Business management is the effort and actions to improve the productivity and competitiveness of your company. According to Alan Safahi, an experienced entrepreneur, a company's management optimization aims to improve things.
Identifying the factors that influence the success or better results of the management is necessary. Business management seeks to ensure that the supply meets the demand for the different activities or products of the company.
It ensures procedures with lower costs and benefits the consumer, thus constantly increasing the company's productivity. Faced with a global panorama, where the market is changing, the development of information and communications technologies (ICTs) has led companies to function in an increasingly complex context with easy access to information.
Companies must take on the challenge of modifying and adapting business management to successfully compete in the changing, competitive, and flexible market. Today's article will discuss business management and its critical aspects to help you understand the concept and make the most of it. Read on!
Critical Aspects of Business Management
The managerial function involves the ability to lead, be recognized, and be followed by dependents. According to Safahi Orinda, it requires greater professional technical capacity and other managerial aspects, such as:
• Decision making
• Honesty and impartiality
• Imagination, creativity, and development of new ideas
• Supervise, control and lead
• Assume responsibilities and run inherent risks
• Ability to analyze and solve problems
• Detect opportunities and generate new business
• Ability to adapt to change
• Active communication and conflict management
• Management of marketing techniques to promote products and services
Business Management Techniques
Business management involves handling a set of techniques, which depend on the company's size and find proportional difficulties in business management. It focuses on improving productivity, sustainability, and competitiveness, ensuring the viability of the company in the long term. Alan Safahi recommends considering the following business management techniques.
Administrative Management
Plan the company's future work, set strategies and goals or objectives to be met, organize, determine the functions and structure necessary to achieve the objective, establish roles and processes, and assign these responsibilities to people.
Strategic Analysis
Diagnose and identify the most likely international, national and local political, economic and social scenarios, to analyze business agents. It involves researching your organization's business culture and environment, formulating strategic planning, and making informed decisions to ensure everything goes smoothly.
Technology and Financial Management
Apply the company's internal and external information and communication systems to all areas to make appropriate decisions through the Internet. Technology is an integral part of your company that streamlines communication, improves data protection, and optimizes operations.
According to Alan Safahi, financial management involves obtaining money and credits at the lowest possible cost, assigning, controlling, and evaluating the use of financial resources of the company to achieve maximum returns, and keeping an adequate accounting record.
Human Resource Management
Seek the use of the workforce in the most efficient way possible, worrying about the process of hiring, maintaining, and developing employees. It involves training and development programs to improve employees' skills, align their skills with the company's objectives, and put them in the right direction to improve productivity.
Logistic Management
Logistic management is an integral part of your business. According to Safahi, it involves purchasing, storing, and supplying goods and services that will satisfy consumer needs, transforming a set of raw materials, labor, energy, supplies, information, etc.
Business Management Functions
Alan Safahi Orinda says business management functions are critical to your company's success. It helps you understand your company's areas, such as human resources, financial aspects, technology tools, productivity strategies, and marketing plans. Here are the four critical elements of business management functions.
Planning: This function contemplates establishing the goals and strategies of the organization. Therefore, based on sound business management, a good businessman seeks to consolidate his model that involves detailed plans for integrating and coordinating activities.
Organization: Design the structure of a business or company. Determine the tasks and functions, personnel and decision-making levels, dependencies, and obligations.
Management: Companies, businesses, organizations, or institutions' success depends on their employees. The responsibility falls on administrators to direct, coordinate and lead the activities of the staff.
Control: A company with goals, formulation of plans, structural outlines, training and motivation of personnel, also needs to ensure operation, based on monitoring the performance of the business or organization to compare the results with the goals set and estimated budgets.
Final Words
There are various functional areas of business management. However, Alan Safahi recommends focusing on strategy, finance, marketing, technology and equipment, human resources, and operations.
When you understand these areas, you can streamline your business management, increase employee productivity, promote products/services, reach prospective customers, turn them into loyal customers, and improve your overall business's bottom line.
Originally Posted: https://vocal.media/journal/a-basic-guide-to-business-management-by-alan-safahi
0 comments:
Post a Comment