This book covers education covering the basic principles of business management with particular emphasis on quality assurance and improvement of text, offline management course modules. It is important to have a basic understanding of business principles, especially when you study business management.
Business management is the act of organizing people to accomplish the desired goals and objectives of a business. Business management requires the utilization of the entity's resources in the most efficient manner possible.
Business management comprises organizing, planning, leading, staffing or controlling and directing a business effort for the purpose of accomplishing the entity's listed goals. In a for-profit business model, business management focuses on the satisfaction of a range of stakeholders, including the officers of the business, its employees, shareholders and the general public (consumers). In this regard, business management's primary function is to secure a profit, (for shareholders) create valuable and innovative products at a reasonable cost (consumers) and provide employment opportunities. In a nonprofit scope, business management will focus on keeping the faith of its supporters and donors.
Basic Functions of Business Management:
Business management operates through a series of functions, typically classified as organizing, staffing, planning, leading, monitoring, controlling and motivating.
Planning: This area of business management decides what needs to happen in the future and subsequently generates plans for action. Planning is the foundation for effective business management; by deciding what needs to happen next week, next year or over the next five years, a business can develop a strategy to meet its listed goals.
Organizing: This portion of business management implements a pattern of relationships among its employees to encourage the optimum use of the entity's resources. Organizing is needed to utilize the businesses' finite resources; effective use of resources is the foundation for reaching a desired level of productivity.
Staffing: This area of business management focuses on recruiting, analyzing and hiring individuals for appropriate employment posts.
Leading: Also referred to as “directing” in the business management model, leading requires the entity’s executives to determine what needs to be accomplished in a situation and what employees are best to fulfill such expectations.
Monitoring/Controlling: This phase of the business management process requires the leaders of the entity to monitor progress in relation to the plans and business of the business.
Motivation: A key aspect to the business management model, motivation is a basic function to maximize employment efficiency. By boosting morale, employees will carry-out their specific tasks in an effective manner.
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