5 Basics of Management in Business That Must be Known

By November 08, 2017
Basics of Management in Business That Must be Known

Surely you often hear that the main factor that most play a role in the success of a business that good management. On the contrary, the collapse of a company is more due to the poor management system of the company itself.

Yes, it is not wrong if management is the main key that must be considered before you start a business. Therefore I am interested to write about the basics of business management that you should know.

Related Articles: 7 basic tips for starting an online business.

5 Basic business management that must be met

Whichever businessperson surely wants the best, therefore, management is the main thing that should take precedence before starting your business. Because of the good performance of a business depends on how to manage its management.

1. Human Resource Management (HRM)

Human resources certainly have a benchmark and ability of each. Therefore, in the management of human resources must be thorough. In order not to be wrong in hiring someone is not in accordance with its resources.

Because in a company there will be human resources placed in their respective sections. Some will hold the production section, the marketing department, the finance department, the payment section and others.

2. Production Management

The basis of production management is something that must be looked at very carefully. Because the product is a pillar of a company or business that will determine consumer satisfaction, be it in the form of goods or services.

A company founded without any knowledge of the value of production can result in large material losses. If the resulting output turns out to have no sales value, this would result in an earlier business collapse as has happened to some businessmen.

Production management should be planned, managed and controlled on the basis of the point of view of desire and satisfaction from consumers. In this case, it is necessary to have a preliminary survey by distributing questionnaires to see consumer appeal.

3. Marketing Management

Marketing can be defined as an activity that creates economic value for goods and services. Marketing management means a method to plan how a product or service can be received by consumers.

This marketing management basis plays a role in introducing or promoting a company or business to the consumer. The success of a business cannot be separated from how important the business is needed by others. The more enthusiasts the higher the business grows.

Some of the components included in the marketing management baseline include potentially an actual marketplace information seeking, designing marketing programs and evaluating corporate marketing programs.

4. Financial Management

Financial management is how to get and how to use company money. Financial management is concerned with the process of good cash inflows and investments, production funds and other sources of funding.

The newly developing company must have good financial management, because if the company's funds are not properly managed and in line with the objectives it can result in inflation within the company, where expenditures will be higher than the revenue.

Human resources managing the financial management department should at least learn in detail how a fund can be obtained, used and later returned to the company.

5. Information Management

Information management, in this case, is an activity to ensure that the business being developed can be run and can still survive in the long term or not.

Information management is very crucial when business is experiencing difficult times at the beginning of development and in the midst of growing computer capabilities.

If a business has a deficiency in an information source it can result in an inability to control resources so that it affects both short and long-term decision making.

That's the five basic business management that must be known and fulfilled before deciding to start a business.

Thank you for reading, happy doing business and hope you get inspiration from this article.

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