Depending on the size of organization, functional areas may be directed by specific departments with upper management, mid-level and front line managers. In comparison, a small business is often managed by one leader only, who’s responsibilities overlap. Management The management role includes more than simply being in charge of employees. Instead, this position coordinates and oversees the work of others, ensures organization goals are accomplished, and ensures the business success.
Furthermore, managers monitor the efficiency and effective use of employees because workers are the most important resource f an organization (Stephen & Robbins, 2010). Managers also oversee and control functions that are not obvious, but play a crucial role in the company’s success. Law is the legal aspect of business that effect business and small firms. Managers use business law to ensure operations are legally sound, noncompliance with all state, federal and international requirements, and regulations to help solve problems.
Human resources or short HER address concepts of personal development throughout employee’s lifestyle. During the hiring and training process human resources have a high importance. For proper compensation and if disciplinary actions are taken (Stephen & Robbins, 2010). A large role for managers plays the aspect of leadership which covers different ways to influence employees to achieve organization goal, inspire and motivate, handle conflicts, as well as power struggle and organizational change.
Accounting maintains and audits financial aspects of a business that is separated into financial and managerial accounting. Financial accounting studies the creation of financial statement, for example, income statements and balance sheets. Managerial accounting looks at statements and helps make decisions, including budgeting for upcoming projects and control cost within the firm (Stephen & Robbins, 2010). Finance addresses the process of setting up and maintaining the fiscal success of the firm including revenue. Finance is useful for managers in many ways, especially when needing fund for new business venture.
The study of production, distribution and consumption of goods and services within countries and individual firms are a part of economics. It is used to maximize profits and to Andre market conditions, for example, recessions (Stephen & Robbins, 2010). Leaders collect data and use methods as well as static to interpret them to find out important information about their business as part of research and statistics. This fiction will help make decisions on what business practices to continue to use and which ones to modify in the future. Operations management is devoted to increasing the value of the firms supply chain.
This function is used to ensure that the process f getting goods and service is smooth and error free (Stephen & Robbins, 2010). Marketing interests the end consumer in a product or service and to keep this client happy. Such technique is used to determine which product or service to offer, the type of advertising and creation of a good image of their brand. Strategic planning is applied to ensure origination’s goals are met. Marketing helps bring all aspects of the firm together and ensures the company’s success (Stephen & Robbins, 2010).
The Journal of Enterprising Communities: People and Places in the Global Economy addresses why small business, with between five to went employees, Often fail to grow. Most times, the difficulty directly relates to the little or no knowledge of growth requirement and organizations barriers. A SOOT analysis, which included strength, weaknesses, opportunities, and threats, allows leaders to develop a company goal as well as an action plan on how to reach it. According to Perks, “Small businesses that grow during their flirts four years of establishment more than double their chance of survival (Perks, p. 21, 2010). Omnipotent view of management states that managers are directly responsible for the organization’s success as well as failure. Actions and decisions of leaders are directly related to an organization’s success. Well performing leaders adjust and maximize chances, improve bad performances, as well as manage the company. Therefore, managers are compensated for the business’ success with stock options, incentives, ores. On the other side, upper management is believed to be responsible when profits are down and then fired or replaced by new managers (Stephen & Robbins, 2010).
Symbolic view of management describes the failure and success of companies impacted by external influences that are outside of leader’s ability to control. This view is arguing that managers have little control over external factors for example customers, economy, competitors, decisions of previous leaders and others. Managers have only symbolized influence and control by creating action plans, and limited influence of failure and success according to this view. Conclusion Whether in a small or large company, managers oversee a wide range of functions to ensure the success and high performance of all areas.