Premium Essay

Business Management Skills

In: Business and Management

Submitted By avinash18
Words 463
Pages 2
Business Management Skills
To run a successful business you need a diverse range of business management skills. When you start your business it’s likely that your responsibilities will include: * sales and marketing; * accounts; * human resources; and * information technology (IT).
How confident do you feel in your ability to manage them?
It’s a good idea to plan ahead of time how you’re going to manage each area which may include delegating various functions to a business partner, undertaking additional training or contracting a specialist advisor such as a bookkeeper, graphic designer or merchandiser.
Remember that although you need to understand, manage and take responsibility for every aspect of your business, you don’t have to do everything yourself. Some of the key areas you’ll need to think about are outlined below.
Marketing, sales and promotion
Marketing is more than just selling and promoting your business. It's about identifying your customers and working out how to get them to purchase your product or service. Go to Marketing for more information.
Human resources
Human resources is about managing and looking after your staff. If you’re buying an existing business or taking on a franchise you may find that you’ve got employees to manage before you even start your business.
Understanding business financials
The primary objective of any business is to make a profit. Good financial management is essential to ensure your goal is achieved. The first step involvesunderstanding your financial statements which is crucial to running a successful business.
Communication and negotiation skills
Business is all about people regardless of your industry or the product or service you’re offering. On a daily basis you will encounter a range of people including customers, suppliers, employees and business associates. Developing your communication and negotiation…...

Similar Documents

Premium Essay

Management Skills

...Nobody else ,but you. Many people can't afford to study .but by experience and interest and desire to develop and improve themselves they've achieved career growth. Today’s job market is hard to get into. It’s competitive. So you’ll need to keep up with changing technology. Also, by going to school, you’ll be able to contribute more to the Lord’s Kingdom with your time, skills, and offerings. Schooling can help fulfill the Lord’s purposes for your life, your marriage, and your children’s lives. It also helps you better serve the community and the world. # 2: You are a child of God with talents from before you were born. You should develop the talents you came to Earth with. Use your patriarchal blessing to connect your past, present and future. Live the commandments, pray, and think about what your gifts are.Prayerfully read and think about your patriarchal blessing. What should you do in school and in work? #3: Make a difference. The most successful people are often the ones who want to make a difference for others. Any honest will allow you to help change the world for the better. How do you want to make the lives of others better? Which ways mean the most to you? # 4: To live up to your potential. You need new opportunities to become what Heavenly Father knows you can be. School can help give that to you. What do you want your future to look like? What kind (and how much) school do you need to make that happen? Imagine the future you want. How will......

Words: 609 - Pages: 3

Premium Essay

Management Skills

...should work on. The following were my KASs finding: • Leadership- medium • Interpersonal Skills- High • Communication- Low • Adaptability- High • Self management-High • Analytic Skills-Low • Organizational Savvy-High • Administrative Skills- Medium In this assignment I will demonstrate how I can develop the skills I rated as low by creating specific tactics to help build them. Communication Skills: A) Knowing the audience - I believe that I would have better representation at meetings by realizing who my audience is. I need to understand how to speak to my boss rather then an employee. By this I mean that my boss may need little to know details of the task…they only need to know if the task was completed. Therefore when creating my briefs for the meeting I will realize who my audience is and address appropriately. B) Be consistent and clear- I believe it is important to be clear and concise when speaking to a group or and individual. Therefore I will be very direct and to the point when addressing individuals and this way avoiding getting lost in details not pertinent to the conversation or meeting taking place. C) Practice- I will review my notes and practice what it is I am going to say prior to the meeting to feel confident and reassured that my message is being delivered with a strong forceful voice. Analytical Skills: A) Problem Solving- It is very important as a manager when problem solving to analyze......

Words: 570 - Pages: 3

Premium Essay

Business and Management Skills

...Business Management Skills To run a successful business you need a diverse range of business management skills. When you start your business it’s likely that your responsibilities will include: sales and marketing; accounts; human resources; and information technology (IT). How confident do you feel in your ability to manage them? It’s a good idea to plan ahead of time how you’re going to manage each area which may include delegating various functions to a business partner, undertaking additional training or contracting a specialist advisor such as a bookkeeper, graphic designer or merchandiser. Remember that although you need to understand, manage and take responsibility for every aspect of your business, you don’t have to do everything yourself. Some of the key areas you’ll need to think about are outlined below. Marketing, sales and promotion Marketing is more than just selling and promoting your business. It's about identifying your customers and working out how to get them to purchase your product or service. Go to Marketing for more information. Human resources Human resources is about managing and looking after your staff. If you’re buying an existing business or taking on a franchise you may find that you’ve got employees to manage before you even start your business. Understanding business financials The primary objective of any business is to make a profit. Good financial management is essential to ensure your goal is achieved. The......

Words: 465 - Pages: 2

Premium Essay

Management Skills

...Introduction As part of our Office Management course we are required, as part of a group to produce a report for the Managing Director of the company with information on Conceptual, Technical and human skills necessary for the office manager and the importance of these skills in order to work efficiently and effectively. We are required to provide information on how a manager would use these skills at work. Human Skills One of the major criteria for success in running an office is the attitude of the person in charge, their attitude to work, to people and employees. Human skills involve knowing how to interact and work well with people both individually and in groups. It is the ability to communicate verbally, physically and in writing with confidence and assurance. Communication skills involve the ability to transfer information, concepts and feelings to and from people which is important when attending meetings, reading or preparing reports, discussing projects with colleagues and explaining procedures. Managers must be at ease while conversing with others as this will enable them to get the job done in the most efficient way. Examples of human skills are the ability to relate to people and understand their needs and motives and to show genuine compassion. An office manager is often responsible for listening to complaints that come from staff members or outside parties who have issues with the business itself. It is up to the office manager to listen to other......

Words: 1039 - Pages: 5

Premium Essay

Skills in Business

...to work part of team and work with fellow colleagues to achieve the objectives of the business. They should have a positive image as well as professional when working in a team or working as a team. They should be able to persuade and negotiate with people when selling. As well as this they should have great customer service skills when serving/talking to customers. When working for a business, they will need to be confident as they will be talking to fellow staff and customers. If they are working for customer service then they will be dealing with some complaints, so they need to know how to deal with issues that may occur when they are working, they will need to have the confidence. Co-operation and patient- they will need to co-operate when working and also be patient while trying to deal with customers. They need to be able to manage time effective, and making sure that he/she is arriving to work on time. Good communication skills- In order to achieve from the work they are doing, they will need to have good communication skills both written and verbal. They need to be focused on their work; they need to have good listening skills. Persuasion and negotiation- they will need to be able to persuade and negotiate. When selling products they will need to be able to persuade customers to buy the product so they can make sales, as well as this they should also be able to have the skill of negotiating, when selling, some customers will argue about the price of the......

Words: 579 - Pages: 3

Premium Essay

Management Skills

...Assessment 1: Skill Discovery Introduction In the field of organizational management, the concept of effective managing and leading has been discussing for long. Being a good manager or leader in contemporary organizations is no longer just about establishing control over their subordinates, indeed successful managers and leaders are required to equip themselves with a diversity of skills and competences. This paper will be focusing on managing skills and competences from a personal point of view. First of all, some commonly cited skills and competencies that are essential for successful managing and leading in organizations will be identified and explained briefly. Secondly, one skill will be nominated as ‘the strength’ of mine. Thirdly, another skill, which is considered as ‘the complementary behavior’, will be nominated as well. Both nominated skills will be discussed in detail and analyses are conducted based on relevant personality, working experiences, previous learning in management theories as well as some typical self-assessment exercises. Key Managing and Leading Skills in Organizations In recent years, managing and leading organizations to compete against competitors and establish sustainable advantages is no longer an easy target to achieve. With the rapid changing world, the traditional way of controlling employees in order to meet objective is losing its effectiveness. Organizations are taking significant transformations in terms of managing styles...

Words: 2394 - Pages: 10

Free Essay

Management Skills

...as a baseline performance review in several key areas. Welcome Welcome to Kellogg’s first global Corporate Responsibility Report. We hope this report provides information useful to our stakeholders, including our consumers, employees, customers, investors, business partners, community members, and governmental and nongovernmental organizations. We plan to publish a corporate responsibility report on an annual basis, expanding and improving upon this first effort. Data in this report are for 2007 except as noted. Although the report focuses primarily on calendar year 2007, it includes discussion of some 2008 events that were particularly relevant to our corporate responsibility strategy. The report covers Kellogg’s wholly and majority-owned operations, and complements other information about Kellogg available on our company Web site (www.kelloggcompany.com) and our nutrition Web site (www.kelloggnutrition.com). As part of our strategic focus to pursue selective growth opportunities, we have recently acquired several new businesses around the world. Those acquisitions are being integrated into our company, and we intend to report on them more fully in the future, once they are aligned with the rest of our business. This report uses the Global Reporting Initiative (GRI) G3 Guidelines, which provide a recommended framework and indicators for reporting. We are reporting at a GRI-checked application level of “B.” More information on the G3 Guidelines and application levels is...

Words: 22230 - Pages: 89

Premium Essay

Management Skills, Leadership Skills.

...Instructor’s Manual Jane Murtaugh College of DuPage BUSINESS IN ACTION 3rd Edition COURTLAND L. BOVEE JOHN V. THILL & BARBARA E. SCHATZMAN Introduction This Instructor’s Manual brings together a set of completely integrated support materials designed to save instructors the trouble of finding and assembling the resources available for each chapter of the text. 1. Course Planning Guide Included in the guide are suggestions for course design, classroom activities, and supplemental teaching aids. 2. Learning Objectives and Summary of Learning Objectives For each chapter, learning objectives and the summary of the learning objectives are listed. 3. Brief Chapter Outlines For each chapter, a brief chapter outline is provided. 4. Lecture Notes and Chapter Outlines For each chapter, a comprehensive outline is provided, as well as a variety of stimulating lecture enrichment materials. 5. Real-World Cases At least two real-world cases related to chapter material are included for each chapter. 6. Answers to End-of-Chapter Questions Answers to the end-of-chapter questions are provided, as well as suggested teaching tips when appropriate. 7. Answers to See It on the Web Exercises Following the end-of-chapter questions, answers to the See It on the Web Exercises can be found, along with tips for the instructor. Answers to Boxed Features In each chapter, students are presented with at least two supplemental “boxes,” both containing questions about the material discussed.......

Words: 156200 - Pages: 625

Premium Essay

Management Skills

...Management Skills A skill is an acquired and learned ability to translate knowledge into performance. It is the competency that allows for performance to be superior in the field in which the worker has the required skill. All managers need to possess technical, interpersonal, conceptual, diagnostic, communicational and political skills. While technical and diagnostic skills refer to the knowledge and ability of understanding the processes involved and scientifically analyzing problems and opportunities, all other skills deal with people in one form or the other. These “human” skills are the most important assets of any successful manager. It is the manager’s job to achieve the organizational objectives through the proper utilization of its human and material resources. However, since the material resources of equipment, capital, facilities, and information and so on can only be used by humans, the human resources are the most valuable assets of any organization. Accordingly, a manager must be highly skilled in the art of optimally utilizing the human resources. This art is universal in nature. In every walk of life, human skills are necessary for success. These various skills are briefly explained as follows: Technical Skills: These skills basically involve the use of knowledge, methods and techniques in performing a job effectively. This is a specialized knowledge and expertise which is utilized in dealing with daytoday problems and activities. For example, engineers,......

Words: 821 - Pages: 4

Premium Essay

Management Skills

...Management Skills Alan-Michael Saltis February 15, 2015 Southern New Hampshire University QSO 640 Project Management Doctor Fariborz Tehrani Management Skills Evidence suggests a project manager’s (PM) authority, autonomy, and conflict-management skills are essential for delivering projects within an approved schedule and budget. Each of these skills play an important role in the success a PM will have working with a dynamic team that will force them to adapt to different situations. The main objectives of a PM are to evaluate all stages of the project before starting, monitoring the position in relation to the targeted outcome, and respond to problems as they occur to stay on course. This short paper will look at these attributes in depth and convey why they are essential for a PM during the progression of a project from start to finish. Project managers (PMs) should have the authority to assign tasks to project team members in order to meet the objectives of the project. The PM also needs to earn the respect of the other team members so that decisions, management of resources, and leadership will be supported. These are key factors needed to meet success criteria; including time, cost, and quality (Pitagorsky, 1998). A PM must be able to monitor and control actions within the project to meet the project’s targets. If a certain aspect of the project starts to waiver from the intended timeline, the PM’s authority to respond and correct the divergence is......

Words: 717 - Pages: 3

Free Essay

Business Skills

...Chapter 1 Writing Assignment Question 1: There are many skills that I have learned outside of a classroom that are extremely relevant to my life today. I believe that the most important one of these are my customer service skills. Customer service is “emphasis on customer satisfaction that dictates that every worker should know how to provide good service to customers.” (Page 13, Ch 1) I have been providing customer service since I was 16 and still use this skill today. I was never taught customer service skills in a structured learning environment instead I learned it through experience. My first job was at a gas station where providing excellent customer service was the number one priority. It was here that I learned how to put the customer first and provide them with everything that they need. I am still employed at a place where good customer service is always the most important thing. Everything that I have learned over the years about customer service skills are still used by me to this very day. Question 2: Although it is true that every business, big or small, needs soft skills to survive I believe that small businesses especially need strong soft skills in order to stay afloat. A reason for this is that small businesses often relate to their customers on a more personal level. A big business has hundreds of employees some that never even see a customer directly while a small business has few employees that interact with customers on a daily basis. Due to......

Words: 620 - Pages: 3

Premium Essay

Management Skills

...Augusto Junior G16J6058 Period 9 Management 101 written task 4 25 April 2016 [609 Words] According to (Nickels, McHugh and McHugh, 2012) managers and leaders are two unique individuals that should merge into one person, if they wish to run organizations effectively in the current changing business environment. Managers are responsible for planning, organizing, leading and controlling input factors of production of an organization in order to achieve the enterprise’s goals, while a leader is responsible for motivating a group of individuals in order to achieve a common goal (Nickels, McHugh and McHugh, 2012). With that being said, we can assume that in order to manage a group of individuals effectively one requires leadership features. For example, let us look at my Management 101 class as being the group of individuals I have to manage in order to assure that every student will partake on every given task and perform at their best ability. Firstly, I would draw up a management 101 structure in which the class is divided in groups of four students with only one group leader that will report to one of the six members of the golden circle. As suggested by Huitt (2009) students perform best in a non-threatening environment and one of the least threatening working environments is group work according to McClelland (1987). Also dividing students in groups would lead to an increase of motivation. Motivation is the external or internal reasons that cause...

Words: 727 - Pages: 3

Premium Essay

Management Skills

...structures to more “organic” and fluid forms. Today’s leaders and/or managers must deal with continual, rapid change. Managers faced with a major decision can no longer refer back to an earlier developed plan for direction. Management techniques must continually notice changes in the environment and organization, assess this change and manage change. Managing change does not mean controlling it, rather understanding it, adapting to it where necessary and guiding it when possible. Managers can’t know it all or reference resources for every situation. Managers must count on and listen more to their employees. Consequently, new forms of organizations are becoming more common, e.g., worker-centered teams, self-organizing and self-designing teams, etc. Definition of Management There are a variety of views about this term. Traditionally, the term "management" refers to the activities (and often the group of people) involved in the four general functions listed below. (Note that the four functions recur throughout the organization and are highly integrated): 1) Planning, including identifying goals, objectives, methods, resources needed to carry out methods, responsibilities and dates for completion of tasks. Examples of planning are strategic planning, business planning, project planning, staffing planning, advertising and promotions planning, etc 2) Organizing, resources to achieve the goals in an optimum fashion. Examples are organizing new departments, human resources,......

Words: 7079 - Pages: 29

Premium Essay

Management Skills

...Course: Foundation Degree in Business Management Module title: Management Skills Module Number: Title of Assignment: Written Assignment Assignment number: One Tutor: Student No: Date: The author’s objective of this paper is to investigate the difference between a manager and a leader. There are numerous discussions around whether a manager is a leader and are leaders born or made. This paper will discuss various theories relating to managers and leaders and their differences. In order to complete the research there are different ways of interpreting the data. The author will be completing an inductive research assignment with an interpretivism approach. When undertaking and presenting research, it is done with the objective of accumulating knowledge. The author will be using this approach as, although there are a number of management and leadership models and theories a number of conclusions drawn in the journals and books are the thoughts and opinions of the individual authors not necessarily facts. In research there are two methods of reasoning; deductive and inductive. There are also two approaches that can be used positivism and interpretivism the author will briefly summarize these methods. Ehow (2011) sums up inductive and deductive reasoning - ‘Inductive reasoning moves from the specific to the general. Deductive reasoning moves from the general to the specific Deductive reasoning arrives at a conclusion based on generalizations. The basis of the......

Words: 1781 - Pages: 8

Premium Essay

Management Skills

...how managers cannot function effectively without good Time Management and Delegation skills. It then discusses the benefits of time management and delegation, drawbacks of delegations and measures to improve time management and delegation skills. Time Management Managing time is very vital as time is very essential to everyone. Therefore, it should be used properly as it cannot be restored. It is a skill that anyone can develop if remain focused and committed. The main purpose of time management is simply to manage the time in order to complete the task in certain periods of time. Managing the time helps us to focus more on our tasks and complete it on required time. In order to be effective, managers need to understand the value of time and utilize it properly. They should be able to know what is most important to them and then plan according to the importance of the tasks. Drucker P.F stated, “Everything requires time. It is the one truly universal condition. All work takes place in time and uses up time (Pg. no. 22)”. In addition, time is a limited resource. It is something that passes quickly and therefore, we should make most of it by not wasting it on irrelevant things. Activities that waste time should be eliminated. Proper time management helps you to accomplish your goals and objectives. Without any effort on managing time, it is impossible to achieve the desired goals. And also, effective time management improves the quality of work that a manager does.......

Words: 2033 - Pages: 9