In this article you are going to learn what Management is and business management.
Management may be defined as preparing, directing, planning and organizing people and materials in order to attain business objectives.
Furthermore business May be defined as any occupation or activity in which profit making is the major aim and in which there is risks of loss.
Business is a single activity in this world in which nearly everyone is actively engaged or direct or indirectly dependent on.
The most important issue involved in business no matter the type, whether private or state-owned are profit and loss.
Profit is the main aim of establishing a business especially private firms, of which this aim is not realized, the business May Ford up.
Business Resources: Business resources mean a number of things and can be classified into human, money, materials and effective utilization of the merits of business opportunities.
Classification of business Resources is discussed one after another.
1. opportunities: It is necessary for the managers of a business to identify the opportunities open to such a business.
It is also merits for a business to explore other opportunities of profit making.
2. Human Resources: It refers to the personnel or manpower needed for the planning, running and management of a business venture.
It is the human resources that organize all other business resources for any result to be achieved.
3. Material Resources: This resources also include;raw materials, tools, machines and other equipment needed for the running of the business.
4. Money or Financial Resources: This resources mean money used in the business and the chances of raising money through loans or borrowing.
The merits of money in a business can never be over emphasized.
For a business to function successfully, there must be sufficient money to run such business.
All the resources used in a business including labor are acquired and hired with money.
Objectives Of Business.
Objectives of business are numerous but the 7 major objectives of business are as follows;
1. to concentrate sales effort in weeding out unprofitable outlets.
2. to improve the interest relations between workers and labor unions.
3. to find users for un-utilized by-products.
4. to produce goods and services in order to meet up with the demands of member of the public.
5. to protect the interest and well being of the employees.
6. to make profits.
7. to provide employment opportunities to members of the public.
Functions and merits of Management.
The roles and merits of management that occupies a position of plan in business are group into categories.
1. Planning: This role is concerned with such basic aspects of business as setting out goals and objectives and determining the procedures and methods of achieving those goals and objectives.
2. Organizing: Organizing is concerned with bringing together people and materials required for the achievement of the goals and objectives set out at the planning stage.
The activities suitable for the procedures and methods for attaining these goals and objectives are determined at the organizational stage.
3. Controlling: For the organization to carry out its original objectives plans there must be elements of direction and that is what the function of controlling entails.
4. Staffing: Is mainly concerned with the putting the needed people in the right positions in order to achieve the set goals and objectives.
5. Directing: To get things done, the subordinates must be given some guidance and shown how to do those things.
6. Supervising: To achieve effective objectives result, members of staff put in different right positions need to be motivated so that they can their best by being efficient.
7. Feedback And Communication: These involve giving information to the managers by the subordinates on the happening in the organization.
The information involved includes whether the planned procedures and methods of achieving the organization’s objectives goals and objectives.