There are certain functions a person needs to know before becoming a successfulmanager. As a manager it is crucial to understand what the term management means,anagement is a manner of working with the consumer and the employees of the company toaccomplish organization within the company along with meeting the companyÃÂs goals.
As a manager one must have skills, and know the importance to following the functions ofmanagement. The four functions of management are: planning, organizing, leading, andcontrolling.
PlanningPlanning is the first function a manager should start with planning would be considered the foundation tobeing a successful manager. The difference between a successful and unsuccessful manager lies within theplanning procedure, planning is the rational thinking through goals and the creation of the decision as to what needsto be accomplished in order to reach the companies objectives. Managers use this process to plan for the future andto prepare for any future problems, ÃÂdecide on the actions to evade difficult issues and to beat the competitionÃÂ.
Dow Down Another 450 Points
Biggest one-day drop in history
Net Income(Bateman, Snell, 2007). Planning is the first step in management and it is essential as it facilitates control, valuable indecision making and in the avoidance of future problems.
Wachovia Mortgage is a large company whose goal was to provide a home loan to every existing andpotential home owner in America. Employees at Wachovia Mortgage are committed to providing the fastest turnaround time for a loan approval and still proving excellent customer service. Quality is significant in the end resultsthat are achieved and how the results are reached in doing what is right for our customers and to continue theimportance of teamwork to reach common goals. The continuous use of a plan is very important as WachoviaMortgage has divisions throughout the country. The planning process allows Wachovia Mortgage to be at the top ofthe real estate industry.
OrganizingIn order to accomplish the objective described in the planning process, structuring the companies work iscritical in its process. Organization is a matter of assigning individuals to a specific project or responsibilities thatmerge together to develop one purpose that is to accomplish the goals. These goals will be reached in accordancewith Wachovia Mortgages values and procedures. ÃÂA manager must know their subordinates and what they arecapable of in order to organize the most valuable resources a company has, its employeesÃÂ. (Bateman, Snell, 2007).
This is accomplished through management staffing the available positions, setting up the training for the employees,providing available resources, and organizing the work group into a productive team. ÃÂThe manager must then goover the plans with the team, break the assignments into units that one person can complete, link related jobstogether in an understandable well-organized style and appoint the jobs to individualsÃÂ. (Allen, G., 1998).
Organization is strong at Wachovia Mortgage with the ability to be flexible, accepts change to provide thegreatest customer service experience. For example, when a client is having difficulty providing a condition theunderwriter requested that condition can be reconsidered depending on a valid letter of explanation from theborrower. Wachovia Mortgage managers provide a needed direction for employees to achieve their work relatedgoals. Managers at Wachovia Mortgage are responsible for keeping communication lines open betweendepartments to eliminate any issues from happening.
LeadingA companyÃÂs success is determined by the quality of leadership that is exhibited by the managers. "Aleader can be a manager, but a manager is not necessarily a leader," says Gemmy Allen (1998). Leadership ishaving the ability to influence and motivate your employees to help achieve you goal more rapidly. ÃÂThose in theleadership role must be able to and direct themselves to the duties or responsibilities assigned during the planningprocessÃÂ. (Allen, G., 1998).
Managers at Wachovia Mortgage are there to motivate their employees to accomplish the goals of thecompany and to do better than their competitors. The managers have dailycontact with employees using opencommunication and are able to give direction individually as well as within teams within the department. The leadersare there to inspire their employees to do a better job daily and at the same time preventing any problem that maycome. Authorizing staff to have the capability to deal with situations is a significant part of leading. (Allen, G., 1998).
ControllingThe function of controlling is where it shows that the managers plan is being applied and in progress.
Gemmy Allen stated that ÃÂControlling is the final link in the functional chain of management activities and brings thefunctions of management cycle full circle.ÃÂ Having control allows for delegating tasks to become more useful, theteam members and managers may be held accountable for the performance.
Wachovia Mortgage weekly meetings to review the weekly progress of loans, for see any problems ordelays and to prevent problems that appear to be happening. Control is the process through which standards forperformance of people and processes are set, communicated, and applied. (Allen, G., 1998). Managers atWachovia Mortgage control their employees by requiring the completing of files and to insure all loans are auditedcompletely. Managers give monthly work performance evaluations that are a form of control to insure that theycontinue to do their job.
Reference:Bateman, T. S. & Snell, S. (2007). Management: Leading and Collaborating in a Competitive World (7th ed., pp. 16 -18). McGraw - Hill.
Bateman, T.S. & Snell, S. (2004). Management: The New Competitive Landscape, (6th ed., pp.13). McGraw ÃÂ HillAllen, G. (1998). In Supervision. Retrieved May 27, 2008, from http://ollie.dcccd.edu/mgmt1374/contents.html
Asset & Liability
Dow Drops 500 Points
Who's On First?