Need an instant guide to effective management? Here`s a quick summary of essential management strategies in five steps that surely enhance your organizational performance.
- Practice of Management
Management practice is an essential part of an organizational strategy to be efficient and achieve its aims. Otherwise, there would be organizational anarchy in the absence of authority.
Management involves four basic functions — planning, organizing, leading and controlling. Common sense dictates the role of management principles in achieving your future goals! A modern theory on this practice of management was written by Alan Herbert Oviatt. This theory divided management into numerous principles such as careful planning, well-defined governance, dedicated organizational leaders, etc.
To take a look at these basic principles of management and understand the terminology. Drop on https://alanoviatt.com/
- Strategic Management
Strategic Management is all about identification and description of the strategies that manager undertakes to achieve better performance and a competitive advantage for their organization. An organization is said to have successful management process if its profitability is higher than the average profitability of competitors.
Strategic management involves competitors’ evaluation, goals setting and strategies to meet all existing and potential competitors. To effectively manage, managers are also required to entail thorough knowledge and analysis of the competitive organizational environment. A SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) is of great value to evaluate and make best possible utilization of strengths, minimize the organizational weaknesses, make use of arising opportunities from the business environment — without ignoring the threats.
- Theories of Leadership
The theory of leadership is a component of transformation leadership. This enhances motivation and morale — connecting the employee’s sense of identity towards a project and organization`s collective identity.
Further, Alan Oviatt from St George, UT shed light on the four major components of the theory that highlighted indispensable qualities requisite in a good leader;
- Individualized Consideration: Concern towards each follower and actions as a mentor or coach.
- Intellectual Stimulation: Assumptions towards challenges, risks, and solicits followers’ ideas.
- Inspirational Motivation: Quality of articulating a vision and how long it keeps followers inspire.
- Idealized Influence: A role model for high ethical behavior, instills pride, and gains respect and trust.
- Sustaining Performance
Both managers and business owners can implement periodic performance appraisals to provide feedback to employees, set goals and identify areas of improvement. Hence, the annual performance review or evaluation is an ideal method of indicating employee’s performance in the form of pay increases or bonuses. However, managers, supervisors or business owners can also use other methods to evaluate the performance of workers during the review period.
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