BUSINESS
MANAGEMENT

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.

Skills of Business Management

• 01 Communication They must be able to communicate effectively with employees, customers, and stakeholders.
• 02 Leadership They must be able to motivate and inspire employees to achieve the business's goals.
• 03 Strategic thinking They must be able to analyze data and market trends to develop effective strategies.
• 04 Problem-solving They must be able to identify and resolve issues that arise in the course of doing business.