Introduction to Business Administration Slide 8

Introduction to Business Administration

Session 8 – Managing a small business

What is Management?

•Initiate and coordinate the use of all available resources efficiently.
• effectively to enable the enterprise achieve its goals.

1. Planning
Definition:
•Planning involves setting goals and objectives and then deciding what needs to be done to achieve them.

Reasons for planning

•To improve your ability and performance as a manager.
•To reduce the probability of mistakes.
•To help create blueprints for managing growth and change.
•To help you achieve a growth rate that is neither too fast nor slow.
•To enable you measure and compare your operating results performance standards.

Types of planning

a. Long range
b. Short range
**Make time for planning

**Employee participation in planning
a. Delegate
b. Solicit employees’ ideas

2. Organizing

Definition:
•The process of arranging resources to carry out the organization’s plans.

Structuring a Business involves:

a. Dividing its work in a logical way.
b. Deciding how best to coordinate the many work activities that need performing. This requires deciding:

•What tasks need to be carried out
•How those tasks should be grouped into jobs
•How best to group those jobs to form larger groups of jobs

3. Leadership

•Definition The process of influencing (or controlling) employees to direct their efforts towards achieving a common goal.

Leadership styles
a. The autocratic style
Centralizes authority and does not involve others in decision-making.

b. The democratic style
Delegates authority, involves employees in decision-making, and encourages employee participation and a free flow of communication. However, the leader makes it clear all along, he/she has the final say.

c. The laissez-faire style
Leads by taking the role of a consultant, providing encouragement for employees’ ideas, and offering insights and opinions when asked.

d. Participative Management
A company that has a regular system for involving its employees in decision-making.

4. Controlling

The process of monitoring progress toward organizational objectives, resetting the course if objectives change, and correcting deviations if objectives are not being attained.

Types of control

a. Preliminary Control
b. Concurrent Control
c. Feedback Control

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