Important Functions of Business Management Nick krest
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Running a profitable business requires several things and if you are a part of this, then you know how it is difficult to survive in complex world of business? One of the major factor on which a major part of the business depends is management. It is an important element in every organization. No matter whether the business is small or big, management practice is necessary to run a business in profitable direction.
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It is a practice of coordinating the current activities and plans for the future. The management makes a firm to organization where every activity of each employee is organized in such a way that goal is achieved in minimal time without affecting the resulting profit. Every business owner has its own definition and concept of management.Â
Planning: ď ˝
It is the foremost function of management practice which means plans in advance. It determines the tasks that must be performed to attain goals or objectives. This process requires the intellectual facilities for sound judgment for determining how the tasks performed and when they should be performed.
Organizing: ď ˝
It means organizing the coordination between the available resources and employees working in the firm. It is an important managerial activity of establishing a smooth relation among the members of the organization. These relationships are created in terms of responsibility and authority to achieve the main objective of successful business.Â
Controlling: ď ˝
It means to control all business related activities and to ensure the implementation of plans without any inconsistency. For this managers need to gather performance that helps in measuring performance and compare the current performance to the previous one. It is an on- going process of measuring the performance regarding plans and goals.
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Leadership and direction: It is one of the important elements of business world. As management process is completely dependent on work done with and through people, here it becomes necessary to motivate and encourage them to achieve goal effectively.