12.1 Functions of Management

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Small Business
NCVPS
Module 12

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12.1 Functions of Management

  1. 1. Planning and Preparing to Manage a Small Business What are the Functions of Management? Planning Controlling Organizing Directing
  2. 2. THE FUNCTIONS OF MANAGEMENT <ul><li>Planning </li></ul><ul><li>Organizing </li></ul><ul><li>Directing </li></ul><ul><li>Controlling </li></ul>The functions of management include:
  3. 3. <ul><li>The first step in managing </li></ul><ul><li>Determines business objectives or desired results </li></ul><ul><li>Determines ways to reach established goals </li></ul>PLANNING Planning is:
  4. 4. THREE TYPES OF PLANS <ul><li>Strategic plans </li></ul><ul><ul><li>long range; </li></ul></ul><ul><ul><li>Map where you want your business to be in 3-5 years </li></ul></ul><ul><li>Tactical plans </li></ul><ul><ul><li>mid-range </li></ul></ul><ul><ul><li>Focus on a period of one year or less </li></ul></ul>
  5. 5. THREE TYPES OF PLANS <ul><li>Operational plans </li></ul><ul><ul><li>short term objectives that help to achieve tactical plans. </li></ul></ul><ul><ul><li>plans include policies, rules, regulations and budgets for the day-to-day operations of the business </li></ul></ul>
  6. 6. <ul><li>Organizing people to carry out the company’s plans. </li></ul><ul><ul><li>Hire and train new employees </li></ul></ul><ul><ul><li>Assign authority and responsibility </li></ul></ul><ul><li>Organize and arrange equipment, materials, and other resources to help reach objectives. </li></ul><ul><li>Set up a chart to organize and give structure to your resources. </li></ul>ORGANIZING Organizing is deciding what jobs need to get done. This is done by:
  7. 7. <ul><li>Effective Directing is: </li></ul><ul><li>Conveying plans, assignments, and instructions to employees </li></ul><ul><li>Communicating goals and motivating employees to perform </li></ul><ul><li>Handling equipment, materials, and other resources </li></ul>DIRECTING
  8. 8. <ul><li>Controlling is: </li></ul><ul><li>The final step in managing </li></ul><ul><li>Comparing expected results with actual performance </li></ul><ul><li>Implementing corrective actions as needed </li></ul><ul><ul><ul><li>A quality control program is a check that is built into the production process to make sure products meet certain standards. </li></ul></ul></ul><ul><ul><ul><li>Uses budgets to compare budgeted costs with actual costs. </li></ul></ul></ul>CONTROLLING

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