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CONCEPT OF MANAGEMENT IN BUSINESS

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The concept of management is as old as man, as Peter F. Drucker rightly quoted. It has become very vital the role management plays in a business, no matter the idea behind the business or the vision that drives it, we can not rule out how phenomenal management and decision making could be to a business. The powerhouse of any business lies in the concept of management it chooses to adopt, and most key strategic decisions are made by the management too. Management is usually held to account when the business is successful or failing.
The concept of management is beyond policymaking, it’s encompassing in its objectives and responsibilities. They could also be risk takers in the case of a sole proprietorship, however, For any business venture to fully succeed it must have an efficient and effective management mechanism in place.

ROLES OF MANAGEMENT IN BUSINESS.

 

1. DECISION MAKING:

The decision to carry on a business venture lies in the grip of management. Decisions as to how the business will be run, the corporate structure and governance and all other decisions that will lead to the achievement of the overall set objectives. Decisions making could be herculean because it makes or mars the success of the business, but having the necessary skills and expertise to make an informed judgement and set big but achievable goals make it less difficult.

2.PLANNING:

Having made decisions, planning is key to the roles of managers and management. Planning on how the decisions will be implemented and achieved, planning is setting goals, assigning tasks, making projections. Corporate objectives are normally formulated by members of the board of directors and handed down to senior managers. It is important that senior managers in an organization understand clearly where their company is going and why and how their own role contributes to the attainment of corporate objectives.

3.CONTROLLING:

This is a process of assigning a task, (though there are tasks leaders should never delegate), following up of work processes and assessing the level of work done, it also involves putting up mechanisms to properly monitor the work done. Control also means putting in checks to make sure the goal is met, control is used to direct subordinates and make sure they are in tune with the overall process, it is a very essential role of management.

Related: Time management strategies that will grow your business

4. EVALUATION:

This involves assessing the work done to see if it was able to yield the results for which it was set. An evaluation also helps to show if the method used was rewarding. It is not a fault finding responsibility but rather a corrective measure to ensure work is done properly and in tune with the organization’s set objectives. Evaluation should be done to check if the methods used were effective and efficient enough and also to provide solutions where need be.

5. APPRAISAL:

This should be done occasionally to help reward the effort of individuals who have worked hard to achieve the goals set, it also involves correcting any wrong actions. It helps to show that the efforts of subordinates are observed and rewarded.

6. CONCEPT OF MANAGEMENT IN COMMUNICATION:

A good concept of Management must put in place proper communication flow and feedback process to ensure that the right information is passed and received. Communication is very key to management roles and decisions and as such should make should properly channels are created. There shouldn’t be any conflict of interest between management and subordinates and good rapport should be maintained always. Everyone wants to be heard and carried along and so there must be a medium of expression.

Having considered some of the roles of management, it is okay to conclude that, they are very important to every organization, without management especially effective and proper management, a business would fail. There will be a lack of direction and purpose, everyone becomes the boss and does whatever he/she likes.

Management should be properly informed about the business and should be able to employ capable hands to carry on jobs and tasks. Management should instil the corporate culture in the mind of every individual in the organisation. Good communication is very key to management roles and success. Management should be VISIONARY and GOAL DRIVEN.

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