What to know about business management?
Start a business can be easy, but managing it is an art. Management is the coordination and administration of tasks to achieve a set goal. These administrative activities include establishing the organization's strategy and coordinating staff efforts to achieve these goals through the use of available resources. Business management may also refer to organizational structure of the company.
To be a effective manager, you will need to develop a set of skills including planning, communication, organization and leadership. You will also need a thorough knowledge of company goals and how to direct employees, sales, and other operations to achieve them.
Because business management is an art, Finance de Demain in this article has decided to dedicate its anchor to writing everything you need to know about business management. But first, think about define aims solid for your business.
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🥀 What is management?
The term management concerns all the procedures carried out to resolve a problem or carry out a project. Management or business management is also the set of resource organization techniques that are implemented for the administration of an organization.
It is therefore the art of leading people, in order to obtain satisfactory performance. These resources may be financial, human, material or other. By organization we mean a company, an administration or even an association. There are two horizons in the management of organizations:
- The strategic horizon is at the level of the Management which sets the main orientations of the organization, the overall policy, the long-term management, the choice of strategies, conducts studies and sets up forecasts.
- The operational horizon refers to the day-to-day conduct of day-to-day business and the detailed application of the general policy dictated by Management.
In short, management or management consists in provide (goals and means), organizer (the means and methods for achieving the objectives), Order (making decisions and giving directives), coordinating (actions and functions) and control (the actions carried out and compare the results with the objectives).
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However, it should be known that governance of banking companies is more solid than that of traditional companies.
🥀 Characteristics of business managements
Universal: All organizations, whether for-profit or not, need management to run their business. It is therefore universal in nature.
Goal oriented: every organization is set up with a pre-determined goal and management helps achieve these goals in a timely and smooth manner.
Continuous process: It is an ongoing process that tends to persist as long as the organization exists. It is required in all spheres of the organization, whether production, human resources, finances or marketing.
Multidimensional: Management is not limited to the administration of people alone, but also manages work, processes and operations, which makes it a multidisciplinary activity.
Group activity: An organization is made up of diverse members who have different needs, expectations and beliefs. Every person joins the organization with a different motive, but after being part of the organization, they work to achieve the same goal.
This requires supervision, teamwork and coordination, and in this way management comes into play.
Dynamic function: An organization exists in a business environment that has various factors such as social, political, legal, technological, and economic.
A slight change in any of these factors will affect the growth and performance of the organization. Thus, to overcome these changes, management formulates strategies and implements them.
Immaterial force: Management is neither seen nor touched but we feel its existence, in the functioning of the organization. Precisely, all functions, activities and processes of the organization are interconnected with each other. And it is the task of management to bring them together in such a way that they help achieve the desired result.
🥀The importance of good business management
Good business management implies that you must know how to manage the resources and the personnel that you have in charge. Whether they perform well, arrive early, achieve their goals, or serve customers poorly.
In addition, this generates problems that the processes are not followed among others. This often happens because workers are not motivated.
In addition, plan the business activities you want to carry out and optimize the resources available to the company. For this reason, good business management will ensure that your company never goes bankrupt, that it knows how to react to changes in the market or the working environment. All this with the aim that the company does not stagnate and end up in bankruptcy.
Likewise, there is no need for the company that has been in the market for years to apply business management. This means that any entrepreneur setting up a business can apply them.
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Therefore, business management is efficient administration where the business has sustained growth. However, it does not depend on a single person but on a professional management group. They must guarantee the correct development of the company in the business world.
Likewise, a business owner must have a set of advisors to help them make decisions. Otherwise, the company runs a great risk of not continuing in the market.
🥀The different levels of management
Large companies and corporations often have three main levels of management organized in a hierarchical structure. You may have heard terms referring to these different levels of management, such as " middle manager " or " senior ».
Low-level business management
Low-level managers include roles such as front-line team leaders, foremen, section heads, and supervisors. This level of management, the lowest of the three levels, is responsible for supervising the day-to-day work of each employee.
The responsibilities of low level management often involve ensuring the quality of the work of employees. It also aims to guide staff in day-to-day activities and escalate employee issues through the appropriate channels.
She is also responsible for the day-to-day supervision and career planning of their team, as well as feedback on the performance of their employees.
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Intermediate level management
Middle managers are supervised by senior management. Middle management includes those who work in the roles of department manager, regional manager, and branch manager.
Middle management is responsible for communicating the strategic objectives developed by downstream senior management to front-line managers. Unlike senior managers, middle managers spend more time on managerial and organizational functions.
This includes defining and discussing important policies for lower management, providing guidance to lower management to achieve the best performance, and executing organizational plans under the direction of senior management.
High level management
Senior management, including the CEO, President, Vice President and members of the Board of Directors, is at the top of this management hierarchy. It must define the general objectives and direction of an organization.
Senior management develops strategic plans and company-wide policy and makes decisions about the direction of the organization at the highest level.
They generally play a vital role in mobilizing external resources and are held accountable to the company's shareholders as well as the general public for the company's performance. The three levels of management form the management hierarchy, which represents the position and rank of executives and managers in the chart.
🥀 The different functions of business management
There are essentially six functions of business management
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Planning
This is the primary function of business management. It is deciding in advance what needs to be done in the future. This encompasses policy formulation, goal setting, action planning, etc.
The organization
Once plans are made, the next step is to organize activities and resources. It involves identifying tasks, classifying them, assigning tasks to subordinates and allocating resources.
Staffing
It involves hiring staff to carry out the various activities of the organization. This is to ensure that the right person is appointed to the right position.
The direction
It is the job of the manager to guide, supervise, direct and motivate the subordinates, to ensure that they are working in the right direction, with regard to the objectives of the organization.
Control
The management control function involves a number of actions to be taken to ensure that the performance of employees is in line with plans. It's about setting performance standards and comparing them with actual performance. In case of variations, the necessary measures must be taken for its correction.
The coordination
This is an important characteristic of management. It means the integration of the activities, processes and operations of the organization and the synchronization of efforts, in order to ensure that each element of the organization contributes to its success.
🥀 business management styles
Analysts who study management have identified several effective leadership styles. There is no best management style, and some people will feel more personally suited to one type or another.
You can also select elements from different management styles to create the best archetype for you and your business. Here, we briefly review three positive management styles that can help make any manager a more effective leader.
The persuasive management style
Un convincing leader spends a lot of time with his team members. Being engaged with employees allows the persuasive manager to lead by example and gain team buy-in and compliance by persuading rather than instructing or demanding.
Influential managers are aware of the work that their team members do on a daily basis and are involved in their professional lives.
The style of democratic management
A democratic manager invites the team to become directly involved in decision-making. Open lines of communication between democratic managers and employees allow these types of managers to understand the skills and benefits each employee brings to the table.
Open participation and the exchange of ideas between the different levels of employees allow everyone to contribute to the outcome of a decision or a project.
This style of management is most effective when managers develop organized and streamlined decision-making processes. Otherwise, accepting everyone's input can make the process slow and disorganized.
The management of laissez-faire
The laissez-faire manager functions almost more like a mentor than a manager. They empower their employees to take action and make decisions. This allows the team to feel ownership of a part of each project.
The manager takes a backseat role, stepping in to offer advice or get things back on track if problems arise. Otherwise, they stand aside, allowing their employees to flourish creatively and exercise their own leadership.
🥀 Tips for being a good manager
There are several ways to hone your management skills, including:
To communicate. It's important to communicate with your team so you can understand their needs, assess their progress, and help them achieve their goals.
Be positive. You should be the one setting the example for your team. Be positive when interacting with your team so they feel more comfortable communicating with you.
Train when needed. Evaluate your team's skills and see if you can improve certain areas through training. Training also helps your team learn new skills and promotes growth.
Collaborate. As a manager, you should feel comfortable delegating tasks, but you also work with your team to achieve common goals. Collaborating with your team will also allow you to see if there is anything you can do to help individual teammates or the team as a whole.
Practice. Perhaps the best way to learn new skills is to practice them in a real-life management setting. Gaining on-the-job experience in these skills will help you on the promotion ladder. Do your best for your team, serve as a leader and treat your team fairly.
🥀 Is technology necessary for the application of business management?
Technology is the most basic resource and tool that a business should have and use. This will allow you to move forward, grow, develop, all to achieve all of your business goals.
In addition, the technology we choose must be ideal for employees to perform optimally.
Today, we cannot be competitive in the market in which we are developing if we are not up to date with modern technologies. As a result, it is essential that the company works with technological tools that allow it to be at the forefront.
Likewise, with the advancement of technology, systems have been created to help manage your business. These technologies also allow you to succeed in sales. To further maximize your technologies, you will also need to build a strong online presence.
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