Business management is a branch of management where managers deal with capital as well as human resources to ensure the efficiency and productivity of the organization.
Managers are liable for Planning, Organizing, Staffing, Directing, and Controlling the organization. According to their work, types of managers are listed below:
- Top-level managers (Chairman, Vice Chairman, CEO, etc) are liable for the planning and organizing.
- Staffing work is done by HRM (Human Resource Managers).
- First-line managers (Work Managers, Supervisors, and Team Leaders) are liable for directing and controlling the organization.
Do you know which are the top 5 business management software? If not, you should read this blog post. Here I will provide you with complete knowledge about business management along with the 5 best business management software.
What is Business Management?
Business management is the branch of management where managers manage men, finance, and materials to meet organizational needs.
The ultimate goal of business management is to mobilize human and capital resources in the best possible manner to get maximum results with minimum effort.
Planning, organizing, staffing, directing, and controlling are the five functions of business management. But both directing and controlling functions are very challenging functions of business management as managers are responsible for managing the employees and goods for the best side of the organization.
What is the Need for Business Management?
- Management ensures the optimum utilization of resources including capital and human resources.
- The planning process is important in setting goals. On the other hand, the controlling process ensures that all tasks are done on time.
- Leaders and supervisors maintain work efficiency and productivity of goods or services.
- A manager with motor skills can motivate employees. Motivated employees can work more efficiently and effectively.
- HRM managers are responsible for staffing and they ensure that there are no vacancies in the organization.
- An organization can achieve its goals when all the organizational processes run on the right track.
- Increased organizational profits increase the salary of employees as well as managers.
Functions of Business Management
The planning process starts with the questions such as what to do, how to do, where to do, when to do etc. The top managers are liable to find the best possible answers to these questions.
It is obvious that all questions have more than one answer. After assessing all the possible solutions, managers make one common opinion.
In this stage, top managers set the ultimate targets and construct policies, procedures, budgets, and strategies after considering all the opinions. To create a consensus, businesses are commonly using a voting system.
The organizing process is also known as the framework-building process. In this process, top managers construct a framework for the organization. An organization framework includes the authority, duties, and responsibilities of employees.
The organizing process helps in making a productive relationship among the physical, financial, and human resources. It ensures the distribution of authority, duties, and accountability among the posts.
Hence, it ensures that the right person uses the right authority. It also ensures the guilty person is held accountable.
Staffing ensures that there are no vacancies in the organization. Recruitment, staffing, training, promotion, and transfer are the essential elements of the staffing process.
Human resource managers are liable for the complete staffing process. So, HRM managers are responsible for the hiring, training, promotion, and transfer of personnel from time to time.
The directing process also known as the implementation process includes supervisory techniques, motivational techniques, and communication methods to ensure the working efficiency of employees. The elements of directing are listed below:
- Supervision: Supervision is the process of watching and directing workers to ensure that each worker is working efficiently. The supervision work is done by the supervisors and work managers.
- Motivation: Motivation is the only factor that encourages employees to work on something. Employees work to meet the necessities of life. Managers use positive-negative, monetary-non-monetary incentives to motivate employees.
- Leadership: A manager with good leadership skills can guide and influence workers to work according to the best possible benefit of the organization. Leadership is a skill that comes with experience, and knowledge.
- Communication: Formal and informal are the two modes of communication. Both are different from each other. Formal communication uses the organizational structure of the business and is also known as straight-line communication. On the other hand, Informal communication does not use the organizational structure of the business. In informal communication, any employee can speak directly to the boss without thinking about their rank.
In the controlling process, managers match the real progress with the predetermined progress parameters to determine deviations from the work. The complete controlling process is given below:
- Establishment of predetermined progress parameters
- Measurement of real progress
- Matching of real progress with predetermined progress parameters
- Determination of deviations
- Corrective action
The 5 Top Business Management Tools
Business management tools are software that enables businesses to eliminate human errors, increase the efficiency of workers and make the reporting process amazing. These tools improve automation in the organization and improve productivity as well as the efficiency of employees.
The top 5 business management tools are arranged below:
Lightspeed is the best inventory management tool and is commonly used for inventory management purposes by on-store businesses, eCommerce businesses, and Hotels.
Lightspeed offers many features including inventory auditing, inventory optimization, real-time inventory tracking, status management, eCommerce management, cost tracking system, etc.
Its customization reports enable businesses to find inventory-related reports on time, thus inventory managers can ensure a consistent supply of goods. Here you can easily make a product list according to color, material, and size and manage it according to your need.
We all know that as the size of the business increases the cost of management also increases. To manage inventory at a less cost, you should subscribe to an inventory management tool. For inventory management, you should try the Lightspeed tool once.
Trello is a very popular team collaboration and communication tool that enables managers to bring all the team members together within a department. It provides a centralized hub of communication where the team members can easily communicate with each other.
It has an easy-to-use platform interface, thus any team member can easily use it. Using Trello, managers can easily interact with their teammates even from remote locations.
After the COVID-19 pandemic, many organizations are using the "Work from Home" method. Therefore, managers can easily communicate and collaborate with their peers from the home using Trello.
Hubspot is one of the best marketing tools that enable you to generate leads. It also improves the conversion of leads. Hubspot ensures the success of marketing campaigns because it provides lots of amazing marketing features.
It offers automated marketing campaigns, collaboration tools, and other marketing features. Using Hubspot you can easily run marketing campaigns to increase the market reach of your product.
By using Hubspot you can easily increase the brand value of your product. The high brand value of the product attracts customers, thus it also increases your sales.
It is one of the best business management tools for small businesses and entrepreneurs. After using nTask, small businesses can easily manage their business operations because it offers features related to time tracking, project risk, and budget.
At that time, nTask is serving its amazing service to more than 250,000 users. In addition, it offers 10OMB of storage for free. If you are running a small business, then you should subscribe to nTask.
Timecamp is an amazing time-tracking tool that provides amazing time tracking to users. It increases discipline among the employees and ensures every work should be done on time. Timely work tends to increase productivity as well as the sales of the business.
Through its productivity monitoring feature, managers can easily track and monitor the activities of employees anytime and anywhere. In addition, it offers top management features related to accounting, CRM, and project management.
Timecamp has an amazing platform interface that enables employees to track their own working period. This tool offers a free version of the plan. If you are looking for an amazing time-tracking tool then Timecamp is only for you.
1. What is business management? What are the different types of managers?
Business management is the branch of management where managers manage men, materials, and finance in the best favor of businesses. Managers also try to achieve business goals. The managers have three types such as
- Top-level managers(Chairman, Vice Chairman and CEO, etc)
- Middle-level managers(HRM, Divisional managers, Departmental heads, etc)
- First line managers(Work Managers, Supervisors, Team Leaders, etc)
2. What are the 5 functions of business management?
The five functions of business management are arranged below:
3. What are the 5 business management tools available online?
The top 5 business management tools are arranged below:
Business management is the process of planning, organizing, staffing, directing, and controlling. These five processes are vital for every business.
If you want to be a successful businessman, then you should use all the business management processes in your business.
Many business management-related tools are available on the internet. You can also use them to bring process automation into business.