Business Management
Business management is the process of planning, organizing, recruiting and controlling various manpower and material resources through systemic, coordinated and cooperative human efforts. The purpose of business management is to achieve the financial objectives of the company. It also involves devising and implementing strategies that aim at getting the maximum output from its available resources. The managers and administrators in the organization achieve the goals of the company by performing the following functions:
- Planning
- Organizing
- Staffing
- Leading
- Controlling
Planning: This is the process of determining the goals of the organization and formulating different programs and strategies to achieve them. It also helps the managers to formulate strategies that optimize the use of available resources for maximum returns.
Organizing: It involves assigning and allocating tasks, authority and resources to the executives to achieve the organizational objectives.
Staffing: It means arranging and recruiting people for various positions created through the process of organizing. It entails identification of different kinds of work, recruitment and orientation of new employees.
Leading: As the name suggests, leading means guiding, directing, influencing and motivating the workforce for achieving the goals set for the organization.
Controlling: It entails setting up the standards of quality in performance and evaluation or measurement of actual performance by comparing it with the established quality levels. It also includes taking corrective measures if there is any dereliction in performance.
Business management also involves determining the hierarchy, management skill and managerial roles in the organization.
There are several managerial positions in the organization. Each position has its specific role. Some of the positions are:
Top-level managers: The responsibilities of the top-level managers include the overall supervision of all the activities in the organization. They set up the goals of the organization and develop plans and strategies for achieving them. CEOs, Directors, CFOs etc. fall under this category.
Middle-level managers: They are the second rung officials who are responsible for controlling the operations in various departments in the organization. Head of the Department, Project Leader, Plant Manager, Divisional Head etc. fall under this category.
First Level Managers: Their responsibility is to oversee the performance of the non-managerial staff and also ensure that all plans formulated by the first and second rung managers are implemented. These managers are designated as Supervisors, Foremen, Clerical and Technical Supervisors etc.
Most operations in the organization require some skills in the managerial staff. Some of the skills required are:
Technical skills: These include the methods, processes and procedures in specialized fields of operations.
Human skills: These skills enable the managers to operate individually and in groups. These skills enable them to communicate, motivate, lead and cooperate with all members of the team.
Conceptual and designing skills: The managers have to conceptualize the abstract situations and relate them to the actual environment in the organization. Designing skills enable them to give a concrete shape to the abstract concepts.
Home business management
There are many people who can not take up a 9--5 job because of various reasons, which can be:
- They cannot leave their kids or sick family members at home.
- They cannot travel over long distances on daily basis.
- They want to be their own boss.
- They have certain passions or hobbies and want to implement them in business form.
- They have been laid off due to economic meltdown.
The ideal situation out for these people is to start a home business. A salaried job has an edge over home business in the sense that you get a regular salary at the end of the month. On the other hand, starting a home business has an element of risk associated with it but then as the saying goes, no risk, no gains. On the plus side, you are your own boss and the sky is the limit if you want to expand.
Running a home business requires several pre-requisites. You need funds, certain skills and an ability to take risk.
There are many different types of home businesses. You may start taking cooking classes, or knitting and embroidery workshop. If you are short of space, you may start an Internet or online home business. In fact Internet has changed the rules of the game and now working from home as setting up a home business has become all the more profitable and simple. If you are interested in photography, you can build your website and advertise your skills. You can get freelance contracts from newspapers, magazines and tour organizers.
Another option is to create your own products and sell them online. For this you may need some infrastructure and funds. If you do not have funds, you can take a loan. You may also need some legal advice about registration and tax issues. Then again, you also need to decide whether you can do the work yourself or you would rather hire a person to assist you.
Whatever the nature of your work, you need to be clear about your goals. For example, decide how much money you want to earn every month. You may have to do some market research in order to find suppliers and customers. You must also study what your competitors are doing and then devise your strategy accordingly.