Here we describes management as a composition of five functions, namely:
- Coordination and
Modern texts have reduced them to four (4), which include planning, organization, leadership, and control.
Planning involves identifying your business goal and finding a way to achieve it. It involves estimating various costs that will be incurred and evaluating the time required to achieve the business goal. A business plan must be documented and reviewed regularly. A plan is worthwhile if the achievement of the business objective is feasible with the resources allocated.
It involves the assignment of tasks and the allocation of resources throughout the business organization. It includes determining the main objectives of the business and the strategies to achieve them. So It includes the division of activities into tasks and the assignment of tasks to the right and deserving employees.
Being a leader is a management skill in itself. A true leader builds trust in his followers and instills a feeling of admiration in them. Develop in them a sense of commitment to business.
A leader influences others to follow. Understanding the need for time, leaders must be flexible and adaptable to change. They should help foster the development of flexibility and adaptability in team members.
Being innovative is important for business development. Leaders must be open to new ideas, they must innovate, bring positive change when necessary and progress. Progress is almost impossible without innovation.
A leader must not only dream big, but also provide his followers with a framework to fulfill those dreams. Innovation includes imagination and action in accordance with it. Delegation is another important aspect of leadership.
It refers to assigning tasks to the right people. It means entrusting deserving candidates with a job they can do better.
Coordination involves effective communication between team members and between teams. It is useful in monitoring activities for the achievement of objectives. Mary Parker Follett, an American social worker and management consultant, says that coordination is the “Most Value of the Group.”
That is, a well-coordinated group can achieve more. Coordination implies integrating and synchronizing the efforts of team members towards the fulfillment of a common objective. It is crucial to make decisions about future lines of action.
Control refers to setting standards, ensuring performance meets set standards, and taking corrective action when necessary. Taking corrective action requires a prior analysis of the causes of the performance deficit.
Control is best implemented in the form of capable guidance given to employees by their manager. Appraisals are necessary to track the performance of employees and companies.
Coordination and control are important to the success of a company. Business is ‘busy-ness’. In simple words, it refers to the act of being engaged in productive work.
Management is the process of measuring the amount of work that is done. It also involves evaluating the quality of work and productivity.
Business management skills cannot be limited to the definition of a management theorist. The definition of management has evolved over time and the role of a business manager is no longer limited to planning work and supervising its execution.
Given the competition and changing market trends, a business manager must be a thinker and communicator. He needs to have a deep understanding of your business and its resources. Here, we look at these and other skills that make a good business manager.
Simply put, it refers to thinking towards a specific goal. The ability of directed thinking is crucial to develop a business idea, since it implies logical and determined thinking to achieve a particular objective.
It is an important part of problem solving and may fall under both conceptual and diagnostic business management skills.
One more quality that a qualified manager must possess is the willingness to work effectively to achieve their business objective. Management guru Peter Drucker made a distinction between ‘efficient’ and ‘effective’. According to him, performing an activity quickly and economically refers to being efficient, while doing the right thing at the right time, efficiently, refers to effectiveness.
Good business management skills lead you to the right goals. On the other hand, doing the wrong thing or doing things in the wrong direction is a waste of time and resources. In other words, it is the exercise of efficiency in vain.
A leader must know how to prioritize business activities. You should be able to understand what is important to the business and differentiate it from what is urgent.
Knowledge of Strengths and Opportunities
Effective business management requires a thorough understanding of a company’s strengths and opportunities for growth. Knowing the strengths requires an understanding of the availability and potential of business resources.
A thorough understanding of the business and the competition can help the manager understand the prospects for his business.
Knowledge of Weaknesses and Threats
As a leader, you must be able to understand your organization’s weaknesses and try to improve them. A manager must be able to identify threats to his business and fight them effectively. You must have the ability to endure every setback and learn from mistakes or bad decisions.
Successful business development strategies used by others can help the business manager design his own. This is where the ability to “experiment” comes into play. The experimentation must be accompanied by the correct judgment of actions and results.
Business management includes the management of all business/organizational resources. And that includes managing money, time, and people. Proper prioritization and scheduling of tasks for yourself and for the team is an important component of business management.
Money management is essential to running a business. Buying, selling and pricing activities must be done skillfully. Business management is not child’s play. It includes everything from planning, supervision, to spokesperson for your company.
A business manager needs to possess people skills for effective human resource management. A manager should be able to get the best out of his team. Difficult people, those with rigid opinions and those who do not adapt to change, must be dealt with.
The identification of the errors followed by the instructions for improvement must come from a manager.
He needs to absorb into the minds of others that improvement is an ongoing process and is essential for growth. A manager should take every opportunity to appreciate the efforts of his team members and celebrate the team’s successes.
This encourages them to work to the best of their abilities. A manager must have the ability to keep team spirit high and keep people motivated. Human psychology likes to get noticed for one’s work.
Another managerial skill is creating and maintaining an open atmosphere in the team. Team members should feel free to voice their concerns and always be sure their concerns are heard. There must be a proper hierarchy for communication within the organization.
It’s good practice to assign relatively experienced employees as friends to those just joined, so that new recruits don’t feel like strangers. In this way, everyone in the organization has a point of contact.