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The library of essays of Proakatemia

Business management



Kirjoittanut: Oshadi Mohottiarachchi - tiimistä Kaaos.

Esseen tyyppi: Akateeminen essee / 3 esseepistettä.
Esseen arvioitu lukuaika on 12 minuuttia.

BUSINESS MANAGEMENT

 

 

 

CONTENTS

 

 

1    INTRODUCTION

2    WHAT IS BUSINESS MANAGEMENT?

3    8 BUSINESS MANAGEMENT SKILLS

4    RESPONSIBILITIES OF A BUSINESS MANAGER

5    EFFECTS OF ETHICS ON A BUSINESS MANAGER

6   HOW TO BECOME AN ETHICAL BUSINESS MANAGER

7   HOW TO IMPROVE PRODUCTIVITY IN A BUSINESS

REFERENCES 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 INTRODUCTION

 

 

In this academic essay, we will explore the concept of business management and delve into the essential skills required to effectively oversee a business or company. Managing a thriving organization involves numerous responsibilities, ranging from strategic planning to handling day-to-day operations. Eight crucial business management skills include communication, leadership, adaptability, decision-making, time management, negotiation, creative problem-solving, and financial management. Mastery of these abilities can lead to both personal and professional growth, ensuring the business operates efficiently and achieves its goals.

 

Business management plays a vital role in an organization’s overall success. It involves the planning, organizing, and coordination of various activities to achieve a company’s goals and objectives. A great business manager possesses expertise in best practices and relevant processes that can benefit any organization, regardless of their industry. Effective management ensures the smooth functioning of an organization and helps it achieve its goals and objectives. The role of a business manager encompasses a wide range of responsibilities, from developing strategies and allocating resources to motivating employees and monitoring performance. Adept business managers are essential for driving growth, fostering innovation, and maintaining a company’s competitive edge in a rapidly evolving global market. Understanding the importance of business management will not only lead to a more efficient workforce but also promote organizational growth and innovation. (CSU Global, 2022)

 

What is business management?

 

In the simplest of terms, business management refers to the coordination and administration of business activities, tasks, and resources to achieve a set objective. This process is vital for the successful operation of any organization, as it ensures that all aspects are working together efficiently and effectively. Through proper planning, organizing, directing, and controlling, managers can make informed decisions to help guide the company toward its goals. Understanding the various aspects of business management is essential for both established businesses and those looking to scale, as it forms the foundation of a successful organization. According to experts, the ‘’key to business management is striking a balance between managing work and talent’. Technical expertise earns you the respect of your colleagues as a business manager, but it takes soft skills to sustain that respect. By nurturing interpersonal relationships and fostering a supportive work environment, a manager can ensure team members are motivated and committed to the success of the organization. In addition, effective communication is crucial for navigating the complexities of a business while maintaining the trust and morale of employees. (Emeritus, 2022)

The distinction between Business Administration and Management may seem subtle, but it is crucial for aspiring professionals to understand the unique responsibilities and credentials associated with each role. While both areas focus on the effective oversight of business operations, they tackle specific aspects within an organization. Business administration delves into the more technical aspects of a company’s operations, encompassing areas such as finance, sales, and marketing. These professionals are responsible for ensuring smooth and efficient daily operations while adhering to established regulations and industry standards. They closely monitor the company’s financial health, analyze market trends, and implement strategies to maintain competitiveness in their respective industries. In doing so, business administrators play a crucial role in supporting the overall success of the organization and fostering a sustainable, thriving business environment. On the other hand, Business Management possesses a more targeted approach, concentrating on the organization and management of an organization’s resources, including its talent pool. This role emphasizes the importance of efficient resource allocation, strategic decision-making, and the development of a positive work environment to foster employee growth and satisfaction. By effectively utilizing a company’s resources, business management enables the company to maintain a competitive edge and achieve its long-term goals. Ultimately, the synergy between Business Administration and Management is crucial for the smooth functioning and overall success of a business. Both roles are essential for a business to thrive, though they each bring their unique skill set and perspective to the organization. Through understanding the nuances between these two roles, one can better appreciate how they contribute to the overall success of a business. (Emeritus, 2022)

 

8 business management skills

 

   A business manager’s role primarily necessitates a mastery of essential skills, such as communication, problem-solving, and leadership, in order to effectively drive the company toward its goals. Not only must they excel in these foundational abilities, but they must also possess a keen understanding of their organization’s mission and values. This holistic approach enables managers to develop and implement strategic plans that align with the company’s vision, ensuring that departments collaborate seamlessly, and resources are deployed efficiently. Ultimately, the unique blend of skills possessed by business managers underpins their crucial role in steering their organization toward success. (Emeritus, 2022)

One of the major skills that business managers should have is empathy. Possessing this vital trait allows them to truly understand their employees and implement successful managerial approaches. Empathy fosters a strong connection between managers and employees, leading to increased productivity and overall satisfaction in the workplace. When empathetic skills are cultivated, business managers can create work environments that encourage collaboration and support employee growth. (Emeritus, 2022)

One of the most important duties of a business manager is to hold employees accountable for their mistakes and help them improve. This not only fosters a culture of responsibility within the organization, but also contributes to the overall growth and success of the business. By addressing performance issues and providing constructive feedback, a manager can create an environment where employees feel empowered to take ownership of their work and learn from their mistakes. Furthermore, this approach can ultimately lead to a more efficient and effective workforce, as well as better long-term employee retention. (Emeritus, 2022)

The job of a manager encompasses a wide range of responsibilities, one of which is addressing conflicts that may arise within a team. In order to maintain a productive and harmonious work environment, it is essential for managers to possess strong negotiation and conflict resolution skills. By handling disputes effectively, they can create a cohesive atmosphere that fosters teamwork and cooperation. Implementing effective strategies to manage conflicts helps to ensure the overall success of the organization and the satisfaction of the employees involved. (Emeritus, 2022)

Often viewed as an innate, mystical trait, in reality, executive presence is a highly prized skill that can be cultivated with diligent practice. Through a combination of strong communication skills, personal charisma, and the ability to navigate high-stakes situations, individuals can develop a commanding presence that earns respect and influences others. This key leadership quality not only enhances an individual’s professional success but also fosters a collaborative and empowering environment for teams to thrive. As a result, fostering executive presence not only benefits individual career growth, but also contributes to the overall success of the team and business. (Emeritus, 2022)

As a manager, you are responsible for meeting goals and challenges within your company. A strong leader has the ability to think strategically through the planning process and put employees to work in ways that contribute to a larger goal. By considering various perspectives and adapting to ever-changing circumstances, leaders can make informed decisions that drive the organization forward. These strategic choices ultimately reflect ethical management practices and showcase a dedication to the success of the entire team. (Stenquist.A, 2020)

For any business to operate efficiently, it is crucial to adhere to a reliable schedule and prioritize time effectively. Time management serves as a foundation for good business management, ensuring that resources are utilized optimally, and deadlines are met. Proper organization of daily tasks is fundamental in maintaining a healthy work-life balance and fostering a positive work environment. In this way, time management plays a pivotal role in enhancing overall productivity and promoting sustainable business practices. (Stenquist.A, 2020)

A career in management necessitates consistent creative problem-solving abilities. As unexpected challenges arise, a manager armed with ingenuity becomes highly sought-after in the dynamic and fast-paced business world. Developing innovative solutions not only overcomes these obstacles but also fosters a culture of adaptability within the organization. In essence, creative management is integral to navigating the complexities and uncertainties in today’s ever-evolving corporate landscape. (Stenquist.A, 2020)

Poor communication can cause chaos within a company, disrupting daily operations and negatively impacting team cohesion. Miscommunication can lead to conflicts, technical mistakes, and is often a major obstacle in achieving organizational goals. A strong manager understands the importance of both written and verbal communication skills and intentionally develops them in order to keep operations running smoothly. By emphasizing reliable communication channels within the company, a manager can effectively mitigate potential issues and maintain a productive work environment. (Stenquist.A, 2020)

 

 

Responsibilities of a business manager

 

  As a business manager, one of their essential responsibilities includes the establishment of clear expectations and realistic goals for their team. By fostering a shared vision and setting measurable objectives, managers can create a thriving work environment that promotes both individual and collective success. Aligning team members’ skills and qualities with organizational objectives encourages personal growth, nurtures executive presence, and bolsters overall performance. Additionally, such goal setting and expectation management enable managers to effectively evaluate, guide, and support their teams in a dynamic business landscape. A business manager plays a crucial role in the success of an organization by managing various responsibilities. Their primary duty is to ensure cohesion among all departments, fostering seamless communication and collaboration. By delegating tasks effectively and monitoring their progress, a business manager ensures that projects are completed within the stipulated timeline. Moreover, they are responsible for aligning the company’s goals with the efforts of each department, resulting in a unified and productive work environment. As a business manager, one of the primary responsibilities is motivating, training, and supervising staff to ensure their professional growth and, ultimately, the success of the company. By investing time and resources in their employees, managers can help create a thriving work environment, where individuals are inspired to reach their full potential. Effective training programs allow staff to develop their skills, making them better equipped to handle various work challenges. Supervision plays a key role in ensuring that tasks are executed efficiently and that team members are held accountable for their performance. (Emeritus, 2022)

 

Effects of ethics on a business manager

 

  What does it mean to be ethical, and why is it essential for managers? Being an ethical manager means understanding and abiding by ethical business principles. It refers to having ethical behavior and following ethical conduct. In essence, ethical management is vital for sustaining an organization’s reputation and fostering an environment of trust and responsibility among employees. Such conduct not only benefits the organization but also fosters a positive work environment for employees, encouraging growth and longevity. Therefore, the concept of being an ethical manager is a vital aspect for a business to flourish and maintain its reputation in the industry. (Sharma. D, 2022)

The eight ethical principles that form the foundation for ethical management include beneficial ownership and control, honest financial reporting, safeguarding the environment, anti-corruption, equal opportunity, good corporate citizenship, safe and healthy workplaces, and responsible use of technology. These principles ensure that managers lead their organizations with integrity, accountability, and transparency. By implementing and adhering to these principles, managers create a strong organizational culture that benefits employees, stakeholders, and society as a whole. Additionally, such ethical practices serve to bolster a company’s reputation and long-term sustainability. (Sharma. D, 2022)

When it comes to being an ethical leader or manager, you should keep a few more things in mind. At its core, ethical management is about upholding the highest standards of business conduct and ensuring decisions are made with the best intentions for all stakeholders involved. A truly ethical manager promotes a culture of integrity within their organization, motivating employees to adhere to a strong moral compass. Fostering an ethical work environment leads to increased trust, loyalty, and overall success, ultimately benefiting everyone connected to the enterprise. (Sharma. D, 2022)

 

How to become an ethical business manager

 

  To be an ethical business manager, honesty and transparency are essential when discussing decisions with team members. This approach fosters a culture of trust and respect among colleagues, which can lead to increased efficiency and positive workplace morale. By prioritizing ethical practices, managers demonstrate a commitment to the company’s core values and stakeholders’ best interests. Additionally, ethical management encourages team members to take ownership of their work and adhere to high standards of professionalism. An ethical manager plays a crucial role in fostering a positive work environment, emphasizing the importance of ethical behavior and decision-making. Encouraging open communication among team members is a key aspect of ethical management, as it promotes transparency, trust, and collaborative problem-solving. By facilitating open dialogue, managers empower their employees to voice concerns, share ideas, and engage in constructive conflict resolution. In doing so, an ethical manager not only strengthens the bonds among the team but also fosters a culture of accountability, where employees maintain high moral standards and uphold their responsibility to the organization and its stakeholders. (Sharma. D, 2022)

In order to create a strong ethical foundation within a team, it is imperative for a business manager to communicate and ensure adherence to the company’s values. This not only involves clearly defining what is considered ethical and unethical behavior but also proactively preventing any instances of misconduct. By doing this, the manager creates a culture of integrity and accountability within the team that ultimately paves the way for responsible decision-making. This commitment to ethical behavior not only garners trust among team members, but also reflects positively on the company’s image and reputation. In today’s dynamic work environment, it is essential for managers to take appropriate disciplinary action when violations of expected behaviors are observed. By addressing these issues head-on, managers can maintain a productive and cohesive team environment. It is equally important for managers to be prepared to handle failure and use it as a valuable learning experience to fortify team bonds. Adopting a constructive approach to setbacks allows teams to grow stronger and more resilient, fostering a culture of continuous improvement and collaboration. In the realm of ethical business management, decision-making should always be centered around the best interests of the team and the organization as a whole, rather than personal motivations or gains. By prioritizing collective goals, a manager demonstrates a commitment to fostering a fair and supportive workplace. This approach not only enhances employee satisfaction, but also builds trust between team members and their leaders. Consequently, ethical management practices contribute to maintaining a robust, efficient work environment that promotes growth and success for all involved. (Sharma. D, 2022)

 

How to improve productivity in a business

 

   Business productivity is directly related to how engaged a person is with their work and their employer. Creating a simple, focused plan with clear steps and outcomes helps people stay on task and sets them up for success. Employees who have a well-defined structure for tasks and goals are more likely to feel committed to their company and contribute significantly to its growth. A proactive approach to fostering employee engagement, therefore, ultimately results in a higher level of productivity for the organization as a whole. As technology continues to advance, tools such as smart calendars and reminder apps have become essential for effectively managing our busy schedules. Platforms like ‘’Todolist’’ allow us to efficiently keep track of tasks, events, and deadlines without relying solely on our memory. By setting reminders and strategically organizing our time, we can optimize productivity and reduce the likelihood of forgetting crucial tasks or appointments. Integrating these helpful tools into our daily routine can ultimately lead to a more organized, stress-free life. (Slack, 2021)

Setting goals is one of the most important parts of any business strategy, as it provides a clear direction and purpose for the organization. However, merely having goals is not enough; they must be periodically reviewed and revised to ensure the company remains on track for success. By consistently evaluating and adjusting these goals, businesses can effectively adapt to changing market conditions and maintain momentum in their growth. Ultimately, a dynamic and flexible approach to goal setting will prove to be invaluable in fostering long-term success and competitiveness in the business landscape. In today’s fast-paced world, minimizing time-wasting activities is crucial for personal and professional success. Whether at home or in the office, countless distractions can steal our attention away from work. Successful managers are well-versed in recognizing these potential pitfalls and actively devise strategies to counteract them. By implementing effective time management techniques and focusing on priorities, individuals can greatly enhance their productivity and overall performance. (Slack, 2021)

One of the most challenging aspects of business growth is maintaining motivation among team members. The methods for accomplishing this task can vary significantly among individuals, requiring a tailored approach to maximize effectiveness. By understanding each team member’s unique strengths, goals, and aspirations, managers can develop customized incentives and rewards that drive productivity and commitment. Nurturing a motivated workforce not only promotes a positive work environment but also ensures sustainable business growth and success. Many people claim to be great multitaskers, but in reality, it’s almost always better to work on one thing at a time. Focusing on a single task allows us to fully engage with the work at hand, leading to higher quality results and improved productivity. The human brain is not well-suited to juggling multiple tasks simultaneously, and attempting to do so can lead to increased stress and reduced performance. Therefore, it is essential to prioritize our tasks and tackle them one by one, ultimately avoiding the pitfalls of multitasking. (Slack, 2021)

Wellness encompasses physical and mental health, both of which can improve productivity in a business environment. By encouraging healthy habits among employees, companies can reduce absenteeism and create a more positive workplace atmosphere. Implementing wellness programs that focus on both physical and mental well-being not only demonstrates a company’s commitment to its employees, but also sets the stage for increased efficiency and job satisfaction. Ultimately, a healthy workforce contributes to an organization’s overall success and long-term growth. In many work environments, open communication and idea sharing can be challenging for some employees, whether it is with their colleagues or their supervisors. One-on-one meetings serve as an effective tool to foster better relationships and create a safe space for dialogue. By providing employees with the opportunity to express their thoughts, concerns, and suggestions in a private setting, it boosts their confidence and strengthens the overall lines of communication within the organization. As a result, these personal interactions contribute to a more cohesive and collaborative work environment, leading to higher levels of productivity and accomplishment. Ultimately, better productivity starts with business leaders providing achievable frameworks for success. By setting realistic goals and offering the necessary resources and support, management can create an environment where employees can thrive. This encourages continuous improvement and helps businesses stay competitive in the marketplace. In conclusion, fostering a culture of productivity requires strong leadership, collaboration, and a results-driven approach that empowers employees to reach their full potential. (Slack, 2021)

 

REFERENCES

CSU Global. ‘’The importance of business management’’. 04.04.2023. https://csuglobal.edu/blog/the-importance-of-business-management. Read on 25.03.2023.

 

 

Emeritus. ‘’what is business management? How to be a good business manager’’. 26.08.2022. https://emeritus.org/blog/what-is-business-management/#. Read on 25.03.2023.

 

 

Sharma, D. ‘’9 steps ethical managers take in their teams’’. 17.04.2022. https://www.risely.me/8-tips-to-follow-if-you-aim-to-become-an-ethical-manager/. Read on 25.03.2023.

 

 

Slack. ‘’Top strategies for improving business productivity’’. 12.09.2021. https://slack.com/blog/collaboration/top-strategies-improving-business-productivity. Read on 26.03.2023.

 

 

Stenquist, A. ‘’8 business management skills you’ll need in order to lead’’. 24.02.2020. https://www.rasmussen.edu/degrees/business/blog/business-management-skills/. Read on 26.03.2023.

 

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