Dalynn HickersonIn order to run a business effectively, a manager must implement the four functions of Management. The four functions include, planning, organizing, leading and controlling (Bateman). Each of these functions provides an important step in having a productive business. If they are followed correctly, the manager will be able to route the steps they need to take to be effective and efficient.
Planning involves specifying the goals of the business and deciding which actions need to be taken in order to achieve those goals (Bateman). An important part of planning will be to develop the mission statement for the company (The American College). Stating goals and objectives can help to bring the mission statement together. Financial goals will need to be established, the manager will need to find the source for funding and specify the amount needed. In order to establish the amount of funding needed, the manager will need to gather relevant data, analyze this data and develop a plan to achieve the funding goals (The American College).
The main goals of a company are to develop a customer base and meet their needs. Planning for the future will determine the products and services needed to meet the goals of the company.
While planning for the future, organizational goals will need to be set. An organizational chart is made to establish the lines of duties for the employees while outlining the executive staff. The executive staff are in charge of making sure the organization is filled with employees who meet the required expectations of the position. Position descriptions, along with information about salaries and benefits, should be available to each applicant in order to determine if they are qualified for the position being offered. The position descriptions will explain the main administrative functions for each position.
The organizational phase should have more in depth information about financial goals. The manager will need to know how much money is needed for each phase of the plan, and how the funds will be used. A plan for re-payment of loans can be developed by reviewing income statements, balance sheets and a cash flow analysis report(The American College). Putting this information into graphs or flow charts may help to clarify the information.
The product or service being offered will need to be described and expressed why it is better than already existing products. Making a timeline will ensure that certain goals are met in a timely manner so that the manager can effectively lead a team of employees to be productive and consistent with their work.
A team leader must provide the support and structure needed for the team to work independently and effectively. The ideal team members will have skills that compliment each other and support each other in gathering the information needed to obtain the companyÃÂs goals. A team of employees need to have sufficient knowledge of the tasks they are asked to perform and they all need to be committed to the same purpose and goals. If the team leader creates an environment that encourages problem solving and communication, the team will have an efficient working environment that will promote an effective team structure (Musslewhite, 2007).
The team leader must also monitor the performance of the business and its employees. The timeline created will be a great resource to make sure that all goals are being met in a timely manner. This will tell the manager if they need to make necessary changes to make sure the goals and plans are being met on time. By controlling the environment, the manager will be able to ensure that the employees are being productive and efficient in their duties. If something is not working out well, the manager will make the changes need to ensure that the product or service is being provided satisfactorily.
Planning, organizing, leading and controlling are four very important aspects to running a business effectively and efficiently. You cannot have one without the other, and it is ideal that a manager be experienced in all four areas of management. Each function is as important as the other and if they are used together, the business is on its way to producing a product or service that will be enjoyed by many people.
ReferencesBateman, T, Snell, S. (2007) Management. Management: Leading and Collaborating in a CompetitiveWorld (pp. 1-82).McGraw-Hill companies.
Musslewhite, C. (2007, January 01) The Daily Resource for Entrepreneurs. Retrieved August 20, 2008from,www.inc.com/resource/leadership/articles/20070101/musselwhite.html.
The American College (2008) Forms of Business Organization. Retrieved August 20, 2008 from,www.theamericancollege.edu/docs/143.pdf