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Small Business Owners

Business Management.

For every small business owners there must be a layout and framework. We must have a clear bandwidth while setting up a business unit, whether it is small or big The management must be in such a way that it should generate enough return to satisfy the expectations of investors. For every entity in order to touch the highness of glory as well as strength must follow some sound strategy.

There are certain management principles, which will give insight as well as basic concepts for managing or running a small business owners. The principles are listed below.

Specialization: - this refers to division of work to individuals, in order to make then specialist in those area. This will help to increase the productivity in relation to the time deployment.

Authority: - this refers to the delegation of appropriate authority to perform the responsibility assigned by the management to the employees. There must be a balance between transferred authority and assigned responsibility.

Discipline: - the over all environment must be well contained with discipline. All employees must respect the command and follows the disciplinary guidelines provided by the leaders. Management must be able to deliver best leadership for the successful implementation of discipline in the organization.

Unity of Command: - there must be only one boss for one employee, or an employee must be immediate only to one superior at a time. Otherwise he will not be in a position to effectively exert his effort in the job.

Unity of Direction: - there must be only one goal for everyone who is engaged in the same activities. This is an important principle to be followed for bringing the unity and coordination in the organization.

Subordination of Individual interest: - this refers to the surrender or sacrifice of individual preference or likes or dislikes for the sake of common interest. Management must give prime concern always to organizational goal.

Remuneration: - remuneration must be given at par for everyone who are working effectively and achieving their KRA in order to stimulate efficiency.

Centralization: - centralization or decentralization. Depending upon the nature and condition of the business, activities must be centralized or decentralized in order to achieve the quality of operation.

Line of Authority: - this is also called scalar chain. A hierarchy must be maintained for the effective flow of command. This will avoid bypassing process in the organization and direction of command will come from right point.

Order: - everything must be in its right place, this will achieve the material order and thus can minimize lose of time and inefficient usage of material. Social order is also very important to be achieved and maintained through organization and right selection.

Kindness & Justice: - while running a small business owners capture of employees confidence and commitment is prime. So must show kind and justice to them while managing business operation.

Tenure of personnel: - employees will be with organization if they get a feeling that job is secured and career prospects are there. So business must be managed in such a way so that less number of labor tenure is recorded.

Initiative: - employee must be allowed to show their initiatives so that overall organization strength can be achieved. Initiative taken by any employee must be recognized and encouraged in such way so that he must become role model for other employees.

Esprit De Corps: - management must encourage the morale of employee. It is

very important to identify efficient talented workers and encourage them through rewarding for their merits without jealous and thus distribute harmonious relation inside the organization.

Elements of Business Management:-

Planning & Forecasting: - Planning is the basic layout for any project or function. Without which its impossible to built up a business empire because it is the foundation. Forecasting of certain things under uncertain condition has its own relevance in business management. Planning and forecasting can be defined as the most important element of business management.

Organizing: - all the operations must be well organized in such away so that smoothness and rhythm of flow must be contained in the business.

Commanding: - proper command or instructions should be given at the right time for the personnel to avoid waste of time and effort in the business operation

Coordinating: - all activities of every department should be coordinated in a better way to achieve a sound management of small business owners activities.

Controlling: - It is very prime matter to analyze and control all the operations of entire organization in order to make sure that everything is taking place according to the instruction or command or rules given by the management.

Business unit is an independent person having obligation towards its investors or creditors to give enough return for their satisfaction or interest. Business risk is a huge risk which every investor or entrepreneur will understand and shoulder it for enjoying the benefits of economic activities. Management must study the nature of small business owners before they set up policies for its operation.

So for every economic activity certain assumptions and concepts are inevitable.

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