Here’s the Importance of Management in Business

According to statistics, almost 75% of startup businesses fail miserably within the first two years of starting up due to poor management.

Business management is a crucial part of an organization’s success and without proper management, the resources, time, and effort put into the business can result in ZERO.

What is Business Management?
Business management is coordinating and administrating tasks, resources, and activities to achieve any given objective. Such administrating activities include setting all organization’s strategies and coordinating the effort of staff to accomplish the set objectives through the application of available resources. This real sense involves the training and supervising of staff, overseeing major operations, and designing the company’s infrastructure to optimize for progress.

Responsibility of Business Manager
Basically, business managers are responsible for the day-to-day operations, they ensure every function goes smoothly, they possess the ability to build good relationships with people at all levels and every organization can benefit from a business manager who is knowledgeable in practices and processes.

When employees are only criticized for their mistakes and shortcomings, not appreciated for their accomplishments, or don’t feel valued, they tend to work in a state of fear.

A good business manager assigns tasks to employees according to their abilities not disregarding stretching them to the limit, corrects in love, and applauds their achievements.

The concept of management is involved in almost all areas of life which are not limited to planning, organizing, staffing, directing, coordinating, reporting, delegating, and budgeting.

In conclusion

It is said that “Talent wins games, but teamwork and intelligence win championships.” A transparent culture encourages teamwork, and establishes mutual respect and trust among all organizational levels; speaking with one voice, doing the right things, and doing things right by persuading and inspiring builds a successful business empire.

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