Whether you work for a large Fortune 500 company or a relatively smaller company, management of businesses face many difficult challenges. From budget issues to staffing shortages to motivating staff, managers of businesses have many issues to deal with, and need to find time to effectively balance them all. They sign off on office equipment or supply purchases, delegate on human resources issues, and make hard decisions every day.
Consult our handy list for helpful management links organized by topic.
The Business Dictionary defines management as organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives. This definition gives a very broad idea of the vision that is involved with management. Looking closely at some of the basic functions of management such as planning, leading and motivating gives us a clearer picture of management.
Here are the basic functions of management:
Planning – A major function of management is planning. It is important to create business and marketing plans to advance a business, as well as adjust the plans when needed.
— Business Planning – gives an overview of the planning process along with step-by-step suggestions on how to create and execute the plans.
Organization – another important facet of management deals with organizing either a business or a department to function more efficiently. Organizing could entail adding services, personnel or organizational changes.
— Delegation – since one individual cannot run a business or department on their own, proper delegation of duties is important.
Motivation – effective managers understand that different employees are motivated by different factors. Knowing whether money, pride or praise is the most effective method of motivation is important when dealing with employees.