How Business Management Influences The Future Of Your Firm

How Business Management Influences The Future Of Your Firm
  • Opening Intro -

    Have you ever wondered why a company collapses despite being well established for many years?

    Well, its all about management. Management is what determines the success of any business.

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Management is what determines the success of any business. It entails planning, organizing and controlling a company’s resources. It includes all aspects of business right from financing to human resourcing.

The failure or success of your business is determined by the management decisions you choose to make. Some of the departmental decisions that could lead to failure include:

(a) Finance and Accounting Department

This is one segment of your business that holds the basis of your company’s operations; one mistake could lead to an instant fall. Investing in non-profitable projects is a major killer of many firms.

You choose to venture in opportunities that are not viable and you end up draining your resources in the long run, therefore, making huge losses. A project is considered to be viable if its expected returns will be greater than the money invested.

Another thing is too much spending on miscellaneous activities which makes it difficult to meet its daily obligations.

(b) Human Resources Department

This area determines the quality of employees that you employ in your firm. Employing unqualified personnel is a major key to your business downfall.

This is because their performances will be full of incompetencies since some are assigned to duties they are not aware of. A thorough interview is necessary in order to hire the persons will the right skills.

(c) Information Technology Department

With the advancement in technology, information is now stored in computers or hard drives. Failure to install secured software systems could lead to the leaking of confidential information. This could be a threat and a risk especially if it got into the hands of your competitors. This is usually done through hacking.

For example, if the systems of a bank were to be hacked, and the hacker decides to steal just $1 from each clients account and the bank has over 10 million clients, you can just imagine the loss it would incur, let alone the bad reputation.

In brief, for your business to succeed you should ensure that every step you choose to take is accounted for. Your management should include the following:

  • the participation of your employees
  • professionally skilled workforce to be employed in areas that require expertise
  • ensure that all internal control systems are adhered to
  • security systems are installed
  • minimize daily expenses
  • do a thorough analysis before investing in any project
other valuable tips:

In conclusion, you should consider sharing these management tips with your friends on social media such as twitter and facebook. Some might have started businesses recently and they might be facing such problems and sharing this information might save someone’s business.

Others might be afraid to venture in business due to the fear of failing, but if you share they will have the courage to take that bold step since they would know how to make the right decisions.

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TOPICS: more business management topics

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