Business Management

Business Management

Effective business management is the foundation of a successful business. Without good management, a business can have the best product at a very good price but still not successful. It takes excellent management skills to plan, control, organise and lead the business to sell and motivate others to do good for the business.

Business management is the process of planning, organising, leading, motivating and controlling people and other valuable resources of the business to achieve business objectives and goals. Without effective management businesses would be able to accomplish very little.

Being a manager you are in the position of power that is given to you by virtue of being the owner. You are expected to make decisions and make business tasks accomplished. All managers are tasked with four functions.

Four Functions of Business Management

A manager's job has four main functions which must be accomplished. Those are planning, organising, leading and controlling.

Planning includes anticipating of trends and deciding the best course of strategies, tactics and business goals. The main objective of every business is to make customers happy and satisfied. Many businesses today have the tendency of having planning teams, finding business opportunities and watching out for challenges.

Planning is an important management function because all the remaining functions depend on having a very good plan.

Leading means creating a vision for the business and communicating, training, guiding and motivating others to work efficiently towards that vision. It is important to empower employees with the freedom to make decisions that are in the best interest of the business without consulting the managers.

Controlling involves establishing clear standards to determine whether an organisation is progressing towards its goals and objectives, giving rewards to loyal customers and workers who strive to achieve the business goals.

Organising involves designing of the business structure and creating conditions and systems in which everyone and everything and systems that will allow everyone to work together to achieve the business objectives and goals. Many businesses today are organised according to their customer needs and wants.

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