Management of Business
This can be defined as the process of planning, coordinating, leading, organizing, and controlling all the resources with the intention of achieving all the business set goals and objectives.
Functions of Management
(i) Planning: These concerns setting business goals and objectives, outlining strategies and procedures for achieving the set goals and objectives.
(ii) Organizing: This involves the proper arrangement of all the necessary recourses needed to achieve the set goals and objectives of the business organization, here, the work is broken down into sections, tasks allocated to people, entrusting responsibilities and authority to the different sections, with the aim of achieving the set objectives.
(iii) Motivation: this is the act by which workers are inspired through monetary and non-monetary welfare packages to willingly put in their best effort towards achieving the goals and objectives of the organizations. Motivation boosts the commitment of workers. Examples of forms of motivation are; increase in pay, bonus, promotion, awards, delegating responsibilities, and other incentives.
(iv) Controlling: This is measuring the progress of the activities of an organization against the set standards. It compares the actual performance with the set standards and in case a deviation or difference in the two, corrective measure will be applied.
(v) Staffing: This involves the employment of qualified, skilled, and efficient personnel to work in order to achieve the set goals and objectives in an organization. The right people are employed and put in the right place and at the right time.
(vi) Directing: This is a process of making people do the right thing in the right way and at the right time so as to achieve the organizational goal.
(vii) Communication: This is the process of passing vital information from the top, managerial level to the lower level, and vice versa.
- What is Business?
- Define Business management
- Identify at least three objectives of a Business
- List your resources of a Business
- Explain three resources of a Business