The reason Why management is Important both in business/organization and our individual lives is evident. The concept of management is involved in almost all areas of life. Management is the process of coordinating and administrating tasks to achieve a goal.
Management can also be called Administration. It can also be said to be planning, organizing, leading, and making the right decisions. Management is essential in businesses and organizations. It is also essential in our individual lives.
Apart from having the necessary leadership skill, management skill is essential for any leader. A leader may have the wisdom to inspire people but will not be effective when he lacks management skills.
Management involves organizing; even if you have the right idea, management puts everything in order. If you visit an organization and notice that everything is not in order, you won’t return.
To keep the company running, a manager or leader needs to sharpen their management skills. To achieve our goals as individuals, we need management.
Functions of Management
- Planning: To achieve a group or personal goal, you need to plan. This is vital as it determines how fast our journey will be. Management needs planning to design ways to reach our goals – at a minimum cost and resources. For businesses and organizations, managers must develop plans, delegate responsibility to employees and monitor the progress. For individuals, much of the planning and execution is done alone. Managers must have short-term and long-term plans in place. This is important to motivate and encourage you and the employees to chase the bigger goal.
- Organizing: Another function of management is organization. Alongside planning, you must ensure that your plans are running smoothly. A manager may have the best plans, yet evil organization skills will put everything in jeopardy. When the plans are faced with challenges, a reorganization will be required at this point. It might also be required to alter the company’s structure in response to growth.
- Leading: Leadership is another function of management. You appear confident and comfortable leading your followers and giving them a sense of direction when delegating roles and setting targets. Leadership is primarily shown in challenges – composure in times of challenges and proper decision-making when things are not working fine. Management leadership can be manifested in so many ways. By inspiration, motivation, encouraging, impacting, and building your followers.
- Controlling: The last function of management is controlling. Above all the functions listed above, controlling makes sure that all the company’s goals are met. It also involves making necessary changes when due. Putting situations in control aids management. This could be attacking indiscipline among workers or maintaining standards.
More than just knowledge, management involves being able to maneuver your way through challenges – with achieving the ultimate goal in mind. Other than the four functions listed above, we have more. They include staffing, budgeting, directing, coordinating, and reporting.
Importance of Management
Management is essential both in businesses and personal dealings.
- Achieving Goals: Every business and organization is created to meet some needs and reach a goal. Management helps companies to reach their goals faster. As a leader, you will work with people with different ideas. How do you bring people of different ideas together to achieve a common goal? This is why management is essential. With management, you can instill the company’s culture into employees. You can also cut off actions you don’t want around the company environment. When the employees cooperate, achieving goals becomes easy.
- Effective use of resources: One of the functions of management discussed above is planning. Planning helps to cut off unnecessary wastages. Management helps to make effective use of the resources you have at your disposal.
- Cost reduction: Management reduces cost and maximizes productivity. This is achieved by one of the functions of management which is planning. Planning helps to conserve cost on input and get high output.
- Growth and development: Management helps in the growth and development of the organization. When goals are achieved, the company grows. Employees can achieve their potentials when there is proper management.
- Proper Administration and leadership: Without management, Administration becomes very difficult. There is a clear leadership structure in the organization. Everyone’s responsibility is made aware and relationships across all departments in the company.
- Discipline: Management maintains discipline by a delegation of authority. This helps to create and maintain a better working culture.
- Proper recruitment plan: Management helps in setting a proper recruitment plan. With planning and organizing, you know where the company is lacking – in terms of staff and resources.
- Ability to adapt: Management also enhances adaptation. A dynamic environment helps the organization change and adapt quickly to the tide of the market. It becomes easy to meet up the needs of your customers and the demands of the market.
- Planning for the future: Management is not centered on what we have today. It also has to do with having a future and a sustainable plan for the future.
Roles of managers in management
A manager directs the activities of others in an organization. A manager is a planner, an organizer, a coordinator, a leader, and a controller. At different levels, managers perform one of the roles above. The roles of managers in management are concerned with the behavioral pattern of the managers. Henry Mintzberg did research on 5 (five) chief executive officers in the late 1960s. He came up with 4 typical roles of managers we have today.
The roles under here include Figurehead, leader, and liaison. Under this role, a manager can act as a figurehead to receive guests, preside over social functions and sign documents. When functioning as a leader, he performs to sort out issues with subordinates. He motivates, encourages, and disciplines the followers. The last function that a manager performs under the interpersonal role is liaison. He maintains a cordial relationship with external bodies and companies.
This role deals with information. They work as a monitor, a disseminator, and a spokesperson. The monitor role explores and gathers information that is useful to the development of the organization. As a disseminator, the manager delivers and passes the acquired information across departments where needed. Also, as a spokesperson, the manager transmits information to outsiders. This information includes policies, plans, and achievements.
The last role is the decisional role. These roles have to do with decision-making. The roles under this include entrepreneurial roles, disturbance handler, resources allocator, and negotiator. The role of the entrepreneur involves overseeing the performance of the company. The manager also allocates resources to the necessary quarters. He can also negotiate on behalf of the company.
Things to manage
Wealth: A mismanaged wealth will vanish quickly. Wealth must be well managed for sustainability.
Time: Another important thing to manage well is time. Time is money. It would be best if you learned to manage your time well. If you don’t manage your time well, you will use it for irrelevant things. There will not be time to do everything you want to do, but there will be time to do the necessary things.
Relationship: You don’t have to be friends with everybody. Manage your relationship well. Draw and maintain boundaries. Part of this is surrounding yourself with the right people. It also means maintaining a healthy relationship with people who can help you. Cut off from time wasters. A time waster is a destiny waster.
Resources: Managing your resources is essential for maximum output. If you spend excess on your input, the profit will be small.
There are five phases in the management process. Each phase must be treated with caution and must be given attention. They are equally important.
- Setting objectives: The first phase in the management process is setting objectives. Without having a goal to chase, all other phases are useless. You must understand what you want and how it affects your values and output. Your goals and objectives must be achievable.
- Planning: Planning is another crucial phase in the management process. After setting your goals and objectives, planning comes in. Planning is designing ways to achieve your objectives. You evaluate the resources that you have how they can be effectively utilized.
- Execution: Objectives set and planning done; the next is execution. This is the phase where the plans in phase 2 are executed.
- Measurement: Phase 4 is the measurement. Relevant data are recorded as regards the execution of the plan. The recorded data are then compared with the expected data. Performance can be evaluated, and errors can be noticed.
- Control: This is the last phase of the management process. This is where all the errors in other phases can be rectified. You can re-strategize and revisit your plans at this stage. You can also define how you execute your plans.
These phases are equally important. If you skip the first phase, it will be hard to follow up with the other phases. The same thing applies when you skip planning and move to execution.
There are many reasons why management is essential. A good management skill makes your work easy and coordinated.