Business Management
Business Management ? Making and Breaking Businesses Every Day
September 25, 2011 | 
Author Business Management ? Making and Breaking Businesses Every Day
Businesses Management in a business is like the doctors of a hospital, without it there is no functioning. The importance if Business Management shouldn’t have to be explained to a businessman, everyone knows it’s the key to success, so why is it we still see failures all the time and it’s due to the lack of what we all know is vital to our businesses, say it with me everyone, BUSINESS MANAGEMENT. Here’s why:
Associating abandonment with trust – trust is very important; you must be able to trust someone to let them handle your business with you, the mistake however that businessmen make is that when they find someone they trust to run their business for them they then abandon their responsibilities in business management. Remember this; if your business fails, you lose a business, your employee just loses a job – big difference. Always be a part of business management.
Stingy business management does not always save you money – Being practical is good, saving energy is good, not paying overtime and saving on necessities is a way to loose clients and employees and that’s bad for business.
Classic vs Modern – trying new things isn’t always a bad thing – If you’ve been running your business for many many years and like it just the way it is that’s perfectly fine, but trying new things that could boost sales is fine too. Business management is allowed to change for the better.
Modern vs Classic – new isn’t always the right choice! Take Gap for example, changing their classic logo was probably the biggest mistake they could have made. Some business management techniques are great just the way they are.
There is always room for improvement, even for you, don’t think otherwise – In business management, you’re looking to make things better, this includes the business itself, products, services, employees and also yourself.
Business management can’t be run without a mop – Some businessmen forget the basic because they’re so busy with everything else and this results in business failure – Monitoring, Organizing and Planning. It’s like food and water to us, it’s a business necessity.
Running a business can be extremely complicated, but not everything has to be that way. Avoiding mistakes with simple basic solutions can save a business; you just have to follow them.
Business Management ? Making and Breaking Businesses Every Day
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Different Business Management Styles
Different Business Management Styles
Business management combines an interesting mix of theory and practice, and it is a particularly good topic for management and entrepreneurial types to study. Finding a business management style that suits your personality and the nature of your business is both important and worthy of time investment, as being self-aware and being able to identify strengths and weaknesses of various approaches will enable more effective personal development and ultimately more effective management.
While many have their own individual business management styles, these are traditionally broadly categorized into three main classes of business management approaches.
Autocratic Management
Firstly, there is what has come to be known as the autocratic approach to management, which installs more trust in the leadership as opposed to the individual staff. This involves pulling rank and leaves employees in no doubt as to whom the management is or what decisions are being made. Rather than engaging employees within the decision making process, this business management style typically concerns businesses that require direct, effective leadership to produce results, often under pressure of working in a tough environment. Upon hearing the term autocratic, many tend to visualise a dictatorial approach to management. While that is perhaps the case, it is seldom as strict as this and it is often a necessary management style, for example in the armed forces or in a high-paced trading environment, where there is no margin for deliberation and group consideration.
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Democratic Management
Alternatively, there is a business management style known as the democratic style, where employees are effectively engaged in consultation before decisions are made. While some consider this to be more motivating and more enjoyable to work under, it does nevertheless have its own disadvantages. Giving employees a say may undermine the authority of the management, and may ultimately cause inefficiencies in the decision making process. It is also time intensive, and perhaps not as effective in larger organisations with thousands of employees. While of course at a board room level this kind of decision making goes on everyday, it’s one that works most effectively in slower paced business where decisions can be fully deliberated and considered.
Laissez Fair Management
An alternative to those two business management styles and the third main category is what’s known as the laissez fair management style. This is by definition a more hands-off approach to management, which puts the trust of running the business within the hands of employees themselves, and allows a greater degree of autonomy than would otherwise be the case. While this is strong in creative industries, some business people find that this style of management can lead to a fragmented approach to doing business and is less organised and perhaps less professional.
Whichever business management style you liken yourself to; there are advantages and disadvantages of that approach. What’s important is not that you recognise which of these categories you fall under, but rather that you’re aware of the improvements that can be made to make your management more effective and efficient while also improving the relationships you share with employees at all levels of the organisation.
Different Business Management Styles