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Basic management skills, effective co-ordination & control, timely planning, and structured organising are a few essentials of managing a business successfully. Every manager needs to excel in these fundamental skills to ensure the successful functioning of the company. A business can only be successful when five elements – planning, leading, organising, control, and co-ordination are taken care of efficiently. Let’s discuss each of these elements in detail. Planning Planning involves identifying the objectives of the business and finding out the ways to acquire these. As a manager, you must consider the cost to be incurred and evaluate the time required to achieve the goal. Moreover, it is essential that the plan must be documented and reviewed on a more regular basis. Every plan must be communicated and discussed with senior people in the organisation before it is finalised. If you think that an idea adds value to the plan, discuss this openly. Organising Organising is about allocating the work in all the departments so that a collective goal can be acquired at the end. Good managers come up with yearly goals and further segregate them into quarterly and monthly goals. The process also includes the supply of material required for the service or business. For example, a food product manufacturer will not be able to meet the target, if a specific ingredient in the recipe is unavailable in the world market because of low production quantity, damage due to natural or man-made reasons etc. Leadership Leadership is primarily a management skill, which is directly related to the performance of the subordinates. It is the job of the leader to communicate company policies, targets, and achievement plans with its subordinates, so the entire team is able to collectively achieve the set growth result. A leader doesn’t only supervise its subordinates, but also works as a guide for them. It is the quality of an able leader that he/she is able to get a job done quickly and efficiently. No team leader can grow his managerial skills without being flexible and adaptable. It is also essential for a leader to come up with new ideas and use his experience to guide his team and achieve the target. Co-ordination Effective co-ordination is essential for achieving goals. By integrating all the activities in an organisation, coordination helps in completely utilising the resources and minimising the chances of delays, wastages, conflicts, and other problems in the organisation. Lack of proper coordination might result in teams and resources working inefficiently without knowing the purpose of their assigned tasks, project plans, and targeted goals. Control It guides management in achieving the goals that are pre-determined. The control process enables a business to take corrective measures to overcome the shortcomings in different fields. The function also acts as a check on the performance of individual employees and teams in the company. An individual can acquire these skills by enrolling in a business management course. There are several renowned universities in UK that run conventional as well as distance learning MBA programmes for students. Get more information about the online MBA course at the University of Leicester School Of Management, one of the top business schools in the UK. The MBA programme will hone your skills and enable you to add value to the organisation. However, it is important that you choose the right university to pursue the course. The author of the article recommends the University of Leicester School of Management which offers expert-designed business management courses in several streams.
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