Business management is the process of organizing and directing to achieve a specific goal. It involves overseeing the day-to-day operations of a business and making decisions that impact its long-term success.
Functions of Business Management
There are three primary functions of business management: planning, organizing, leading, and controlling.
A. Planning: This involves setting goals and developing strategies to achieve them. It requires analyzing market trends and determining the resources necessary to meet the business’s objectives.
B. Organizing: This involves arranging resources and assigning tasks to achieve the business’s goals. It requires determining the roles and responsibilities of employees and establishing a hierarchy of authority.
C. Leading: This involves motivating and directing employees to achieve the business’s goals. It requires developing relationships with employees, setting expectations, and providing feedback.