Let us imagine about a business without management. Now, answer these questions- Is it possible for a business to be a good business without good management? Is it possible to get success in business without management? Is it possible to grow in business without management? Is it possible to thrive in business without management? I know you have given all the answers in two alphabets and that is - no. Your negative answers have been helpful for me to understand importance of management in business. As far as importance of management in business is concerned management is a backbone of
your business.Various roles are played by the management in your business from planning to conflict management. Management plans goals and manger plans the route map of achieving the goals. Panning is an important function of management.
Management organizes various activities in your business. Management controls various activities of your business. Management recruits the employees and manages their needs. Management motivates your employees to achieve the organizational goals.
Most of the problems in business are solved by managers. The important role of management in your business is decision making. Managers make various decisions to achieve organizational goals. Management does and tries to do every activity that helps or will help in achieving organizational goals.
Strategy making is one of the important roles of management.
Managers make strategy for organizational success and management decides whether to follow an aggressive strategy or defensive one.Managers build the team and motivate them to achieve the organizational goals. Managers ensure the growth of business. Management sets the direction and follows the direction of business. Management assign the roles to every individual and make sure that they are obeying their duties properly.
Management plays a vital role in conflict management. It is duty of management to create value for stake holders and making a profit for shareholders. Reporting is another crucial role of management in business. Managers take reports from their subordinates and report to upper management, thus management plays a bridge builder role. They build bridge between employers and owners.
Every successful business is successful because of their successful management. And every successful management provides good training and coaching to their employees. One of the primary roles of management is forecasting and they forecast the sale on the basis of various data.
In today's era of global competition, the role of management is changing rapidly. And because of global competition and increasing expectations of employees today the role of management has become more critical than ever.
