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Here, We consider the most important things of all management function function of Business :-
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- Planning: Deciding what needs to happen in the future (today, next
week, next month, next year, over the next 5 years, etc.) and generating plans
for action.
- Organizing: (Implementation) making optimum use of the resources
required to enable the successful carrying out of plans.
- Staffing: Job Analyzing, recruitment, and hiring individuals for
appropriate jobs.
- Leading: Determining what needs to be done in a situation and
getting people to do it.
- Controlling: Monitoring, checking progress against plans, which
may need modification based on feedback.
- Motivating: the process of stimulating an individual to take
action that will accomplish a desired goal.
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Formation of the business policy :-
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- The mission of the business is its most obvious purpose
- The vision of the business reflects its aspirations and specifies
its intended direction or future destination.
- The objectives of the business refers to the ends or activity at
which a certain task is aimed.
- The business's policy is a guide that stipulates rules,
regulations and objectives, and may be used in the managers' decision-making. It
must be flexible and easily interpreted and understood by all employees.
- The business's strategy refers to the coordinated plan of action
that it is going to take, as well as the resources that it will use, to realize
its vision and long-term objectives. It is a guideline to managers, stipulating
how they ought to allocate and utilize the factors of production to the business's
advantage. Initially, it could help the managers decide on what type of business
they want to form.
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