Business Management

1. Business Management What kind of skills do you think a leader should possess?

2. Management Basics • Profit is the catalyst for business operations and its success depends upon having strong management strategies in place • Management is accomplishing goals through the effective use of people and resources

3. Levels of Management • Top-Level Manager • Middle Manager • Operational Manager

4. Top-Level Manager • Top-Level Manager is responsible for setting goals and planning for the future as well as leading and controlling the work of others • Only one top-level manager at most small businesses • Larger businesses may be composed of a CEO, president, and vice-president

5. Middle Manager • A Middle Manager carries out the decisions of top management • Often responsible for various departments in a business, such as production, marketing, and accounting • Responsible for the organizing function as well as leading and controlling the work of others

6. Operational Manager • An Operational Manager is responsible for the daily operations of a business • Supervisors, office managers, and crew leaders are types of operational managers • Also do some planning and organizing but their main duties include overseeing workers and meeting deadlines (leading and controlling)

7. Why do you want to be a manager? What does a manager do?

8. http://www.youtube.com/watch?v=ZyP3haSiyQI

9. Functions of Management • Planning • Organizing • Leading • Controlling *Leading is the most important

10. Planning • The Planning function involves analyzing information and making decisions about what needs to be done • Includes defining goals, establishing strategy, and developing plans to coordinate activities.

11. Planning • A good idea requires planning in an order to maximize success and profits and must determine whether or not it is feasible • Do we have a large enough Target Market (a group that management is trying to reach) to make it financially worthwhile? • How much money must be earned or raised to break even? • Is it an ambitious dream or a solid income producer? • Once the decision is made to go ahead, the steps to completion must be determined

12. Organizing • The Organizing function is concerned with accomplishing tasks most effectively and arranging resources to complete all necessary work

13. Organizing • Determining what tasks are to be done, who is to do them, how the tasks are to be grouped, who reports to whom, and where decisions are to be made.

14. Leading • The Leading function involves influencing, guiding, and directing people under one’s management to carry out their assigned tasks

15. Controlling • The Controlling function involves evaluating results to determine if objectives have been accomplished as planned • Managers must evaluate the project to determine how to improve projects in the future or if certain ones shouldn’t be pursued again

16. Brief Overview • Planning- deciding what needs to be done • Organizing- accomplishing tasks and arranging resources • Leading- directing and showing people how to carry out plans • Controlling- evaluating results to make sure objectives are reached

17. In four groups: • Read about the management pyramid: http://management.about.com/od/managementskills/a/ManagementSkillsPyramid.htm • Each group will have one of the four levels on the pyramid: • Level 1 • Level 2 • Level 3 • Top Level Each group will have to describe their level to the rest of the class