Efficient Business Management: The Key to Achieving Long Term Economic Benefits

The long-term survival a business or organization relies on, an efficient and effective management strategy, which is the process of mobilizing people towards common objectives. The goal of management is to provide consumers what they want and need by ensuring that all issues in a business organization are ethically addressed and productivity is obtained.

Nevertheless, managing a business amidst a shifting market condition is often times considered a complex task that requires competence. Consumer needs change, technology evolves, and the market becomes more competitive. Business management encompasses market research, strategy development, and implementation of strategies through planning, organizing, leading, and controlling. These methods are time-consuming and constant, requiring regular monitoring and assessment. The complexity of the process is the reason why many organizations fail within the first few years of opening.

The irony is there is no need to struggle with the complexities concealed in the concept of business management. The task is simple. To become proficient in management; one must learn two sets of specialized but general skills. These skills are categorized as General Management and Specific Management. Research studies have pointed out that successful business managers establish reasonable goals and plan how they are going to accomplish them. Understanding and learning the two basic management skills make the process of business management easy and interesting.

General Management Skills include interpersonal abilities, conceptual abilities, political abilities, and technical abilities. They must all be continually improved upon in order to be successful in the corporate world. The term interpersonal skills or communication skills in the context of business, are the ability to actively listen, interact, communicate, and encourage individuals to accomplish the collective goal or reach specific results. Conceptual Skills refer to the ability to understand abstract and complex situations and conceptualize how an organization fits in a vast environment. Political skills are defined as the ability to influence others and provide clear expectations, as well as build business connections. And technical skills are the ability to comprehend and execute specialized knowledge and proficiency.

Specific Management Skills are usually defined in terms of the ability to recognize change, plan for future uncertainty, focus on objectives, articulate roles, and manage conflicts. In order to acquire competence in these areas, it is important to practice sound judgment, organize, coordinate, communicate, and advance personal growth and development. Acquiring these basic abilities and talents increase the chances of business success. Hence, the most significant advantage of effective management is it eliminates incompetence and self-centeredness.