University:
Central Arizona College
Course:
BUS122 | Small Business Management
Academic year:

2023
Views:

260

Pages:

2
Author:

Lucas H.

Small Business Management Small business management: 1. It is an extensive branch of knowledge that identifies and studies how the functioning of a business is regulated. - An essential role implied by business managers is to manage different sorts of resources, human, financial, and even technological in order to provide an organization with efficient and effective performance. The primary task is to minimize the risks and maximize the accomplishment of targets and aims of the organization. - Management is not only about supervision of organizational activities on a daily basis, which means it has another critical role of planning for the organization’s future. Business management occupies and plays a significant role in business companies. ● Adequate management strategies can have positive impacts on productivity, employee relations and the organisation’s profitability. ● Management decisions on various issues in the business venture include strategic plans of the organization from conceptualization and formulation to implementation endeavors. -In addition, they guarantee that the company operates within the framework of law and ethical norms so that to achieve a positive image and growth perspectives. Key Management Functions :The part of management that concerns businesses is typically divided into a number of areas that are critical to an organization. - According to the management experts these functions are planning, organizing, leading and controlling, Strategy making: is the process of developing objectives and defining ways for their attainment. It entails predicting future environments, comparing different strategies, and arriving at choices that reflect the organization’s objectives. - Regardless of the difference in duration, planning is crucial since it serves as the business’s guide. General Points: - Organizing calls for arranging people, money, and things and their relations in a manner that will ensure the implementation of the plan. - This function involves determining the framework that the organization requires, designing organizational structure, and grappling with the interfaces of departments and people. - Organizing enables the optimum use of resources and makes sure everyone knows what is expected of him or her in realization of the objectives of the organization. Leading: Organizational development is a process that aims at persuading the employees and directing them towards assisting the achievement of the organizational goals. - In this function, one gets to deliver a message containing the vision, the established performance goals and objectives, and other support and encouragement. Leadership is essential throughout the process of developing and improving organizational culture, increasing employees’ motivation and stimulating innovations. Controlling: This function involves defining performance requirements, assessing the levels of performance attained, and making all the necessary adjustments. - Controlling helps an organization to correct deviant behavior when it detects them and be ready to handle any new occurrences in the internal or external environment.