Business mgt doc

Running head: BUSINESS MANAGEMENT 1
Business Management
Name
Institutional Affiliation
BUSINESS MANAGEMENT 2
Business Management
Admittedly, the matter of effective business management has been a topical issue in the
corporate and entrepreneurial world. The sphere of business management has been
revolutionized in the past decade, whereby the introduction of information as well as
communication technology has characterized the change (Hatten, 2015). Executive managers and
junior managers serving in multinational, regional, and local corporate organizations have
adopted modern approaches to the concept of business management through embracing
innovative models and strategies in execution of tasks and management of employees (Hatten,
2015). A review of the significance of the following functions (tasks) of management:
organization, planning, directing, controlling, and staffing in the effective management of the
business while sharing personal experiences in management shall be crucial for the discussion.
Organization is a component of business management that involves the combination and
synchronization of financial, physical, and human resources that are required for the overall
success of a venture or business. Financial resources are the monetary or cash requirements,
whereas physical resources are land, machinery, and buildings that are employed in a business
entity (Hatten, 2015). Human resources relate to the individuals or personnel who provide labor
involved in productivity within an organization or business (Hatten, 2015). In my management
tasks in business, I always focus on the aligning the energies of the employees to the financial
and human resources of the entity to achieve impressive results.
Planning as an element of management in business helps in the realization of future or
strategic goals of a venture through the design and implementation of small and actionable steps
at present. A business manager should have a general idea of where the enterprise shall be in a
period of five to ten years. Thereafter, he or she should structure and design a strategy that will
BUSINESS MANAGEMENT 3
help the business to get to that desired level (Hatten, 2015). All the crucial resources in the
organization or commercial enterprise should be organized in a way that follows the vision of the
entity (Hatten, 2015). I always remind and inspire my fellow employees to focus on the
achievement of the business’ vision through their daily targets at work.
Staffing is a crucial factor in the management of a venture, and it is instrumental in
bringing on board qualified, skilled, and motivated personnel. The members-of-staff take up
specified roles that are essential in driving the growth of the enterprise (Hatten, 2015). Indeed,
staffing contributes positively to the optimization of human resources through the integration of
skills and expertise in the execution of tasks that promote the overall prosperity of the venture
(Hatten, 2015). In my managerial role, I usually take time to understand the professional profile
of an employee, and then I direct them to the appropriate tasks or duties. As such, the
departments in the business function effectively and deliver on set targets.
Directing is a fundamental component in the management of an enterprise, and it helps to
guide, instruct, and monitor the effectiveness of employees based on their performance per the
projected goals. Truly, directing is a critical element in organizational and business success
based on the understanding that all the other factors of management are dependent on it (Hatten,
2015). Managers should inspire, communicate, supervise, and motivate the employees in the
process of directing (Hatten, 2015). I am usually keen on leading my juniors by inspiring them
and participating in the execution of tasks.
Controlling is an essential goal-based aspect of organizational and business management
that facilitates in the determination of the level of performance that an enterprise adopts.
Controlling helps to evaluate whether the recorded performance is optimal or below the expected
threshold (Hatten, 2015). Managers focus on implementing measures that are geared towards
BUSINESS MANAGEMENT 4
boosting performance. Employees may be given awards, benefits, or promotions as a way of
motivating them to deliver on the objectives of the enterprise (Hatten, 2015). I usually encourage
and inspire my employees by establishing competition-based programs within departments and
offering awards to winners as a way of boosting their output.
BUSINESS MANAGEMENT 5
References
Hatten, T. S. (2015). Small Business Management: Entrepreneurship and Beyond. Nelson
Education.

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