INTRODUCTION
Firstly Management is the administration of an organization, whether it is a business, i.e profit making organization or a not-for-profit organization, or government body.
Administration here in the definition of management has to do with the various act of managing duties, responsibilities, or rules. While Business can simply be refers to as an organized efforts and activities of individuals to produce and sell goods and services for profit.
Business Management
Business Management can be define or refers to the various act of managing the coordination and organization of business activities. Management is subdue with the duties or responsibility of planning, organizing, directing, budgeting, staffing, reporting and controlling the business's resources so they can meet the objectives of the policy.
Styles of Management
There are several types of management that are common, this include:
Democratic: Democratic management it is used when employees are able to give appropriate report or input on business decisions.
Autocratic: Autocratic management lets the business owner be the person in charge of making all decisions and leading the company through the business environment.
Paternalistic: Paternalistic management as to do with the creation or a process when the best work environment possible is created for each employee.
Laissez-faire: Laissez-faire has the most employee self-governing and give room for employee to make decisions with little to no business owner oversight.
Traditional management is a hierarchy of employees, with low, mid, and senior-level management. The manager creates expectations for the goals employees need to make.
A manager in business management; who a manager is!
A manager is simply someone, person or an individual who oversee the various sector of the organization or business organization to ensure there is proper administration and makes sure an individual in the organization perform their duties and he/she is endue or empowered with the responsibility of making decision.
In bigger organizations, the policy is defined by the board of directors and then carried out by the CEO, or chief executive officer.
Responsibility of a manager
Managers and directors have the responsibility and power to look over an enterprise and make decisions.
Some people think the best way to evaluate a company's future and current worth depends on the experience and quality of the managers. The goal of management is to get people together to achieve the same desired objectives and goals by using the resources that are available in an effective and efficient way.
Management functions include the following:
POSDCORB is an abbreviation which can be used for the function of management.
POSDCORB is explained in detail below:
Planning: This essentially refers to establishing a broad sketch of the work to be completed and the procedures incorporated to implement them.
Organizing: Organizing involves formally classifying, defining and synchronizing the various sub-processes or subdivisions of the work to be done.
Staffing: This involves recruiting and selecting the right candidates for the job and facilitating their orientation and training while maintaining a favorable work environment.
Directing: This entails decision making and delegating structured instructions and orders to execute them.
Coordinating: This basically refers to orchestrating and interlinking the various components of the work.
Reporting: Reporting involves regularly updating the superior about the progress or the work related activities. The information dissemination can be through records or inspection.
Budgeting: Budgeting involves all the activities that under Auditing, Accounting, Fiscal Planning and Control.
They also encompass the manipulation and deployment of financial resources, natural resources, human resources, and technological resources. Management is necessary to facilitate a united effort towards achieving the company's goals.
The various skills of management
Firstly I will give a brief explanation on what management skills is; Management skills can simply be refers to as certain attributes that an executive should possess in order to fulfill specific tasks in an organization.
The various skills includes:
Communication: In management communication is a factor that cannot be overemphasized because of it efficiencies and impact on organizational growth. Communication is one of the most important skill.
Time Management: In the carrying out of business task, time management is very important because it shows once ability. The ability to manage time and prioritize tasks is an essential characteristic of efficient and good management.
Organizational Awareness: Organization awareness is primarily carrying out through advertisement. As I have said in one of my previous post title “The Power of Advertisement” Whenever we mention awareness the first thing that comes to the mind of a business person is advertisement which is vary correct. Advertisement is powerful when we talk about business or organizational awareness.
Problem Solving: A Problem solver is one who have the ability to detect and solve a problem at a particular time. Problem solving is the act of defining a problem; determining the cause of the problem; identifying, prioritizing, and selecting alternatives for a solution; and implementing a solution.
Leadership: leadership in a business environment means the process or an act of directing workers and colleagues with a strategy to meet the business or organization’s needs. Leadership is also the art of motivating a group of people to act toward achieving a common goal.
To be continue….
In the coming part, still under business management I will be explaining on the following;
- The importance of business management
- Customer and manager relationship as a factor that shows the efficacies, effect and impact of business management.
- Ways to improve once management skill as a manager
e.t.c……………
Thanks for reading through……