What is Business Management?

Management is to provide creating value in short. Management is maybe the most important part of business management from small businesses to the biggest enterprises. 

Management ensures the effective and efficient use of resources while creating value. The goal of management is to meet needs. Management, especially senior management is responsible for planning, organizing, managing, and controlling the common resources. This is the classical definition of management, the new version of corporate management is corporate governance. We will talk about classical management.

Management is responsible for planning, organizing, managing, and controlling the common resources. The size of management, from a single person in an organization to a manager in different countries.

The best way to evaluate a company's future and present value depend on the experience and quality of managers. The aim of management is to bring people together to achieve the same desired goals and objectives by using available resources effectively and efficiently.

Strategic planning ensures the achievement of the right goals. Management functions include:

Organizing

Directing or leading

Planning

Staff

Controlling an organization

Business Management is the implementation of business processes, activities, guidelines, and procedures to be used in the deployment, execution, and development of business strategies and plans.

Business management provides a basis for both tactical and strategic business decisions for existing processes, tasks, activities, and procedures in order to achieve all the goals that the organization has.

Modern business management aims to implement continuous improvement processes in the company. This system is closely linked with business success criteria. It is a multi-level hierarchy of different business functions such as marketing, sales, personnel, and purchasing to successfully complete a task.

As we mentioned before, the most important task of management is to ensure the continuity of value creation. Being a manager is a difficult responsibility and they have to improve themself in various areas such as cost accounting, remote working abilities, and digital transformation. Maybe they get advice from our coaches, mentors, or professional management consultants. You can look at the What is Management Consulting and What is Digital Transformation articles for detailed information about these subjects.

Tasks of Management

This list tasks of management and all managers have to have these abilities to be a good manager.

Risk Management

Budget Management

Delegation of Work

Workforce Planning

Companies have to has high performed Human Resources Management. The most important part of HR management is building a company culture.

Company culture is a set of behaviors and characteristics that a company and employees have. We can think of company culture as the glue that holds the whole company together.

The way to keep employees' motivation and performance at the maximum is through everyone's adoption of the corporate culture.

Corporate Culture

Lean Culture

Trust Culture

Continuous Improvement Culture

Learning Culture

Innovation Culture