The Relevance Of Management And Managers For Growing Business

Management has always been the central element of any business. Managing organization in old classic way was different but infusing them with new management principles ensures that it stays relevant and competitive over a longer period. Excellent management skills and knowledge brings organization profits whereas lack of it takes it to a standstill.

Management is planning, integrating, and mobilizing all the available resources towards achieving desired goals and objectives within a specified period.

Various resources which are available with the organization are
Human Resources
Financial Resources
Technological Resources
Operational resources

It is also considered as an art as it requires creativity, skills, knowledge, and experience to execute the objectives and science as it is based on the cause and effect application concepts, frameworks, principles, and methods for successful execution. Paul Hawken explains, “Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them”.
Good management is also considered as the art of making problems interesting and their solutions constructive so that everyone wants to get to work and cope with them. Management gathers the famous six M’s which are as follows:
Manpower
Machine
Material
Method
Money
They require it to sell and do business in Markets to run the organization successfully achieving higher sales and profits.
Organizations exist for specific reasons like social or corporate profitability wherein management skills and efficient management students later becoming future managers of the organization is a differentiating source for competence. Two-year full-time MBA course equips a normal graduate with all the necessary theoretical and practical experience through rigorous conceptual grips in the classrooms and practical aspects in summer and winter projects giving them a glimpse of corporate life and work environment.

All organizations have vision and mission along with goals and objectives to achieve their desired growth and profits. Mangers enable and influence all the aspects of a modern organization to turn them into the most competent and productive engines of growth for economic progress.

Management is an integral part of any growing business. As the word management in Latin means “to lead by hand”. It guides the employees to work coherently while leading with example. Managers of the organizations lead their co-workers efficiently by directing, planning, organizing them and available resources to maximum utilization generating overall superior impact and exponential growth. Some of the important benefits of good Management and skillful managers are as follows:

Focus on existing as well as new business
Focus on customers/ accounts
Focus on new product/market development
Focus on achieving organization targets
Efficient utilization of organization’s resources and reduction in wastages/cost effective
Efficient workflow structure and organization design to remove duplication of work and devise a superior line of authority
Increase stability and flexibility in the organization leading to better productivity
Induces feel-good factor for the employees and boosts morale to sustain profitability

The basic function of the management is to serve and satisfy customers. It is done with the help of employees who work for the organization. Therefore, success in business happens due to its efficient employees and managers.

Organizations can focus on mangers to recruit, retain, and aspire their employees to work better and progress to become the greatest asset to them.  Even Peter Drucker who invented management said, “The productivity of work is not the responsibility of the worker but of the manager.”

Great managers lead their teams, chase targets, drive results, answerable to the leadership expectations and train others to share and delegate the responsibility to bring efficiency to work. Good managers bring actionable insights to the business to make decisions better and faster-moving business forward into better future opportunities.