Management in business is a situation where people are brought together to fulfil the objective and goals of a business. It includes proper planning, directing, division of labour, staffing and monitoring. It also involves being able to make informed decision which can be made under pressure. Decision making involves choosing a course of action among a lot of alternatives. Management team are persons who are directly accountable for running of the bossiness. For a business to flourish the business team have to work together in unity and orderly manner.
Management team consist of a managing director whose responsibility is to oversee the entire company and makes sure that its mandate is fulfilled. He/she is also answerable to the chair and the board of directors of the company. It is the MDs mandate to implement the panel decisions and actions for smooth running of the company. The managing director is considered the company’s boss hence one of the directors. The Chief Operations Officer is another person in the management team. The COO is considered to be the deputy managing director. In the absence of the managing director he is the one who is the head of the company.
He oversees various issues in the business like sales, production, marketing and staffing. He ensures that there is smooth running of the business and providing responses to the managing director (Hitt and Hoskisson 131).
In the management team there is also chief accountant. He is responsible of checking and reviewing the financials of the company. He ensures that the budget of the company is prepared and implemented to the latter. The chief accountant also makes sure that the company’s money is spent well and monitors the costs. He is required to give information to the panel of directors often on the financial status of the company and even to the shareholders. These are part of senior management team who play significant role in ensuring that the business is managed properly. There are also other players in the business industry who play other roles.
There are business consultants whose responsibilities are to help in elevating the performance of the business through solving the current business problems and designing ways of improving the business. Business institutions normally take into services of management consultants in order to get advice from the experts in the field they want to gain knowledge from. Consultancies enhance the technology which is in use in the company.
There is also increase in the training skills which are achieved. There is also the adherence of the developments of the company operations. In all management consultants employs their own ways in crisis identification and serves as foundation of suggestions for good ways of doing business (Kerzner 25).
Members of a business team have to participate fully in order to meet the organizational goals. By virtue of being a member of the business team its offers feeling of great are in charge over their lives i.e. it frees them from the panic of the leader’s subjective use of power. The members have to participate in solving the group’s problems. This would help greatly in dealing with technical complexities of the group work and they also learn about each other and from each other too. Being involved in management team gives the opportunity for the members to fulfil their needs for self esteem, acceptance and satisfaction.
It also breaks down the status quo between the members and their leaders hence enabling open and honest communication and the leader of the group. Good decisions are often the result of combined resources of the group work. There are also various challenges which the management group may meet in the process of carrying out their work. Some of the challenges includes; misunderstanding from poor communication.
Communication is the key element for good business hence members of the business team should have good communication skills for proper direction and clarity. Poor sense of ownership and commitment is also another challenge. Business team members should be committed to the work and feel part of the business. Other challenges includes lack of trust and suspicion, lack of skills, low productivity, difficulty in delegating duties, lack of empathy and personal connection. Effective communication abilities are important for the improvement of the business operations.
A good business leader should always be able to communicate well with the junior staff in order to excel in the business. In times of crisis a leader should be able to articulate its roles well and take the appropriate actions. A leader should be strategic thinker and use the power of strategic thinking to identify the needs of employees during change (Drucker, 54).
In this of a strike of the employees of the company manufacture, the management team should make appropriate decisions of having another next best manufacturer who will not compromise on the quality of the products. The management should therefore ensure that there is consistent supply of products by involving a number of suppliers. There should be brand changing of the package with improvement on the quality of the products.
The technology used by the company should be improved so as to increase the quality of the product. The use of the improved technology also will increase the efficiency of the production which means that there is reduction of the costs of production. This imply that the selling prices of the products are reduced hence attains a competitive advantage over the emerging competitors. There should also be promotions as a way of marketing the company products so as to retain the existing consumers and establish a lasting relationship with potential customers.
The management team also should increase the advertisements as a solution of overcoming the competition. Staff should be rewarded in case they are retrenched so as to boost their self esteem in the continuation with life and also to leave the company with a good image. There should be a pension scheme which will help in appreciating the laid off employees. This will also boost the morale of the employees who are not laid off.
The employees also need to be informed and be included in the making of such decisions so as to increase their knowledge of the in-depth reason to the existing problem. This would enable them make informed decisions regarding company’s needs and plan for them within the appropriate time. A leader should also promote inclusion, rather than exclusion of employees so that they gain a sense of belonging to the team and to the company. Despite all this challenges building effective team and improving the business team requires prudence scheduling, devotion and hard work (Thompson and Martin 78).
Drucker, Peter. The practice of management. 2nd ed. Butterworth-Heinemann, 2007.
Hitt, Michael and Robert E. Hoskisson. Strategic management: competitiveness and globalization: concepts & cases. 8th ed. New York: Cengage Learning, 2008.
Kerzner, Harold. Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 10th ed. John Wiley and Sons, 2009.
Thompson, John and Frank Martin. Strategic management: awareness and change. 5th ed. New York: Cengage Learning EMEA, 2005.