4 Ways Business Management Can Be Used as a Weapon
Business management refers to the numerous activities such as planning, monitoring, organizing, controlling and leading that helps in running a business effectively. Management skills are important in any business, since it has been proved that poor management is one of the chief causes of business failure. One crucial management skill is thinking fast and producing innovative insights that will move the business forward, and maintain its competitive edge. Another skill is effectively managing time, resources and people. Possessing good management skills can guide a business in achieving the laid down goals. The four functions of business management discussed below can also be used as a weapon.
1. Planning: Effective management involves proper planning that consists of laying down the business goals, and how they will be attained. Planning also involves the cost that will be incurred when achieving these goals, and the time frame within which they have to be achieved. The plan is well documented and constantly reviewed to make sure everything is on track. The laid down goals are communicated to all the employees of the company, and act as a guideline in their everyday activities. Proper planning and customer relationship management ensures that the business retains its competitive edge in the ever changing global market, as all the goals are achieved within the stipulated time frame. Companies that plan properly always end up taking the lion share of the market, since they never fail to fulfill the needs of their customers.
2. Organizing: This involves assigning tasks and allocating resources needed in achieving the business goals. After formulating the business goals, organizations must come up with strategies that will help in achieving them. This involves designing projects and assigning tasks to the most suitable employees. This guarantees that the project is completed on time, beating competition in the volatile global market. Proper allocation of resources, time and tasks, makes management of projects easier and facilitates smooth running.
3. Leading: Leadership is a vital business management skill. A leader inspires admiration, confidence, and motivates others to work hard and become committed towards achieving the business goals. A real leader increases efficiency among the employees and this translates to better results. In the ever changing business environment, a leader needs to be flexible, innovative, and encourage employees to share ideas. Encouraging innovativeness helps a business in developing new products, and remaining competitive in the market. It is also important to delegate duties and responsibilities, as this cultivates and builds employees trust.
4. Coordination: This is a vital management skill that brings success to a business. Coordination refers to the process of keeping a track of all activities that will help in achieving the laid down goals, through proper communication. Control is another integral management skill that provides guidelines to be used in achieving the goals. Employee evaluations are carried out after some time, to ensure that achievement of strategic goals is on track. It also helps in analyzing business performance and making any necessary changes, to improve performance. This helps the business in achieving all its goals within the stipulated time frame, and in maintaining its competitiveness.