Before we proceed on the subject, let us refresh our mind on what management is.
Management is the orchestration of all resources to hit the right note and achieve the desired results.
Good management is a prerequisite for survival and performance of any business.
When we hold any leadership position in a company, we know for sure that workplace management can contribute to or hinder the success of business. From a leader’s perspective, workplace management is a set of activities those involve designing, planning, organizing and implementing tasks around the workplace with the goal of optimizing the use of resources to ultimately achieve organizational growth.
In management of any business organization there are also 5 primary fronts, quite similar to what we learnt in the previous blog.
Let us now look at the 5 independent fronts, CEOs should focus while managing a business
They are managing a group of performers
Managing self or business, have strong resemblance.
1. Product / Quality
Any business delivers either a product or a service, and that defines a company’s worth. That is what is sold in the market to generate revenue. Quality is critical for any form of business. It also creates and shapes the reputation that a company earns by consistently delivering a great customer experience. A product or service is what makes a company a brand. It’s the first focus of leadership that can be equated to honing of knowledge and skills (Education) that increases our value and makes us worthy of a job.
2. Operation / Process
Smooth operations and processes ensure timely delivery of products/services. This is the step which facilitates revenue generation, through the use of resources and assets wisely. Whether it is planning, organizing, coordinating, or executing, handling operations in the right way is essential to achieve maximum efficiency. This activity can be compared to the ‘generating revenue for self’ (Employment) in an individual’s life.
3. Profit
Earning profit is the ultimate goal of any business manager. Money is like oxygen and its handling is the key to survival. A poor or non-existent financial plan is one of the most common reasons for business failure.
Money begets money. How capital is used to generate revenue and profit, call for an acumen beyond the books. When there is no profit, the company gets suffocated and will eventually perish. This is similar to managing money in our lives.
4. Environment
In order to manage business activities in a complex society and respond to changing social needs, every company must abide by the laws of the land and align its policies accordingly. Being a socially responsible company can also strengthen a company’s image and build its brand. Therefore, management must adapt to the environment in which it operates and make the most of it. This is similar to how we ‘gel with the environment’ in our personal lives.
5. Human Resource
Last but certainly not the least is management of human resources. This is the most critical part as it is the only resource that has life. Employees can think, perform and contribute to the growth of a company. If managed in the right way, employees can be an asset for any company which otherwise can be a source of trouble at workplace. Happy, hardworking employees will lead us to success, while unhappy, lazy employees will bring us down from within. Therefore, managing human resources is an extremely delicate task that demands sensitive handling. This can be equated to ‘handling various relationships’ in our personal lives.
These are primarily the five external fronts we must contend with while managing any business externally. These fronts interface with the outside world and our actions on these fronts govern the business performance.
Internal World of Business Management
Similar to our body and mind, businesses also have two internal fronts which need to be attended to.
Company Health- Corporate health (synonymous with its financial health) is the most critical factor for sustainability of any business. This world is not exposed to the outside world, but it should be the prime focus of good management. If a company is not financially sound, it will not be able to handle the external world in the long run.
Growth Plan- The Thought process in the growth of any business, can be equated to the mind in personal management. As a manager, it is not enough just to handle day-to-day activities. We also need to think about the long-term strategies and future growth plans. Business environment is constantly changing, and it is mandatory to keep up with this change. Businesses should evolve with times.
Self-management vs Business Management
Even though we have seen that there are 5 external fronts and 2 internal fronts in both the managements, there is a fundamental difference between these two realms. Human beings are mortal, and no matter how well we plan or how well we manage our lives, one day it will end.
On the other hand, business is timeless. If managed well, it will survive for generations and if not, it will die an untimely death. The lifespan of a business cannot be fixed. It depends on good or bad management.
2 thoughts on “Management – Self vs Workplace”
Very good
Good read
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