5 KEYS OF MANAGEMENT FOR BUSINESS OWNER

5 KEYS OF MANAGEMENT FOR BUSINESS OWNER

As everyone knows, management plays an important role in an organization. Management is the brain of a company. A manager manages himself in contact with a current environment and provides forecast for the company. It helps to guess what will happen in the future, which will influence the functioning of the company.

Management is the process of using resources effectively in today’s dynamic environment. Management involves an organized effort to achieve the goal. It is a human activity. It is carried out by all managers at all types of levels. It is a universal phenomenon. It is relevant to every type of organization.
According H. Koontz and H. Weihrich,

Management is the process of designing and maintaining an environment in which individuals, working together in a group, efficiently fulfill the selected objectives.

The following bosses can summarize the 5 keys to business management:

1. Planning

Planning is the main key in the management process. It is a process of thinking before doing. It is the most important step in the process of obtaining results. He focuses on achieving goals. Thus, planning is goal-oriented. In fact, planning is meaningless unless it contributes to the achievement of predetermined organizational goals. It is the generalized or universal phenomenon, and it is required in all type organizations, small or large. It is an intellectual process that involves logical thinking, forecasting and so on.

Image source: www.adaptiveaction.org

Image source: www.adaptiveaction.org

According Koontz and O’Donnell,

Planning can be defined as deciding in advance what to do, how to do it, when and who should do it. It bridges the gap between where we are and where we want to go. It makes it possible for things to happen that otherwise would not have happened.

2. Organization

Organizing is the second key to the management process. After determining the objectives, the course and the action, the next step is to distribute or allocate the necessary component activities among the group members. The goal is to combine employees and interrelated tasks in a specific way, so that organizational work is carried out in coordination and all efforts and activities come together towards the organizational goal. This leads to the specialization, between different departments and workforce, of the systematic allocation of jobs. This leads to the optimized use of resources, eliminating delays in actions, wastopice of resources and duplication of activities. It helps in the growth and expansion of a company, adopting changes in an environment.

    Image source: www.axian.com

Image source: www.axian.com

According Theo Haimann,

The organization is a process of defining and grouping the company’s activities and establishing authority and responsibility among them to achieve clearly defined objectives.

3. Staff

Personnel is the third key to the management process. The success of an organization depends on the capacity, experience and qualification of its employees. Therefore, matters will be handled smoothly and accurately, the role of recruitment and selection is very necessary. To do this job, the highest has to do Man Power Planning, also called Human Resource Management (HRM). It is also part of the management process that is concerned with obtaining, using and maintaining a satisfactory and satisfied workforce.
The personnel role involves the following activities:
1. Estimated labor requirements
2. Recruitment
3. Selection
4. Positioning and orientation
5. Training and Development
6. Performance evaluation
7. Promotion and Career Planning
8. Compensation

Image source: www.slideshare.net

Image source: www.slideshare.net

According Steve Jobs,

Your work will fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. The only way to do a great job is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.

4. Direction

Management is the fourth key to the management process. It is the process of instructing, guiding, advising, motivating and leading people in the organization to achieve its goals. In business, he initiates actions, giving orders and instructions to employees. The management function is performed by all managers at all levels to achieve organizational goals. Every manager, from the top executive to the supervisor, performs the function of directing. It is an executive function. Driving is that type of managerial role in which a manager who assumes the role of leader activates his followers and influences their performance, motivating them and supervising the performance of subordinates, in order to guarantee their best contribution to the achievement of common goals.

Image source: functionsofmanagementvs.blogspot.in

Image source: functionsofmanagementvs.blogspot.in

5. Control

Controlling is the fifth key to the management process. It is a process of verifying actual performance with the planned performance to see how much has been achieved or whether we are going in the right direction or not. Controlling is an exercise in introspection. Helps achieve organizational goals. In business, by continually controlling changing situations and environments, control helps management to review and revise standards so that their accuracy can be maintained. In this way, the control system helps to improve future planning. It helps employees to know what is expected of them and to perform properly. Controlling identifies efficient and inefficient workers by assessing their performance. Saves managers time and effort, as they only deal with significant deviations. Control facilitates coordination, maintaining all activities and efforts aimed at achieving objectives, in accordance with planned standards.

Image source: www.gotabout.info

Image source: www.gotabout.info

According Koontz and O’Donnell,

Controlling is measuring and correcting the performance of subordinates’ activities to ensure that the company’s goals and plans want to achieve them as being met.

Final thought

Technically, management is the process of planning, organizing, staffing, directing and controlling the efforts of the members of the organization, using all available resources to achieve organizational objectives effectively and efficiently. Management is a goal-oriented activity. He tries to achieve his goals through the proper use of resources.
Every organization has some predefined objectives and the process adopted to achieve these objectives is called the management process. Therefore, the management process is mainly concerned with the important task of achieving the goals.


Next → Different Ways to Evaluate Your Ecommerce Business

Originally posted 2020-04-07 20:08:58.

The Techgadgetguides is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com Inc.
Tech Reviews and Guides | TGG
Logo
Compare items
  • Total (0)
Compare
0