When it comes to running a successful business, the management aspect plays a very important role on how the business would go. There are a lot of businesses today with big potential but ended up failing simply due to bad management. It is important for entrepreneurs to improve more on the management aspect of the business and not just rely on their professional skills alone.
The role of management in business
- Thread starter eldavis
- Start date
Good management is the backbone of any successful business. While possessing professional skills and expertise in a particular field is crucial, it is not sufficient to ensure long-term success. Entrepreneurs must recognize that managing their business requires a distinct set of skills that go beyond their core competencies.
No matter how sound a business idea is, and with adequate funding, if there is no sound management to execute the idea and optimally utilize the funds, the business would still be limited.
My previous company is a big one in China. Because of poor management, the turnover rate escalated uncontrollably. I had worked with them for almost 10 years, but I endured the poor management just because of money. The sense of loyalty is not there anymore. Now, I am working part-time with them.
There are so many ascpects to business and every aspect needs to be handled for which you need a manager - manufacture, sale, collecting dues .........
Management plays an important role in steering the direction of a business and ensuring that decisions made by the board are effectively implemented. Without strong and effective management, even the best strategies and plans can fall short.
Management is the coordinating factor that drives a business to become successful. They are the ones that actualise the vision of the business into reality.
Entrepreneurs need to understand the importance of improving their management skills and professional expertise to keep their businesses going and expanding.
A good management can bring the business into reality. The more they managed the business effetively and efficiently, the better the outcomes.
