We need to gather the concept of what managing a business really is; which is basically having an administration for your business.
Strategies should be laid out on how to coordinate and organize activities done in the organization.
As a business owner, you can manage your business by yourself, or employ a manager to do so for you.
Whether you or your employee, one should administer three primary components of the business’ value: financial resources, capital (tangible resources), and human resources.
Henri Fayol (1841–1925) argues that management consists of six functions, which can be applied in a business:
* Planning – The owner needs to make decisions in advance, before actions are taken to ensure that the business continues to grow.
* Commanding – This entails making sure that things are done and getting people to do it.
* Forecasting – This is ensures that whatever activities are being taken in the present shall not have a negative result to the future of the business. Therefore it is advisable for businesses to set goals and visions.
* Coordinating – This is basically creating a structure through which an organization’s goals can be accomplished.
* Organizing – This can include staffing in the organization
* Controlling – Checking progress against plans.
Below are some essential skills for business management leadership .
As a manager, you should know how to relate and deal your employees. You ought to treat each of them with respect and set a good example to them.
This will inspire your team to give their best in their duties.
This is the ability to evaluate and come up with the best solution within the shortest time possible. It’s important to involve an administration while making decisions instead of making them as an individual.
This is because there is less likelihood for wrong decisions to be made. Again one should not look at a situation over and over without making a decision, since opportunities might be lost.
The best managers are able to handle multiple duties and balance priorities without losing productivity.
You must be able to oversee all the employees, keeping their abilities and weaknesses in mind while prioritizing multiple projects.
Business Development Skills
You should be able to look for areas or procedures within the company that can be improved.
In most organizations, employees will always be the first to notice such areas and its therefore important to consult them during meetings. For instance cutting unnecessary costs of resources is a way of demonstrating this skill.
Without communication skills, you will be ineffective. This entails both verbal and non-verbal communication quest such as body language, facial expressions, tone of voice and the choice of word spoken.
The best managers develop the ability to not only communicate the points they are trying to make, but also to truly listen to those around them.
This goes hand-in-hand with leadership. To be effective as a manager, being able to motivate employees is a must. A successful manager is able to nurture that along with using clear performance expectations.
For your business to be well managed, you need to seek feedback from various stakeholders such as investors, employees, customers and financiers.
This will help the business grow since everyone feels that his or her opinion counts for its sustainability and growth.