Updated: May 12, 2022
Today's text will be part of a series of two posts in which we will explain a little about business management to you! In this article we will explain what business management is, talk about its objective and importance and show the pillars that composes it, all of them essential to put it into practice. In order to know the subject covered in the next post, you will have to read until the end to find out! So let's start?
Business management is a subject that is relevant to businesses of all sizes, being one of the main definers of a company's success. In fact, especially in small and medium-sized companies, where there are often more tasks per person to perform them, attention must be doubled. Business management makes it possible to have a sustainable growth of the business.
But, the first thing you should be asking yourself is: what is, after all, business management?
Well, business management is based on a series of strategies that aims to bring your business to get the best results, based on valuing people's knowledge and skills, as we do at UFRJ Nautilus. It occurs from actions that range from the organization of processes, the administration of human and material resources to the control of finances and everything that is essential for their maintenance.
Therefore, we can say that business management covers all areas of the company. Which makes sense, taking into account that all sectors of the company are interdependent, making it necessary to carry out the analysis of all of them so that we can make the best decision.
Thereby, we can make it clear that its objective is to make the best referral of the company, aiming to optimize performance and achieve increasingly better results.
For this to happen, managers are responsible for planning, organizing, leading and controlling the activities of a group of people. It aims to influence people to work in a motivated and cooperative way. Besides that, they also perform cost analysis, sales, hiring and firing, and everything that involves your company's environment. This also does not change when we look at Nautilus. Our management area is responsible for all these processes!
And what makes business management efficient? How to apply it to your business? Well, for that, there are 6 pillars to be taken into account: planning, financial control, employee training, technology and a management system.
Planning: It is necessary to define the goals of the company, where it aims to reach. For this, a business plan is carried out, while the idea is still on paper. Then, the business plan must be updated along the way of your business.
Financial control: Good financial management keeps you abreast of all the company's movements, which is essential to having a long-term life for your company. It is important to pay attention to cash flow, one of the most important tools of financial control.
Employee training: good business management depends on having qualified professionals at the head of the business. Everyone needs to walk together with the company, and a motivated and trained team can set the course for a company.
Technology: We have to make use of the technology we currently have. Tasks automation is essential to reduce errors, speed up processes, decrease costs and, consequently, increase the company's productivity. For that, we have different software and business management systems that we can use.
Management systems: There are already several management systems on the market, which are software responsible for integrating your system. That is, connecting different areas of a business, sharing information and offering reports for carrying out analyzes.
Now that we have talked a little about what business management is, what is its objective, its performance and how to put it into practice, I hope you have understood its importance and taken advantage of all the information given in this post.
And so, if you want to learn even more, in the next post we will continue the subject and talk about the types of business management and what are the best tools to be applied. Stay tuned!
Written by Sylvia Kremer