Decision-making is an important part of the obligations a manager is expected to accomplish. Business decisions have a close relationship with improvement in the operations of a business or exploration of new opportunities to increase the profits of a business. I have learned that when managers make decisions, they are supposed to review data regarding every opportunity they want to explore. Skills in decision making may be an indication of the personal styles that different managers use but there are some basic skills in business decision making that all managers should employ. In the course of decision-making, managers can either use quantitative or qualitative methods of decision-making. In quantitative methods, managers make use of statistical or mathematical methods in evaluating the outcomes of their decisions to the business. On the other hand, qualitative methods are characterized by subjectivity and they rely on the personal insight of the manager in making decisions (Certo & Certo, 2011).
Planning is a central activity in business management. It is defined as the process of setting or determining the direction for something to take place and ensuring that the direction is adhered to. In business management, there are different types of planning with various phases in the planning process and guidelines for seeing a successful completion of the plans. Although planning in business management may be an uphill task, it cannot be ignored since failure to plan implies that a manager will not have adequate information about the position of the business in the market. The information obtained during planning can be used to predict challenges that might occur in running the business and come up with ways of avoiding them before they take place. In addition, planning enables managers to come up with business plans which indicate to investors the potential of success of the business.
For the smooth running of a business to take place, managers should ensure that there is a good organization. In a business where there is a good organization, the employees can easily go to the relevant people when they have issues that need to be addressed. The office requirements and protocols will also be adhered to when there is an excellent organization. To achieve a business management organization, managers can put in place a hierarchy that will guide employees on who they should approach when they have an issue to be addressed. For instance, titles that indicate various positions of different senior employees can be put in place. The result of good organization in the company is that there is a smooth flow of operations and increased performance.
Effective communication is central to a manager because it is useful in managing the employees. When there is a communication breakdown, employees are likely to develop mistrust leading to poor relationships. The time for instituting good communication strategies and consulting with employees might seem like wasted time but eventually, it is a beneficial endeavor. If managers communicate with the employees on the targets and goals of the business, employees are likely to commit themselves towards achieving the business goals and work harder. The employees are also motivated and their morale is boosted hence the rate of employee turnover is reduced. In addition, managers who communicate effectively with the employees avoid the problems of having to deal with misunderstandings that arise from poor or lack of communication (Certo & Certo, 2011).
Controlling is a continuous process that is very important in business management since it ensures that the operations are on the right track. Where deviations are identified, corrective measures are taken immediately to protect the business from incurring losses. Managers should be keen to identify the key areas that require control such as the areas affecting the activities of a whole company. Managers should pay attention to the most sensitive areas and avoid wasting a lot of time on small deviations that will eventually have no impact on the operations of the business. Controlling is an area I will focus much on in business management since it identifies deviations that require corrective measures.
Certo, S., & Certo, T. (2011). Modern Management Concepts and skills. New York: Pearson College Div.