BUSINESS SUMMARY NOTES

Topics: Strategic management, Management, Leadership Pages: 7 (1257 words) Published: November 25, 2014
BUSINESS MANAGEMENT

Managers require a range of skills to operate effectively now and into the future. These skills include: interpersonal (people)
communication
strategic thinking
vision
problem solving and decision making
flexibility and adaptability to change
reconciling the conflicting interests of stakeholders.
INTERPERSONAL SKILLS
Managers get their work done with and through other people; therefore, interpersonal (people) skills are extremely important. Such skills mean a manager can work and communicate with other people and understand their needs.

People skills include the ability to communicate, motivate, lead and inspire.

COMMUNICATION SKILLS
Communication becomes more complex, however, particularly in a modern global business environment. It's not just about what you say, it's about how you say it and what medium you choose to get your message across.

Managers who are effective communicators and who are able to share their thoughts and plans will find it easy to influence others.

STRATEGIC THINKING
Strategic thinking allows a manager to see the business as a whole Strategic thinking therefore involves thinking about a business's future direction and what future goals the business wants to achieve. Interpersonal (people) skills are those skills needed to work and communicate with other people and to understand their needs. Interpersonal skills include the ability to communicate, motivate, lead and inspire. Effective communication of business goals and the strategies to achieve them are crucial to achieving business success. Managers who are effective communicators and who are able to share their thoughts and plans will find it easy to influence others. Miscommunication is to be avoided because it can lead to serious harm to the business. It is important for managers to be aware of the power of nonverbal communication, especially body language. Strategic management allows the manager to see the business as a whole and to take a broad, long-term view. Strategic thinking involves thinking about a business's future direction and what future goals the business wants to achieve. Problem solving means finding and then implementing a course of action to correct an unworkable situation. Although managers have to deal with many problems in the course of a day, not all problems require such a systematic, formal process. One of the most important skills a manager can develop is the ability to decide which problem they should give their full attention. Managers must be able to provide a vision as to where the business is headed and what it is trying to achieve. To share their vision with others and inspire them, managers will have to display effective leadership qualities. Leadership is the ability to influence people to set and achieve specific goals. Managers must be able to solve problems — finding and then implementing a course of action to correct an unworkable situation. Managers must be able to make decisions — identifying the options available and then choosing a specific course of action to solve the specific problem. Managers must be flexible, adaptable and proactive rather than reactive.

What are goals?
People start a business because they want to achieve something: they have goals they want to attain. A goal is a desired outcome (target) that an individual or business intends to achieve within a certain time frame. Success in achieving your goals is often determined by the amount of planning you undertake. Carefully prepared goals benefit managers by:

serving as targets
measuring sticks
motivation
commitment.
The best method of writing effective goals is by using the S.M.A.R.T. technique. BUSINESS GOALS – FINANCIAL GOALS

INCREASE MARKET SHARE
Market share refers to the business's share of the total industry sales for a particular product. In most industries, market share is usually a goal for only large businesses.  Increasing market share...
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