Business Management is what it takes to get people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management is not simply leading a group of people, though it is an essential aspect. It also encompasses recruiting, strategizing and deployment and manipulation of human, financial, technological and natural resources of the organization.
Mater of all:
Being an expert in your field doesn’t mean that you have what it takes to be a business owner. Management is what will grease the wheels of your company. Expertise in your field doesn’t ensure overall success of your voyage. There are many aspects of a business for example you also have to run finances, which require the advice of tax and financial experts, and ultimately an experienced general manager. To run a tight ship you need an individual master of its every part but to retain the captaincy you must possess a sound knowledge of every aspect of your business. Management is what will grease the wheels of your company.
Hire the Right People:
What is management without the right workforce? As a manager it’s your job to hire the right people to fill in the blanks. A manager must help his team members realize their potential and channel it in the right direction for benefit of the company. It is important to engage and retain a strong team of skilled people to set your business apart.
Business is not friendship:
While its good to have a lot of friends, a manager must take caution to keep work away from personal life. Not hiring Friends may seem an obvious advise yet it happens very frequently even if unintentionally. It leads to a compromise with your business and in some cases destroy a perfectly good friendship. Even if you do find a friend/relative right for the job, make sure to treat them professionally while at work. A team must never realize favoritism within office walls. Not only can it start a political drama, but also divert your team’s focus from performance. Be prepared to wear different hats while at work and after work. Management is what it takes to make professional decisions for the benefit of your company.
Involve your team:
There’s something about telling other people what we’re going to do that makes us follow through. Keeping your team blinded of decision making process induces a feeling of mistrust in them. On the other side, involving your team while deciding over strategies and goals not only encourages participation but also allows analyze effects of your plans from employees perspective. Also once you commit something to your team you feet a moral obligation to follow through with your words even though every obstacle. However, every decision you make need not go through a team discussion. What is management? It is the ability to decide where you need to involve your team and where you should dictate.
Maintain flexibility in decision making is what management is all about. Although it sounds counter-intuitive, but making a decision doesn’t mean that you can’t be open to other options. There are many ways of doing the same thing and you must be open to different methods as long as it helps you reach your goal in the end. While at times you may need to dictate at others you should avoid being stubborn to seek out only one way of making a decision. Embrace any new knowledge that brings you closer to accomplishing your initial decision. Management is what balances flexibility and firmness in decision making.