Effective business management will bring comprehensive value to a business. However, managers need many factors to successfully manage and achieve the necessary goals for the growth of the business.
How to effectively manage the business is a painful problem that does not belong to any leader. Business management plays a very important role, directly affecting the operation and development of an organization. In addition to professional capacity and experience, leaders also need to apply many other factors to bring essential values and help businesses achieve their goals.
So what is business management? Which business management methods are optimal to achieve the maximum set of goals? The information below of Navigos Search is the detailed answer to this problem.
1. What is business management?
Enterprise management is the use of many methods to plan, organize, check, monitor and adjust the operation of an enterprise.
The business management process needs to use all resources such as capital, human resources, technology, equipment and machinery .. to implement the development goals of the business in each period. It can be economic growth goals, profit goals, brand development goals, etc.
Learn the concept of business management
2. Why is effective business management the key to success for any organization?
Effective business management is the key to success for any business. This is not only the implementation of activities to make the operation process go smoothly and achieve the set goals, but also an opportunity for managers to demonstrate their leadership capacity. Effective business management improves the reputation of the business in the market and offers the following comprehensive benefits:
For Businesses
- Ensure the implementation of the strategy and goals according to the set roadmap.
- Manage and unify human resources.
- Measure, control, improve financial risk
For the administrator
- Accurately evaluate strategic outcomes.
- Capture data to make informed decisions.
- There is a basis to continue planning the next business development strategy.
For employees
- Perform work in accordance with regulations, limit errors, optimize work efficiency.
- Know the goals, development roadmap of the business and better work orientation.
- There is a basis to promote personal strengths and abilities, and improve promotion opportunities.
The importance of business management
3. Effective business management solutions in the 4.0 era
First of all, managers need to plan a specific and clear strategy. In each project or job, you have to plan, set requirements, goals, and directions for correct operation. The introduction of such a strategy helps to speed up the process of project and work implementation in the enterprise. It is also a criterion to motivate the staff to work more efficiently and be more productive.
Reasonable division of work for each department
Businesses often face difficulties in assigning work and tasks to employees. As a leader, you need to know how to manage the business by assigning and arranging the most reasonable work for each department and employee.
Capture the right capacity, experience, and skills of each employee to be able to assign the right person to the right job, helping to achieve the highest results. In the 4.0 era, you can also use effective work assignment software such as AMIS, Asana, Faceworks, Wrike, ... to assign tasks more easily.
Design the right organizational structure
Designing an organizational structure is the process of selecting and implementing an organizational structure suitable to the current strategy, conditions, environment and situation of the enterprise. The design of the organization should start from common issues such as goals, functions, tasks, organizational structure, standards for each personnel position, working process, etc. Then, distribute it down to each department. for the head of each department to continue implementing more specifically for each employee.
Set up the right organizational structure
Good control of important data
Managing business operations requires many types of data, administrators need to know how to specifically divide each type and have a reasonable control mechanism. This effective way of managing the business requires controlling the following types of data:
Cash flow management
This is the specific job of managers, specifically the chief financial officer. Cash flow is considered a vital element of any business. Good cash flow management not only ensures smooth and convenient business, but it is also the basis for surpassing competitors when the time comes. Some methods to help manage cash flow effectively:
- Plan, monitor and control cash flow
- Improve Accounts Receivable
- Detailed management of payables
- Optimize finished goods and inventory management to free up cash flow
- Choose the right customers and partners
Keep track of receivables
Even if the business has a large enough amount of cash, it is still a good idea to check the debts. Those debts can also be a business bridge, the business's relationship with other agencies and organizations. Tracking debts to be collected will help administrators know how long it has been, whether the number of debts is large, and whether it has an impact on the operation of the business to provide a reasonable solution.
Control the amount of goods sold increase or decrease
The quantity of goods sold reflects the business situation of the enterprise and the market mechanism at different times, customer demand, selling price, quality of goods,... Good control over the quantity of goods sold It helps business owners analyze the reasons for the increase or decrease in order to propose a timely adjustment plan, promoting the sales process.
Inventory control
The amount of inventory will determine the strength of the business against competitors. To optimize this power, you need to have good control over all operations at the warehouse, including inventory. If the inventory is too much, the business needs to consider why that type of goods is still in stock, because the price is higher than the competition or the quality is not satisfactory, the design is not eye-catching,... Thereby, come up with a plan. effective treatment plan.
Control employee productivity
To best manage the business, you also need to know the employee's productivity, consider their working attitude, working time, etc. These factors will determine productivity and work results. the work of the whole enterprise. Controlling productivity and efficiency also helps you make decisions about rewarding, encouraging, developing talent or disciplining employees fairly.
Good control of all business activities and data
Recruiting quality personnel
To manage the business effectively, managers cannot neglect the selection and recruitment of quality personnel. Owning a quality human resources team will be the most important foundation to help businesses develop strongly and improve their position in the market compared to competitors in the same industry. But now, the labor market is fiercely competitive for talent, so it is difficult for businesses to recruit potential candidates. If recruiting personnel, it may not be the best, most suitable candidate.
The optimal solution at this time is to associate with a headhunter company. Headhunter is the link between recruiters and candidates. With a wide recruitment network and high accessibility, headhunters will find quality candidates that match the recruitment requirements and convince them to apply .
At Navigos Search - Vietnam's leading mid- and senior-level recruitment service provider, there are now more than 375,000+ senior candidates, 85,000+ senior management candidates , helping to quickly recruit candidates. quality pellets.
Our consulting team are recruitment experts who have a deep understanding of the value of human resources, a deep understanding of each industry and professional skills that will accurately grasp the recruitment requirements of your business. . All specialists are very experienced, knowledgeable about the labor market and each core industry.
Based on the rigorous recruitment process and the candidate's capacity, experience and labor market situation, Navigos Search will conduct a search for the most suitable candidate with a very low occupancy rate in your business.
Navigos Search - Vietnam's No. 1 middle and high-level talent hunting company
Over 20 years of experience in the field of recruiting mid-level and senior-level personnel, Navigos Search is proud to have supported and brought successful recruitment solutions to hundreds of thousands of businesses and multinational corporations across the country. Vietnam, helping them get the best quality human resources.
Our recruitment solutions are as follows:
- Talent recruitment service: Navigos Search's dedicated team of consultants will always stand by your company from the time of recruitment needs to the time of receiving candidates. Your company will only pay the cost after successful recruitment.
- High-level recruitment service: Navigos Search will provide a specialized recruitment team to cooperate with your company in the process of recruiting high-level personnel, ensuring the selection of the best and most qualified candidates for your business in the future. certain time.
- Recruitment outsourcing service: Recruitment process outsourcing service ensures faster recruitment process, results, superior candidate quality and helps improve business efficiency when you hire the right people. We provide you with a team of professional recruitment staff working at your company of recruitment specialists dedicated to your business.
- Japan Desks: All consultants have extensive knowledge and experience in the field of recruitment in the Japanese market, and we also have native Japanese consultants to assist you in your strategy. your recruitment strategy.
Every month, the number of potential CVs sent to us is huge. Therefore, if your business is looking for talent for any other mid-level or senior-level positions, please contact Navigos Search quickly.
Navigos Search - Vietnam's leading mid- and senior-level talent hunting company