What is Business Management?
Business management is the process of planning, organising, directing, and controlling human and material resources to achieve organisational goals. It’s the backbone of any successful business, whether a small startup or a multinational corporation.
Key Functions of Business Management
- Planning:
- Strategic Planning: Setting long-term goals and objectives.
- Tactical Planning: Developing short-term plans to achieve strategic goals.
- Operational Planning: Creating daily, weekly, or monthly plans to carry out tactical plans.
- Organizing:
- Structuring: Designing the organizational structure.
- Staffing: Recruiting, hiring, and training employees.
- Delegating: Assigning tasks and responsibilities.
- Leading:
- Motivating: Inspiring employees to work towards common goals.
- Communicating: Effectively conveying information and ideas.
- Decision-Making: Making informed choices.
- Controlling:
- Monitoring: Tracking performance.
- Evaluating: Assessing results against standards.
- Taking Corrective Action: Addressing deviations from the plan
