What is Management
Management is simply the art of getting things done through others. It is essential for all types of business organisations. Management has an efficient role in achieving organisational goals as per plans. It organises the whole business environment in a better way which helps in proper functioning.
Management is a broad term which comprises of 5 important functions: Planning, Organizing, Staffing, Directing & Controlling. These all are important elements of management. All these elements need to be performed efficiently to achieve the objectives of management.
Management is a universal & continuous process for every business organisation. For the efficient utilisation of resources & maximisation of profit, the functions of management need to be performed properly.
Management is a goal-oriented process & has different objectives. Some of the important objectives of management are as follows:
Aims and Objectives of Management
Maximum utilisation of resources
Management helps organisations in achieving maximum efficiency. It aims at avoiding any wastage of resources. Management organises the working environment & operations in a better way.
Under this concept, the right job is provided to the right person. Roles are distributed as per person skills & are properly monitored. This helps peoples in achieving maximum efficiency.
Profit is the motivating factor for every business organisation. It is a reward for businesses for carrying out its operations. Businesses always seek ways to maximise their profits. If business affairs are managed efficiently, it will help in the maximisation of profits.
There are always certain uncertainties in business like change in demand, various fluctuations in economy & many more. Management helps businesses in foreseeing future uncertainties & timely managing them.
Customers are termed as the king of every business. Every business aims at serving its customers properly. Customers are satisfied & happy if they get the right product at the right price.
Management helps businesses in minimisation of cost through maximum efficiency. It helps in providing the right product to customers as per their demand.
Improves employee’s welfare
Employees are important part of every business. Business is efficient in its operations if its employees are fully efficient. Unless & until the business has the right employees, it can’t achieve its objectives.
It is the duty of management to work for the welfare of the employees. Efforts should be made to provide the right job to the right man.
Improves employer & employee relation
The employer & employee relation need to be managed properly for every business organization. Proper coordination between the employer & employees is essential for successful functioning.
It helps in proper delivering of ideas & facts between the two. Better relation also helps in developing the trust between employer & employees. Management plays a very effective role in developing better relation between these two.
Ensure a regular supply of goods
Every business is required to ensure a continuous supply of its products & services. Business should always aim at providing uninterrupted satisfaction to its customers.
This is possible if raw materials & various other factors of production are managed properly. Management should ensure sufficient stock of raw materials. This will help in providing a regular supply of goods & services in the market.
Risk is an integral part of every business. It needs to be avoided at any cost. Businesses always aim at minimising their risk. Management helps businesses in handling & minimising its cost.
It helps in predicting future uncertainties & timely handling them. Management always informs businesses about market trends. This helps in taking steps accordingly.
Aims at research & improving Business growth
The role of management is not just to manage the current operations of the business. Management also seeks to set better future plans & aims to achieve them.
It aims at conducting various research programs to come up with better ideas. Management promotes various in-depth research programs for improving the growth of business.