The goal of business management is to create wealth for business owners by providing some value that consumers need. The process of business management involves:* Researching the market for profitable business opportunities,
* Developing strategies for marketing management, operations management, financial management and human resources management, and
* Implementing the strategies through planning, organizing, motivating and control.
Long-term survival requires that businesses be managed in a responsible and ethical manner by addressing environmental issues and employee career goals. There is also the issue of complying with the law of the land.
Business management skills need to be developed to their full potential if a manager, and therefore an organization, is to be successful.
Among the most important business skills you can possess is �rare sense� � in other words, the ability to think straight and develop the fact-based insight which produces business breakthroughs. Another attribute which all business managers should strive to develop and deploy is �effectiveness�.
The famous management guru Peter Drucker made the vital distinction between �efficient� and �effective� business skills. Performing an activity swiftly and economically is efficient, while doing the right thing well is effective. The wrong thing, however, is ineffective by definition. Good business management skills guide you towards the right goals, and achievement of those will be highly effective. But if you�re doing the wrong thing, your apparent efficiency will be in vain.
How can you improve your business management skill? Use a rigorous and disciplined process for setting an agenda that concentrates on the important, rather than the urgent. Also make sure you structure the meetings to produce real decisions, and concentrate on your business management strategy.
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