Business management is the process of the planning, co-ordination and control of a business. To survive in the long run, a business must be beneficial and runny. To do so, it must create enough value for its customers so that its revenues beat its total costs. The overall task of business management is to address successfully the problems that confront a business in its role as a value-creating organization. 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 different types of managers.
Production managers: A production manager is involved with the planning, coordination and control of manufacturing processes. A production manager ensures that goods and services are produced efficiently. They ensure the correct amount is produced at the right cost and at the right level of quality.
Marketing managers: To develop, establish and maintain marketing strategies to meet organizational objectives. Marketing manager manage and coordinate all marketing, advertising and promotional staff and activities.
Finance managers: A financial Manager is responsible for supervising and handling financial reports, investment portfolios, accounting, and all kinds of financial analysis for an organization. He manages the cash flow for an organization by supervising balance sheets, income statements, and the costs and revenue model.
Human resource managers: Human resource managers help make hiring decisions, perform training, co-ordinate the evaluation and reward systems within the firm, and chart and manage the careers of the firm’s employees.
Information system managers: Information systems managers manage information flows within the firm and between the firm and its suppliers and customers. Increasingly, they also provide access to the wealth of data available via the internet. One of the most important aspects of business management is to ensure that all employees acquire the information, skills, attitudes and motivation to use their full potential to achieve the firm’s strategic goals. Top management influences the shared management style, the corporate culture of interpersonal relationships and values within the firm. Top management, sometimes with the assistance of the firm’s government and community relations departments, is also responsible for the management of the firm’s relations with the various levels of government and the general public.