Functions of Management for a Profitable Company

Management is the act of manipulating human capital in order to bring success of an enterprise. The basic roles of management are to bring about effective and smooth operation in the business.

Most of the businesses in the world today collapse or continue to make losses due to poor management. Poor knowledge of good practices is a leading challenge to such problems. Therefore, business people are supposed to be educated and trained properly on good management practices, in order to make their market flourish and gain revenue. When proper practices are followed and adopted as required, then the business will run smoothly and profitably.

Some of the basic functions of management are as follows:

               1.Planning for the company future which refers to identifying what needs to be done in short term and long term.

Management sees to the generation of plans for actions and rearranges activities so that the first and the most important activity are given priorities. Activities are arranged according to urgency and classify how that will be achieved.

Planning includes deciding what tasks will be completed (what), to which staff it will be allocated to (who), how it will be done (how), the deadline date (when), and the resources needed to complete it successfully. Planning has to be in line with the objectives of the business right from the start. Therefore, every member, right from the manager to the rest of employees, works together towards a common objectives and goal.

2.Management deals with coordinating company activities among different departments and employees.

This is the method of making sure that there is proper link between the activities and employees in the business. This reduces any chances of confusion or collision of activities in an organization. By doing so it allows smooth operation of the business where employees in the business know what is expected of them.

Coordination also allows machines in the organization to work at intervals so that no particular machine is overworked. This ensures continuous production of a certain product, maximizing production without causing any harm to the machines.

3.Filling the organization with the best staff.

Recruiting the right employees with the right qualification is important. These include employing or drawing in employees, knowing the welfare of the workers, allocation of work to the work force, and determining the salary of the people in the organization.

Staffing gives the employees their ranks right from the top to the bottom and their responsibilities in the business. It’s able to follow up and make sure that everyone has done their work as required in the agreement statement during the time of employment.

4.Organizing workers ensures that they have good working relations.

Having great relationships among workers is a great strength, ensuring that the business runs smoothly and stays cost-effective. This requires management to put every tool, activities, and workers in an effective manner in order to attain the objective of the plan.

Organizing allows everything in the corporation, including the workers, to be able to work in harmony with one another for the good of the firm. When properly done, there is ease in sharing of work, dissemination of information, and expressing of ideas among the workers, which is the most effective method of increasing success.

Good management is the key to a flourishing business empire and every company should guarantee that they have the best team. Providing the group with the right training and going for retreats is essential. They need to be appreciated and rewarded so that they are motivated to spearhead the company to greatness.

 

Jun 6, 2013
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