The study of business management instructs students in the formal knowledge of the abilities of a business manager. Application of the five principles of management, planning, organizing, leading, coordination and control, is a manager's essential role as director of a team. A business management degree offers students a chance to learn the day to day requirements of managing a business.
Determining the direction of the business is management's initial obligation. Establishing outcomes, or planning, requires a shared vision or set of results for a business plan, and establishing steps that lead to the realization of the desired goals or outcomes. Further, to realize successfully the goal of the business plan, the manager must identify the requisite resources and establish a timeline to fulfillment.
After creation of the business plan, the planning process must take further steps. Daily plan review and progress monitoring are necessary if the supervisor is to update the plan document conscientiously. The dissemination of the plan is followed by reviewing the feedback appropriately.
Establishing a design by which to proceed is the second obligation of management. After reviewing the plan, managers delegate individual assignments to team members to create an environment of accountability and transparency. It involves the delegation of tasks to the responsible party, and the allocation of adequate resources to support the delivery of these tasks.
Leadership is the third responsibility of effective managers. A superior leader has a success oriented attitude. The leader's attitude infects his team with belief in themselves and their leader.
Both flexibility and adaptability characterize effective leadership. Managers must be receptive to innovation and improvement, and they must transmit to team members the values of creativity, curiosity and improvement. Innovation is important to business growth, and it involves the creative use of one's imagination and a thrust to take action.
When opportunities are apparent, leaders must use their vision to respond appropriately to change. A supervisor's recognized ability to delegate inspires employees to mirror his example. Professional leadership inspires employees by assigning them duties within their areas of expertise.
The final two responsibilities of management produce coordination among team members and effective order in the workplace. A team that works well together is often the result of a manager's ability at coordination. Coordination promotes openness in decision making, essential for overseeing business progress.
A successfully performing manager requires accountability through which he guides his staff and team to achieve commendable results. A manager who demonstrates integrity, passion and a sincere work ethic invokes these attributes in his employees. A manager, who earns the respect and trust of his staff, and exercises control over them, is better positioned to deliver results and attain business goals, with the help of his team.
A well run business results from a balance of planning, organization, leadership, coordination and control. Management skills need to be learned and practiced in order to have an impact in any business endeavor. Business management degree online programs give students more choices about how they pursue the qualifications for a professional management position.
