1. Management is both art and science. It is the art of making people more effective than they would have been without you. The science is in how you do that. There are four basic pillars: plan, organize, leading and control. That is the value of management - making a group of individual more effective. Good management starts with good planning. Guide your growth: Your business will grow or not depending on a lot of different factors, including overall economic trends, location, specific market needs, hard work, and other elements. Businesses that plan do it to guide and influence their growth, so that they move proactively towards defined objectives rather than just reacting to business events.
2. Manage priorities: Strategy is focus. Allocate resources where they will do the most good. Work towards your strengths and away from your weaknesses. Develop the company by doing the most important things, according to your long-term objectives.
3. Assign responsibilities: A plan gives you a place to develop organizational responsibilities.
4. Track progress: Think of a plan as a business positioning device. With a plan, you can track your progress towards goals, measure results, and manage the business. Without a plan, how do you tell whether or not you are moving in the right direction.
5. Plan for cash: Profits are not cash, and cash is not intuitive. You spend cash, you don’t spend profits,you have to plan for cash.
Explain the differences between managerial functions in a small company against big companies.
Small business has its own distinguishing features. The entrepreneur himself
often acts as the manager and looks after more than one function. Therefore,
managerial practices used successfully in big firms cannot be blindly used in
small-scale units. Basic managerial functions in large and small business are
the same. But the manner in which these functions should be carried out can... [continues]
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