To become a successful manager, you’ll first need to have a clear understanding of the basics of business management. As a manager, you are required to exhibit impressive leadership skills, knowledge and expertise in business management. Failure to familiarizing yourself with business management basics can easily shutter all your managerial dreams.
6 Business Management basics
Every manager is expected to have profound knowledge on all business affiliated legal matters such as taxes laws, labor & discrimination laws, and compliance laws among others. In most cases, companies tend to hire an experienced attorney for legal expertise.
Interestingly; some legal matters do not necessarily need an attorney. Empowering yourself with knowledge of essential legal issues can be invaluable to your business. Additionally; it will save you money and help you avoid unnecessary legal battles with the relevant parties or authorities.
Human Resource Management
Business managers have a responsibility to manage their employees effectively. Essential human resource management responsibilities include; roles delegation, work schedules, recruitment, employee’s termination, training, promotions and demotions among others. As a manager, you must manage all your employees effectively without discrimination or favoritism if you are to be regarded as successful.
All managers must have the ability to make sound decisions daily. Decisions need to be made under different circumstances. These decisions include; strategic & tactical decisions, routine decisions, personal & organizational decisions, planned & off-the-cuff decisions, programmed & non-programmed decisions, Policy & operating decisions, policy, administrative & executive decisions and administrative decisions among many others. Employees need to know that they are under the guidance and leadership of a very able leader to foster loyalty, trust, and respect. Remember, your decision-making process must be fair in all aspects to avoid unnecessary conflicts with others.
Marketing is an invaluable vehicle towards success in business. To execute your marketing strategies effectively; every manager should make an effort to understand the dynamics of their niche audience’s demographics, preferences and spending habits. An ideal marketing campaign should include; printed marketing, social media marketing, email marketing, content marketing, and digital marketing among others. The right marketing skills and tactics promote brand awareness, brand loyalty& authority, improved sales, increased web traffic, better reputation& recognition, create trust and loyalty.e.t.c.
Production and Distribution
Every business must focus on improving its production and distribution depending on their market trends. Customers need assurance that they can trust you to keep producing high-quality products consistently. They need the guarantee that your products will give them value for their money at all times. On the other hand, you need an effective distribution plan that will make you stand out from your competition.
Finance and accounting
Managers need to understand the need for having an active finance and accounting department. Keeping your finances and accounts in check is an excellent way of managing your business effectively. Functions of an effective finance and accounting department include; treasury management, cost control, billing & credit control, investment appraisal, handling tax issues, financial statements preparation, payroll system and procurement management among many others.