telecommunication ( Bmobile, Digicel, Flow)

• Restaurants

• Hotels

• Private schools

• Private Hospitals/homes (St. AugustinePrivate Hospital, Medical Associates, Westshore)

• Manufacturing Companies (Kiss,Bermudez, Cannings etc)

• Small businesses

• Marketing Companies

• Groceries (Massy, Xtra Foods, etc)

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Public & Private Sectors Partnerships:

- Seen within the Construction & Energy Industries ( eg HDC)

Comparison of Legal Business Structures

Common Elements of An OrganizationOrganizational psychologist Edgar Schein proposes four common elements of an organization’s structure:

1.Common purpose

2.Coordinated effort

3.Division of labor

4.Hierarchy of authority

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• Common Purpose

An organization without a clear purpose or mission soon begins to drift and become disorganized. A common purpose unifies employeesor members and gives everyone an understanding of the organization’s direction.

Mission Statement- ort summary of your company's purpose. A mission statement provides perfect clarity behind the“what,” the “who,” and the “why,” of your company.

Vision Statement- focuses on the potential inherent in the company's future; it's about what they intend to be. ... The visionstatement is a description of the "what," meaning, what the company aspires to be.

Core Values- shape your company culture and impact your business strategy. They help you create a purpose, improve teamcohesion, and create a sense of commitment in the workplace

• Coordinated Effort

Coordinating effort involves working together in a way that maximizes resources. The common purpose is achieved through thecoordinated effort of all individuals and groups within an organization.

• Division of Labor

Division of labor is also known as work specification for greater efficiency. It involves delegating specific parts of a broader task todifferent people within the organization based upon their particular abilities and skills.

• Hierarchy of Authority

Hierarchy of authority is essentially the chain of command—a control mechanism for making sure the right people do the right things atthe right time. While there are a wide variety of organizational structures—some with more centralization of authority than others—hierarchy in decision making is a critical factor for success. Knowing who will make decisions under what circumstances enablesorganizations to be agile, while ambiguity of authority can often slow the decision-making process. Authority enables organizations to setdirections and select strategies, which can in turn enable a common purpose.

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ORGANIZATIONAL STRUCTURES:Organizational structure is the method by which work flows through an organization. It allows groups to work together within their individual

functions to manage tasks and outlines how certain activities are directed in order to achieve the goals of an organization.

https://study.com/academy/lesson/organizational-structure-definition-types-examples.html

Exercise

Develop a Mission Statement for yourself

What is your vision? Where do you see

yourself in five years?

Five of Your Core Values

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Working in an Administrative Role: Strategies for Effective Workplace

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Skills Experience Qualities

1. Good level of ability with software (Microsoft Suite, SPSS, financial software, databases

2. Time Management3. Documentation4. Resource

Management

1. Managing meetings

2. Coordinating activities

3. Planning

1. Good Communicator2. Problem Solver 3. Team worker4. Ability to multitask5. Ability to delegate6. Discreet/trustworthy7. Organised8. Leadership

Working in an Administrative Role: Strategies for Effective Workplace

• Planning & Prioritizing

• Setting Targets (S.M.A.R.T)

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Action Required/Tasks Estimated Time to complete

Actual time taken to conduct tasks

Tasks should be listed based on priority (importance)

Specific Measurable Agreed/ Achievable

Realistic Time-bound

Target should be well defined

Measurable in quantifiable or qualitative terms

Discuss target with immediate supervisor

Do you have the necessary resources, knowledge, skill set to meet target?

What is the completion date?

Working in an Administrative Role: Strategies for Effective Workplace

• Creation of a Personal Development Plan

• 1. Assess yourself (S.W. O T)

• 2. Identify final goals for your plan.

• 3. Brainstorm how to meet your administrative assistant goals.

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Working in an Administrative Role:

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•Strategies for Effective Workplace

• - Gantt Charts for project management

• - Double checking work

• - Sample Checks by supervisors

Putting Controls in place:

• Identify time stealers:-

• - Failure to prioritize

• - Failure to delegate where applicable

• - Lack of forward planning

• - Unnecessary phone/in person conversations

Managing Time:

• Reminder system

• Diary (Electronic or desk diary)

• Action plans

• Clutter free workstation

• Proper filing system (Incoming tray/pending or follow up tray)

• Labelling

Task Management:

Slide Title

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