Business Management – Guideline to Effective and Efficient Management

Every transaction or activity carried out by a business is commonly done within the scope of the frame-work laid out by the management. Therefore any activity done outside this is counter productive and will not promote the objectives of the organization.A manager should set the targets to be achieved by the employees. Objectives should be clearly stated, measurable, prioritized and timed. A good manager constantly checks weather these targets are being achieved and takes corrective measures when called upon. He should be able to predict any impossibility and act beforehand.When it comes to purchasing, it should be made from the cheapest source not forgetting to check on quality of the products. Apart from that, sales increasing policies such as displays and advertising budget should be affordable. A sales manager must also set reasonable prices and not exploit customers.Lack of records can easily bring down a business; record keeping helps in detecting problems in advance. Updating records constantly will help run a business in an organized manner thus improving efficiency.Apart from being given instructions, staffs also need to be motivated. Good supervision will lower operating costs by reducing the number of errors made while increase quality of work.In any organization, the secret to getting the most out of workers is by boosting their morale. Once the employees are motivated, they will work hard towards achieving the company’s set objectives and thus ensure the success of the business. Some of the ways of motivating workers would include periodic salary increments, rewarding best performing employees, organizing team building activities just to mention a few.