How to Manage Business 2022 special

Management is an art, science and now it is also developing as a profession. Management is all pervasive because the need of management is everywhere.

It may be a small organisation, can be a middle or large organisation or can be a non profit orgsnisation like school, Hospitals, sports club etc.

“If you can run one business well, you can run any business well.”                         

– Richard Branson

Manage a business is plays a very vital role in the development and future growth of business.

so, first we discuss the importance of management : –

Importance of Management In Business

Optimum Utilisation of Resources

Through good management  there will be proper utilisation of there resources because in managed business wastage of resources reduce which cause high productivity and best use of resources of the organisation.

Help in Achieving Goals

In organisation there may be thousands of people aand all they are engaging in different activities.
Here, the function of management is to connect the activities to achieve the main goal of the company because every worker is working there on their own tasks so, taking together them is very important.

To Survive in Dynamic Environment

Environment is dynamic because there is continuous change in the environment. There sre various encironmental factors which can affect the business. These are :-

• Social (change in fashion)
• Political (change in policies of government)
• Technical (Technology Obsolete)
• Economical and
• Other

“Change is the only Permanent thing”

These are the factors which are not in control of business. Here, management helps in surviving and getting advantage in the dynamic environment.

Improving Efficency

Management in business improve the efficiency of the employees. Through good management the cost of production reduces.

Because the unnecessary activities are eliminated through management.

Beating Competition

There are various examples which prove that better management helps to beat the competition and be the leader of an industry.

TATA Group is the perfect example of the best management, Jamseth Singh Tata mae that type of management in Air India in the starting period of Air India which takes the company at that level of  growth and through this another companies born like Tata Motors, TCS etc.

5 Methods Helps To Manage Business

There are 7 best methods which will helps you reaching the best management in the organisation are : –

Unity of Command

Employs should be directed, contolled and commanded by the single boss. If a worker have multiples bossesit will leads the condition of confusion of the employs.

Because employs are being commanded by different bosses and different tasks. Due to which, efficiency of employs goes down and it will leads to loss and dissatisfaction of employs which leads high employs turnover.

But when employee are commanded by single boss it will increase his efficiency and there is no more situation of confusion.

So, a employee should have only one boss who direct him and command him.

Effective Communication

The communication between employee and employer should be effective. They should have good relationship between them

They do not have any confusion and disrespect for each other. The manager should tell his message correctly and also clear the doubt of the employs.

Authority & Responsibility

In a organosation there should be balance between the authority and responsibilty to the employs.

If high responsibility given to the employs then he should be the authority to acheive his task and take some decision own.

By making balance in the authority and responsbility, employs get motivated and they complete there task effectively and efficiently which directly leads to the growth of the organisation.

So, employees should have balanced authority and responsibility.

4M’s of the Business

In the business there are four main things which a businessman should keep in mind are :-  Men, Material, Money and machinery.

Important decisions should take by keeping these 4M’s of business in mind. These 4M is very important so these should be managed.

Division of Work

An employee should not be over burdened it will decrease the efficiency of employee. Organisation have big tasks these tasks should be divided properly between the employs.

By dividing the work it will increase the effectiveness and efficency of employs and task complete on time and in minimum resources.

Summary

In this blog we learn the importance of the management in the business. management of a business decides the future of the company. A good management increase the revenue, decrease the cost maintain healthy relationship between employee and employer.

In this we learn the impotance of management which are : –

• Optimum Utilisation of Resources
• Help in Achieving Goals
• To Survive in Dynamic Environment
• Improving Efficency
• Beating Competition

The methods which help in manage business are :

• Unity of Command
• Effective Communication
• Authority & Responsibility
• 4M’s of the Business
• Division of Work

So, use these methods and implement these methods on your business  and get the result.

If you like this blog, let us know in comments.

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