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Business Management - Skills of Management

Stage 6 Business Studies - Preliminary Course - Business Management Topic

ellen beaton

on 27 March 2018

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Transcript of Business Management - Skills of Management

Is the exchange of information between people; the sending and receiving of messages

It is as vital as the air we breathe

One of the most difficult challenges for managers is getting employees to understand and want to achieve the business goals.

Effective communication is at the heart of meeting this challenge - without it the most carefully planned and brilliant strategies will most probably fail

Because of the complex nature of communication it is the easiest as well as most difficult management skills.

Communication occurs with employees, customers, suppliers and the general public.

Managers who are effective communicators and who are able to share their thought and plans will find it east to influence others
Interpersonal (People) skills
Skills that are needed to work and communicate with other people and the understand their needs. Managers get their work done with and through other people; therefore interpersonal skills are extremely important

Interpersonal skills centre on the ability to relate to people, being aware of ad appreciating their needs and showing genuine understanding.

They include the ability to communicate, motivate, lead and inspire.

A manager who lacks empathy, is arrogant, opinionated, unable to communicate or who has difficulty relating to people will not be able to develop positive relationships with people.


Strategic Thinking
"I think there is a world market for about five computers"
Thomas J. Watson, chairman IBM, 1943
Vision & Leadership
Vision is the clear, shared sense of direction that allows people to attain a common goal

Vision is the essential contribution of management,for without it there can be no sense of cooperation and commitment which makes achieving goals impossible.

A managers vision is what helps employees understand where the manager wants to take the business. Without this there is no guidance or direction for employees to follow.

To share this vision and inspire others, managers will have to display effective leadership qualities.

Leadership is the ability to influence people to set and achieve specific goals.

A manager will use his/her leadership abilities to act as a bridge in which to support team members as they cross from existing ideas into new and unfamiliar territory.

To be an effective leader is a not an easy task; it is time consuming, especially if there are a lot of people involved.
Problem-Solving Skills
Problem solving means finding and then implementing a course of action to correct an unworkable situation.
Although managers have to deal with many problems in the course of the dat, not all problems requires such a systematic, formal process.

One of the most important skills a manager can develop is the ability to decide which problem they should give their full attention
Stage 6 Business Studies
Preliminary Course

Flexibility & Adaptability to Change
Reconciling the Conflicting Interests of Stakeholders
1. Define in your own words the term 'skill"
2. Explain why it is important for a manager to possess good interpersonal skills
3. Define the term 'strategic thinking'
4. Discuss why it is important for managers to be productive rather than reactive
5. Evaluate this statement:
"To be effective, corporate strategy must take into account the interests, needs and expectations of all the business's stakeholders. Companies should have a strategy that combines all business goals and broad social interests"

Non-verbal communication
Is any message that is not written or spoken. Non verbal communication mainly consists of body language eg. posture, facial expressions, placement of limbs and proximity to others
Strategic thinking allows a manager to see the business as a whole - as a complex of parts that depend on an interact with each other, like the gears in a machine and to take the broad, long -term view

The ability to strategically think lets the manager see the 'big picture'

Many people assume that strategic thinking skills are the exclusive field of senior management, but that is not true. Managers at all levels need to exercise this skill. It will help the business maintain it competitive position within a constantly challenging business environment.

There are 6 steps in a typical problem-solving process.
Is the process of identifying the options available and then choosing a specific course of action to solve a specific problem.

Managers today are often confronted with complex, challenging and stressful decision-making demands.

Accelerating change often makes it difficult to accurately predict the full effect of any decision. Therefore managers need to develop an effective decision-making environment within the business.

This can be accomplished by tapping into the creative potential of employees

Note: Not all management decisions are effective.
Over the next 10-20 years, the Australian business environment will dramatically change. How managers percieve and react to these changes will have dramatic consequences for their businesses.

Regardless of their level of management, successful managers are those who anticipate and adjust to changing circumstances.

Managers must be flexible, adaptable and proactive rather than reactive. Those who are unprepared or passive in the face of change will not succeed.

To be proactive refers to a management style that incorporates dynamic action and forward planning to achieve particular objectives.
There are a number of stakeholders in business.

Stakeholders are groups or individuals who interact with the business thus have a vested interest in its activities.

Over that last four decades, there has been a significant philosophical shift in business conduct to meet society's expectations.

All stakeholders who interact with a business require something different; all place competing demands upon the business. Some of these expectations are compatible. Some are not.

Managers need to reconcile the interests of various stakeholders

Senior managers must attempt to satisfy as many stakeholder expectations as possible

Write a paragraph that explains the interrelationship of different stakeholders in a business. Use an example of a business you are familiar with to strengthen your writing.
Managers are required to possess a range of specific management skills, as shown by this advertisement.
Owing to the complex nature of achieving effective communication, mistakes, misunderstandings and unforseen barriers sometimes lead to false messages or no message being recieved.

This can lead to disastrous consequences
"There is no reason for any individual to have a computer in their own home"
Ken Olsen, Presidents, Digital Equipment, 1977
"Everything that could be invented has now been invented"
US Patent Office circa 1900
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