Important Components Of Business Management

Business Management Student’s Name Institutional Affiliation Effective Business Management Any business in the world cannot function well without management. Business management refers to the coordination of activities as well as their organization for effective and efficient realization of organization aims and objectives. In addition to this, the management must familiarize and understand the market, business plan, finance and strategies of the business. Business management has essential components that play a great role in running the organization. Human resource is a valuable asset of management; therefore, how a manager leads and inspires the workers will have a great deal towards the accomplishment of company management aims and goal (Kupperschmidt, 2000). The other component is the operations, what the administration does to the production and the supply chain to give the best products and the meeting of the demands when the deadlines are tight which in turn leads to the success of the business. Strategizing is how the business competes in the market. Managers must learn to create competitive advantage. Having a high strategic view of business is very vital to identify loopholes and opportunities to stay ahead. Lastly, finance as the other component, helps in growth since the future growth of industry requires smart financial decision- making. Effective business management depends mostly on planning, organization, staffing, directing, and controlling. Planning is essential because without it all activities of the business will be meaningless. It provides the direction for the attainment of objectives of the company, it reduces wasteful and overlapping of operations (Gunz, 1983).The organization of business helps in creating coordination and defining positions of work. Staffing leads to activ...