The goal of business management is to maximize the organization's profit by utilizing time-tested management principles in unique and creative ways specific to the needs of the organization.
|The bottom line in any profit-oriented business is to maximize profit. Even non-profit organizations have
goals. And part of that goal is to manage the organization's resources effectively. For that to happen,
you must have in place the right leadership.
The right leadership will . . .
Effective business management doesn't happen by accident. It happens by design.
I have mentioned the need to have the right leadership at the helm of affairs. That is non-negotiable.
Leaders should not be appointed on the basis of religion, ethnicity, language or colour. Leaders must be appointed on the basis of merit and merit only.
You need to consider the appointee's . . .
If the potential leader is lacking some foundational business leadership traits, then he needs to be given the adequate executive coaching to succeed at his new assignment. Otherwise you're preparing him for failure.
The truth is . . . leadership is no easy task. Everything rises and falls on the leader. The business or business unit fails or succeeds depending on the leader.
Since businesses are set up to make profit and not to get involved in dangerous, profit draining trial-and-error leadership experiments, it's important that the leadership question is answered correctly the first time.
So, what are the critical ingredients for effective business management? What are the important management tools required by the leader to make sound judgment and lead the business on the path to unbridled profitability?
The management tools include:
. . . and more - much more.
The list above is not exhaustive. New management strategies keep coming up. Better ways to do things are always on the horizon. An effective leader needs to be aware of the changes in the business environment and adapt accordingly.
That is the path to business management success.