The Five Basic Management Principles
Management is the management of an organization, whether it’s a corporation, a not for profit organization, or governmental body. In the corporate world, management includes the heads of different departments, but the core functions of management are seen in the Board of Directors, which are responsible for the interests of all the shareholders. A company usually has a Board of Directors, but sometimes a sole director or a board of one person will fill that role. Other key players may also be involved in management as well. These people can be involved in different ways, including direct involvement, by consulting with the CEO and other company leaders, and indirectly through the board of directors themselves.
The primary function of management is to manage the resources of a company in a way that increases the value of the investment that they make. However, it also has to ensure that everything gets done in a timely and accurate manner. This is done by making sure that goals are set, budgets are tracked, and results are consistently met. The most successful managers will have developed a set of skills over their career that allow them to help achieve these goals by making sure that everyone involved is working together to achieve those goals. These skill sets include effective decision-making, planning, and organizing, delegating tasks, and communicating with others.
To help achieve their organizational goals, managers will need to take a number of important steps. They should first discuss their organizational goals with key stakeholders, such as staff, customers, and investors. By doing so, they will be able to determine what changes will need to be made in order to achieve their goals. Once this is determined, managers can begin to organize the various aspects of the operation. This includes determining how staff should work together, what departments and units within the company need to function as separate entities, and how these units and departments should communicate with one another.
Another skill required for a good manager is the ability to delegate duties. A manager should never feel as if they are micromanaging an area. Managers must make sure that senior management is involved in decision making and any decisions that are made must be carried out in an organized manner. This is because good managers have learned that delegating duties allows them to focus on the daily operations and the completion of goals. If senior management is not involved in decision making, good managers will spend a great deal of time on the daily operations only, which is not helpful.
A manager must also be able to communicate effectively with all stakeholders, and he or she should do so in a way that is understood and trusted by all parties. Communication is the key to effective organization, and managers who know how to communicate effectively can help improve the organization’s success rate tremendously. There are many other important aspects of running an effective organization that managers should learn about, but these five basic ones are absolutely necessary for any manager to succeed.
It is also important to remember that the success of any organization depends upon its members. If its members believe that the goals of the organization are worthwhile, organized, and aligned, then it will be much easier to achieve those goals, and this, in turn, will help the organization achieve its organizational goals much more quickly. A good leader must have a plan in place for achieving the organizational goals, and he or she must be able to explain those goals clearly to his or her subordinates, and must ensure that these goals are achieved by his or her subordinates through their own actions.