Challenges are indispensable when you are starting a company or running a multimillion dollar corporation. Facing these challenges and hurdles and roving your company’s ship in a today’s cut throat market requires certain skills. In this article we have tried to cover some of the skills which you necessarily require to succeed in your career. Let us look at all of them one by one and understand why and how these skills can influence and help you achieve success In life.
- Planning strategies:
The first most important skill of business management is planning.There is a famous verse ‘if you are failing to plan, you are planning to fail’. Planning is the core of business management as every business begins with planning followed by execution of these specific plans. Planning in business management comprises:
Resource allocation
Manpower placement
Customer Acquisition
Providing Quality & Services to Client
Increasing Return on Investment
Achieving Budget and Stretch Target
Business Expansion
Marketing as per trend and technology
2. Executing meetings:
Meetings are the best way to communicate visions and goals of company as well as to track the record of movement within the company and outside the company in terms of business and service. However, meetings are usually considered as boring and it is the duty of the manager or the leader to motivate the participants of meeting so that they can contribute maximum and identify the area of improvement for the collective growth of organization. This aspect of business management comprises:
Communicating Vision and Goals of the Company
Identifying Key area of improvement
Tracking Sales
Tracking Share of Wallet
Increasing contribution of ideas
Solving conflict
3.Leadership skills:
Leadership is the most sought after skill in corporations. If you think you don’t possess leadership skills, don’t worry. The good part about leadership skills is it can be learn if you don’t inherit. Major corporations across the world today focus on the improvement of their employee’s leadership skills by providing them regular training and communicating them the effectiveness of leadership skills. Let us look at the following points to understand what a leadership skill is and how it benefits your organization:
Listening to employees
Allowing Employees to contribute towards the improvement of certain process within the company
Offering Employees, a helping hand
Solving Employees conflict within the company
Motivating Employees from time to time
Identifying employee’s area of weakness and suggesting them improvement
Empowering employees by rewards
4. Resource Utilization:
To maintain your pace, you must optimize resource utilization. Any resource which is ideal adds to the losses of the company as an ideal resource doesn’t contribute in the sustainability of the company. This is why every company understands the optimum use of existing resources before deploying new resources. The importance of resource utilization comes as following:
For Maximizing output of the company
For maximizing gains of the company
For Increasing Return on investment
For providing better service quality to customers
5. Budget Allocation:
Budget allocation and distribution is the most challenging aspect of business management. You have to be very specific and clear when you are allocating budget to various departments inside the company as you want your ROI to be positive and well above your stretched target. The key factors which administrate budget allocation are:
Team Expansion
Marketing
Research and Development
Overhead Cost
Submitted By:Ashi Trehan | Saumya Shrivastava
(PGDM Batch 2019-21)
Good content