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Functions of Management
The management wing of any organization works at different levels. Functions of Management include all such activities as strategic planning, HR management and generation of revenue. Besides, sound knowledge and skills it is absolutely essential that all the officials related to Functions of Management are aware of their management skills. A fair idea about the market and the economy in general is an essential part of all Managers in any functional Unit.
Certain management tasks like drawing a plan for the future action s of the company should not be limited to the annual general meeting alone. Tactical decisions related to the growth of the company at various parts are also an integral part of the Functions of Management. Short term objectives must also be taken up from time to time and a keen watch must be kept on them, in order to assess how they function. The objective of every strategy adopted must be noted and developed to such an extent that the company can generate the maximum amount of profit. Maintenance of a steady growth is also an important part of Management Function.
All the policies related to business growth and development must also be reviewed from time to time. Contingency Plans of the company must be devised in such a way that maximum out put be generated from them. Generation and maintenance of profit are some of the most important parts of the planing portion of any management. Functions of Management also includes equal attention to the needs of all the people and their development. Since most corporate wings maintain a strategy of their own, the wings of the company should have a fair idea about these policies. Managers must also be able to lead with example even under the most trying conditions. They must prove to be an inspiration for their juniors and draw out the very best from their juniors.
Quite contrary to the popular belief the Functions of Management also include such activities like man management and catering to the nitty gritties of the customers. Functions of Management involves two kinds of communication. Internal communication is one of the most important Functions of Management. Internal communication involves building up of a wonderful working environment and generating greater revenue returns. One of the major Functions of Management is to see to it that there is no communication gap between the various wings of a company. Any kind of miscommunication and gap in explanation may completely turn the tables against the policies of the company. External communication on the other hand deals with building up a cordial relationship with the external factors. Under this the officers who deal with Functions of Management must cater to the needs of the clients. They may have to explain various criteria according to which the company functions to the external factors like clients and potential dealers. The benefit and profit of the company should be the most important part of all such communications. Functions of Management alone can show a company the right way to success!
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