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Business Yearly Notes
BUSINESS MANAGEMENT
POLC – Planning, Organising, Leading, Controlling.
Features Of Effective Management – Effective management achieves business goals by making the right decisions at the rick time. It can consist of:
- Good at planning, considering long-term goals and short-term objectives
- Makes decisions to organize resources in the most efficient and productive combination
- Has a range of skills that can be used at the right time
- Controls the business and takes corrective action and is pro-active.
Skills Of Management – Managers need to use particular skills to increase the effectiveness with which they carry out their role.
- Interpersonal Skills – The ability to communicate and deal with different types of people effectively. Involves motivating, showing support, trust and being encouraging.
- Communication Skills – Communication involves listening and understanding.
- Strategic Thinking – Being able to see the business as a whole. Need to recognize how decisions in one department will affect other departments. Need to see the position of the business in the industry.
- Vision – The ability to see into the future. Managers need to have a clear idea about were their business is headed and the place and position the business will have in the future.
- Problem Solving And Decision Making – Managers must first be able to identify the problem, then they must find solutions to the problem. Lastly, with every problem, requires decision making. They must make the right choice for the business.
- Flexibility And Adaptability To Change – Business must be proactive and anticipate changes in the business environment and make adjustments to ensure that they can take advantage of this opportunity.
Achieving Business Goals:
- Profit: Generating excessive revenue to return some expenses to the owner. Profits may be increased by maximizing revenue or by minimizing costs.
- Market Share: The percentage of total sales a business has
BUSINESS MANAGEMENT
POLC – Planning, Organising, Leading, Controlling.
Features Of Effective Management – Effective management achieves business goals by making the right decisions at the rick time. It can consist of:
- Good at planning, considering long-term goals and short-term objectives
- Makes decisions to organize resources in the most efficient and productive combination
- Has a range of skills that can be used at the right time
- Controls the business and takes corrective action and is pro-active.
Skills Of Management – Managers need to use particular skills to increase the effectiveness with which they carry out their role.
- Interpersonal Skills – The ability to communicate and deal with different types of people effectively. Involves motivating, showing support, trust and being encouraging.
- Communication Skills – Communication involves listening and understanding.
- Strategic Thinking – Being able to see the business as a whole. Need to recognize how decisions in one department will affect other departments. Need to see the position of the business in the industry.
- Vision – The ability to see into the future. Managers need to have a clear idea about were their business is headed and the place and position the business will have in the future.
- Problem Solving And Decision Making – Managers must first be able to identify the problem, then they must find solutions to the problem. Lastly, with every problem, requires decision making. They must make the right choice for the business.
- Flexibility And Adaptability To Change – Business must be proactive and anticipate changes in the business environment and make adjustments to ensure that they can take advantage of this opportunity.
Achieving Business Goals:
- Profit: Generating excessive revenue to return some expenses to the owner. Profits may be increased by maximizing revenue or by minimizing costs.
- Market Share: The percentage of total sales a business has