In the management of a business, there are several factors which should be put in place in order for the management system to achieve their goals. There should be coordination of several important components which deals with business management for the business to be successful. A business management team should possess the necessary skills and knowledge of business planning, the strategies to be used and how to implement whatever has been planned. This paper will demonstrate the applications of the important components dealing with business management and the functions of management.
In every organization information is a very important tool needed in business management. Mostly the organizations use the information system which is normally based on information technology in business management and decision making. An important component of the business management is the customer relationship management which tries to create an interaction between the customer and the company. It does this by providing the company with reports about their customers that is their current and previous relations to the company, a number of goods bought and also any new potential customers. They also provide care to their customers by listening to their complaint, proposals and improving their services where necessary. Another component is the supplier relationship management which usually coordinates the relationship between the company and its suppliers. It works by ensuring that the company has a good relationship with its suppliers which help in reducing the costs and achieving more advantages from them. (fayol, 2017)
For effective business management, the management team should know well their functions in the business. Planning as a function of management helps in foreseeing the future of the organization by setting up the goals which need to be achieved by the end of a certain period. Planning, therefore, helps the management team in deciding which actions to take so as to be able to achieve the predetermined goals. Organizing involves the collection of the important resources needed by the organization in order to achieve their goals. Its importance in the business management is that it ensures that all the necessary resources needed are available and the organization is able to plan for them to avoid any delays when the process of implementation is done. Staffing as a function of management involves the selection and appraisal of personnel to fill the roles designed in the structure of the organization. Its importance is ensuring that the right people are doing the right job so as to avoid any mistakes and to ensure all the staff of the organization is competent. Directing ensures that the employees of an organization are well guided on what to do and also they gave the targets they have to achieve. This function also ensures that the employees are well motivated in their work and also maintains constant communication between the managers and their subordinates. Controlling ensures that everything which is ongoing is within the planned standards and all the conformities. It also helps in predicting any deviations before they occur. (fayol, 2017)
For the managers I have worked for it would be good for them to be the role model in working hard to achieve all the set goals for the organization. They should ensure that their communication with subordinates is constant as this enables them to realize any loopholes in the management. The managers should also involve the subordinates in the decision making of the organization by listening to their ideas and picking what can benefit the organization. This will make them feel as part of the organization and even motivate them to work harder. (fayol, 2017)
In conclusion, all the functions of management are very important for the effective business management. Managers should, therefore, ensure that all functions have been performed well to ensure achievement of the goals. Also for effective business management, all the employees of the organization from the managers to the subordinates should work together and have a common goal. (fayol, 2017)