Internal and External Factors

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Internal and External Factors in Management

XMGT/230

Internal and External Factors

I have been in the field of property management since I began my career and I am familiar with the organizational unit of a fee-based property management company. These fee-based property management companies are hired by multi-family real estate owners to manage the apartment communities that they own. This business, like any other is subject to the four basic functions of management. The four functions of managing any company or field are: planning, organizing, leading and controlling. These functions are not necessarily kept in a certain order but must be followed in order to effectively operate a business. A manager’s planning step must keep high level long term goals and a company’s mission statement in mind. The manager must keep the big picture in mind when analyzing the current situation, anticipating the future and determining the objectives. To organize from a managerial level means to understand with the plan and ensure the correct talent and resources are in place in order to execute that plan and maximize success. Leading is often the first function that comes to mind when discussing management but it is much more than just giving direction. To effectively lead is to motivate and stimulate employees in order to obtain the highest level of output possible. Finally, controlling the situation requires corrective action to be taken where necessary to keep in-line with the plan that has been put in place for the company. There are many internal and external factors that affect the functions of management. Globalization is a recent phenomenon that is a key component to most successful businesses today. Although the fee-based property management firms I have worked for have not tempted globalization as a company, it has played a significant part in the company’s business strategies. Many companies choose globalization while...
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