Posts

Showing posts from September, 2017

Strategic Management

Image
Business (or Strategic) management is the art, science, and craft of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. Strategic management seeks to coordinate and integrate the activities of the various functional areas of a business in order to achieve long-term organizational objectives. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Strategic management is the highest level of managerial activity. Strategies are typically planned, crafted or guided by the Chief Executive Officer, approved or authorized by the Board of di

Classical Management styles

Image
On the basis of research conducted by Lewin (1939) and Weber (1947), it is classically felt that managers can be categorized as falling into one of four categories below. Autocratic: Autocratic managers as seen as taking a traditional approach to leading others. Here, a manager likes to have full control over the situation they are in, retaining as much power and decision-making authority as possible. As such, autocratic managers dictate orders to subordinates and make decisions without their input or consultation. In return, these subordinates are expected to obey orders without explanation, to be rewarded if orders are followed and to receive punishments if they do not perform as asked. Bureaucratic: Bureaucratic managers believe in very structured procedures and following rules rigorously (regardless of whether these measures are proven to be successful or not). In line with this, a bureaucratic manager will create detailed instructions for subordinates

Management styles

Image
Managers have many roles to perform in the course of their duties. The way in which they choose to handle various situations will depend on their management style. Management style refers to the manner in which managers exert their authority in the workplace and ensure their objectives are achieved. It covers how managers plan and organize their work in their areas of responsibility and, in particular, how they relate to and deal with their colleagues and team members. The key components of management styles are attitudes and behaviors including what managers say, how they say it, the example they set, their body language and their general conduct and demeanor. If managers are to be effective in their role it is important for them to think consciously about how they manage – what kind of management style suits them best (i.e. a more timid manager might find it hard to adopt a more forceful management style) and what will work in their team (given the nature of t

Leader Vs Manager

Image
Is THE good manager may be a good leader?  What is the difference between leadership and management? The main difference between leaders and managers is that leaders have people follow them while managers have people who work for them. A successful business owner needs to be both a strong leader and manager to get their team on board to follow them towards their vision of success. Leadership is about getting people to understand and believe in your vision and to work with you to achieve your goals while managing is more about administering and making sure the day-to-day things are happening as they should. WHILE THERE ARE MANY TRAITS THAT MAKE UP A STRONG LEADER, SOME OF THE KEY CHARACTERISTICS ARE: Honesty & Integrity: are crucial to get your people to believe you and buy in to the journey you are taking them on Vision: know where you are, where you want to go and enroll your team in charting a path for the future Inspiratio