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Evaluation Of The Role Of Management In Improving Business Performance

4595 words - 18 pages

Evaluation of the Role of Management in Improving Business Performance

What Management is

Management relates to the implementation of decisions and actions
through means by which individuals set and fulfill an organization's
targets through several factors. These elements take into
consideration human, technical and financial resources which are
reliant upon their respective environment. In other words:

"Management is the effective utilization and harmonization of
resources to assist in achieving the defined objectives of an
organization to the utmost efficiency." [1]

The Crux of Management

Within any given business, a manager cannot feasibly strive to
complete work by themselves. So in conjunction to this, a manager must
alternatively resort to empowerment which is the completion of tasks
through the use of delegating tasks to sub-ordinates - giving them the
authority and control to carry out tasks. To complete goals
effectively, a manager must establish how much of a resource is
needed, find them, and manage them so that the task is executed in a
way that will raise performance and standards of the business.

I feel that to raise performance a manager must have the imaginative
aptitude and good coordination of resources. This in turn will steer a
firm one step closer to achieving their aims/objectives. If managers
are able to learn to manage in accordance to whatever threats or
different situations that they are faced with, then I feel that a
manager will be fully equipped and adaptable to handle any given
scenario thus contributing to escalating business performance.

Management Functions

Planning

All businesses need to plan regardless of how large they are. For
example, contingency plans need to be prepared in the eventuality of a
setback which has a direct impact upon the way which the business goes
about conducting its business activities normally. By the same token,
the importance of strategic planning for an organisation cannot be
stressed enough.

The strategic plan acts as a purpose for which the business seizes to
exist; it highlights goals and objectives which need to be fulfilled
by all the members of staff in order for the business to achieve both
its short and long term objectives. This all has a direct impact on
the overall performance of an organisation because without a manager
planning, there would be utter chaos.

Should any foreseen circumstances occur then contingency plans will
come into play in order to keep the business functioning as normally
as possible so that it is still generating income.

Organising

The importance of a manager being able to organise in an organisation
is colossal. If a manager is unable or poorly organises certain
aspects in their organisation, then the performance of the company is
placed at...

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