Important Key Functions of a Company Management Team

All the functions of business administration and management are interrelated, and one cannot be performed effectively without ensuring the execution of the other. They help increase the productivity of the organization and aid goal achievement, and have been clubbed together to be termed as business process management in some cases.

The four functions that form the foundation of a good organization include planning, organizing, leading, and controlling. Before they were condensed, staffing was also an important duty. They have all been explained here.

Planning is the most basic and important function. Determining the goals of an organization and planning an effective way to achieve them is essential on part of a manager. A logical thought process is one of the important management skills that is required in order to plan well.

This element of planning may include the basic business model that includes the financial aspect, marketing plans, advertising plans, sales plans, and the vision and mission statement of the organization. All these and more (such as an employee recruitment plan) will be required for an organization to function in a structured manner.

Planning is required throughout, and not just at the start of an organization. Strategic planning, along with some kind of preparation for unforeseen events and situations are all included in the planning process.

Organization of resources and the people that make up the organization is another important factor. This aspect of business process management includes mainly organizing employee roles to ensure that they provide their best to the job.

For instance, if a particular business organization requires employees to work in shifts, then taking care of this by assigning each employee to convenient shifts is one of the important functions.

Working in an organized environment with access to necessary resources is expected, and this expectation is fulfilled by the management. Not only employees, the resources that go into ensuring an organized work environment in the daily setting is also an important function.

Not only does this department in an organization shortlist the right people for the right job, it also plays a function in training the employees to the job requirements, gaging employee performance, ensuring their appropriate function in the organization, determining a suitable compensation for their services, and addressing their grievances.

Not every manager is a leader, though this is what is required in an ideal situation. A manager's job does not only include employee management. A manager is also required to inspire them to work better for their personal gain, as well as the gain of the organization. Good leadership is a very essential component of management.

A leader that employees can look up to, someone who can guide and help them through hurdles in the job, discipline and control them when required, and enable them to attain their own career goals, is someone who is required in every organization. Thus, creating this powerful combination of leadership and management should be the goal of every organization.

Checking that the employee performance is reflecting in the total output, that the overall planning methods are bringing about results, and whether the finances spent are proving useful in the goal achievement of the organization come under this function. This function must be carried out with utmost care as it will determine the future of the business.

Apart from these core functions, reporting, budgeting, and coordinating form other important functions of this profile. All these have to balanced well by a manager, in order to ensure productivity and to attain the goals (short-term and long-term) that have been charted out by the organization.