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Management Functions That Will Keep Your Business on Track

What is management? To understand management, firstly, the true meaning of management must be understood. A business combines several functions at small and large scales to execute a common goal through strategies that are not ideal, but effective for the success of the business in the long term.

Several business functions include:

  • Utilizing Resources
  • Managing Resources
  • Coordinating Activities
  • Selling Products
  • Offering Services
  • Creating Jobs
  • Preparing Budgets, Forecasts and Financial Accounting
  • Payroll Activities
  • Human Resource Activities

All the above functions of the business need a force to bind them together. This binding force of the functions of the business is known as management. Management is commonly explained as an art that coordinates people’s efforts to achieve goals and aims of a business using the resources available efficiently.

Management brings discipline to a business environment. It combines the functions of organizing, planning, controlling, formulating policies and steering a firm’s resources in the right direction to achieve the policy’s objectives.

One of the most important management functions these days is organizational development (OD). With a fast change in technology, people’s intellect, and the world moving towards scarce resources, an organization must properly organize itself to use every resource to its benefit rather than wasting it.

Organizational development takes notice of the changing management needs of a business and tries to cope with them and ensuring that the needs are met immediately. Organizational development is a business process that involves efforts to change people’s attitudes, relationship styles, belief systems etc. for collective benefit of the employees and the organization.

Organizational development was previously categorized as HR function but recently the relative importance of this function has made a separately recognized function. OD is regarded as a strategic business management function that executes various roles in a business.

  • It ensures a balanced organizational climate.

The OD management function helps structuralize the organization and educating the employees with the art of multi-tasking. It helps reduce the number of people or employees by using technology making the production or work process more efficient.It encourages teamwork and train managers to treat the business as their own asset adopting appropriate leadership styles at all levels. Periodic training and effective communication are some of the other roles of the OD function.

  • Installation of PMS – Performance Management Systems

This involves setting clear parameters for performance through job targets, policies and procedures and making these performance levels known. Informing about inadequate performance, warnings and ensuring supply of essential resources is key to efficiency.

  • Minding the cash outflow by:

o   ensuring resource accountability, reviewing and monitoring the pattern of resource utilization and eliminating wastage

o   use of latest technology to execute tasks that prove cost and energy efficient

o   developing the thinking of managers and executives to adopt cost efficient  ways of achieving the goal

o   Identifying employees that contribute to increasing costs and monitor their attitudes and behavior during work hours, and counseling them as a cost reduction initiative

SK Financials provides with a complete guide for startups and growing businesses on how to survive the tight competition. For more info, visit: www.skfinancial.com

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