Our five senses are essential to our everyday life. They help us navigate, explore and experience things that are new and common to us. Without them we would miss out on a lot of things in life and opportunities. Also, there are ways to overcome certain circumstances where as if one of our senses didn’t function properly, like a stuffy nose or watery eyes. The five functions of management are like our five senses in the business world. Without them, managers and teams all over the world would be clueless on how to manage an organization properly and effectively. If used properly they can lead to positive and long-lasting outcomes within an organization. I’ve been working within my family’s business since the day we bought it back in 2005. We own a 100 room hotel with a bar and restaurant. The main entity that we operate is the hotel, which is independent or non-franchised; the other two are leased out. The hotel consists of four main departments; they are management, front desk, housekeeping and maintenance. In order to get the business up and running to our standards we had to do a lot of trial and error and come up with new ways to make money and save some too. We had to do some planning and come up with some organizational goals. Then we had to organize departments, jobs and responsibilities involved in each department. Next, we had to hire a staff to fill the positions created from organizing. After we staffed the company we had to lead and give them direction in order to get the tasks done. Lastly, we had to remain control of all aspects of the business from human resources to finance. The five functions of management play a major role in the operation of our business and I’m going to explain how each of them has been utilized within it.
The first step of the five functions of management is planning. Planning sounds like a simple concept, but when it comes to management planning is taken to a different level. It involves knowing your environment by analyzing the competition, creating goals that will benefit your organization, coming up with a plan to achieve your company’s goals and being able to budget your company’s funds to invest in your goals. Within our town we have a total of nine hotels. The hotels are located off the main highway on the north side and south side of town. My hotel is located on the north side with only one competitor next door. We compete with all the hotels in our town as well as county. The small city of Douglas is where everything revolves around and we are about one mile from the center of the city. With the hotel business the goals are complex, being that we aren’t franchised we have our own set policies and guidelines that are to be followed by the employees as well as their departmental guidelines. When we plan our goals for the year we compare last year’s figures, expenses and inventory to see where we can improve and make the necessary adjustments to our budget plan. Experts Reilly, Minnick & Baack state (2011), “Managers will engage in a variety of planning activities in the course of their work to achieve organizational or departmental goals”. Aside from the utilities, mortgage, licenses and taxes we figure in employee salaries, outside services, staffing/training, supplies and miscellaneous expenses. We even make business plans with the bar and restaurant as well as other local businesses and offer incentives to customers who use us for the services we provide. Also, we experience seasonal business traffic that we have regulars stop by during summer and holidays or reservations booked a year ahead. Planning also comes into play if we have to make adjustments in our staff due to lack of performance and w the job. So, we’ve discussed the planning function and how it helps in creating our budget, company policies and procedures, employment, as well as business collaborations. Next, we will cover how the organizing function contributes to my hotel.
1st of February 2013 Business organization and management Business size Small business: e.g. Independent service-station, restaurant Medium business: e.g. coffee club, nando’s Large business: Maccas, red rooster, kfc Economies of scale; this term refers to the lower costs per unit of output as a result of operating on a larger scale. Question 1. What is meant by economies of scale? Provide 3 examples of typical economies of scale enjoyed by large organizations: a) Coles (big…
Business Management The business management profession is often over looked by people who think they just generally like the “business” career; it involves a lot of hard work and dedication. Business Management can be viewed from many different prospectives. There’s owning a business, becoming a manager, and competing with other businesses. Not everyone can go into Business management; there are certain qualifications that must be met. All of the management subjects require leadership, determination…
in Unit 3. Undertaking a school-based test is valuable because it: evaluates your level of understanding of Unit 3 material evaluates your ability to integrate topics within Unit 3 evaluates your ability to relate theory with contemporary business practices exercised by large-scale organisations highlights the way in which you manage time under exam conditions helps you to understand how you operate/cope under test conditions 0. assists you with preparation for the end of year external…
its customer knowledge. The organization’s IT structure and function does not suit the business well. The current setup is not enterprise architecture and staff issues are rampant. There has been a lot of preparatory work done in analyzing the situation and a new team was formed to chart a course of action to transform IT. With much of the information gathering completed, the team now must convince the business leadership of the changes and be brought…
1) Business Management UCAS Code: NN12 Typical offers: A Levels: AAB (340 UCAS points) IB: 35 points. Minimum scores of 6, 6, 5 at Higher level. Minimum scores of 5 in English and Maths at Standard level. BTEC, Access & other: BTEC National Diploma DDD. Access to HE students are eligible to apply for this course. Further requirements: 5 GCSE grades A* - C to include: GCSE Maths – grade C GCSE English – grade C 2) Economics and management UCAS Code: LN12 Typical offers: A Levels: AAB (340 UCAS…
Business Management Today's business environment is competitive, demanding, and ever changing. If your career goal is management -- of people, projects, or policies -- a degree or certificate will be an asset. Every program is designed to give you the skills that employers value across industries: critical thinking, communication, teamwork, management, and technology. You can customize a certificate or degree based on your job experience and goals. Build a foundation to qualify for entry-level…
FACULTY OF COMMERCE AND BUSINESS ADMINISTRATION COMMERCE 441: 202 ADVANCED BUSINESS LOGISTICS Winter 2013 Instructor: David I. Farrell Office: Angus 351 Oplog 1 Hours: Monday 11:00-12:00; Class room: Angus 343 and by appointment..... Time: M/W 14:30.-16:00 Telephone: 822-5517 Fax: 822-9574 E-mail: david.farrell@sauder.ubc.ca Prerequisites: C399 or concurrent or equivalent. Texts and Materials: Required: R. Ballou, Business Logistics Management 5th edition (Prentice…
positive way from management. During the acquisition process employees lost their productivity, creativity, and work ethics. The unmanaged and negative behavior of management caused disruption within the market. Our competitors quickly took advantage of the situation formulating and implementing strategic activities that made are profits plunge. Management was not prepared to analyze the issues to develop a framework for success and created an environment of mistrust. Management did not respond…
CONTENTS: Executive Summary Business Concept Business Structure Market Research Marketing Strategy Setting up Costs Running Costs Annual Cash Flow Projection Three Years Annual Profit & Loss Account Projection Executive Summary: I have decided to set up an Estate Agency in the North West London in the London Borough of Brent. This is an upcoming cosmopolitan area where the people who live here are from different parts…
contribution Your own contribution to the business is what you do as the manager and how you give back or put in to the business. It is important for the owner to recognise the thing he needs to do in the business as within the business there are both strengths and weaknesses that arise in the business such as technical problem etc. A skills audit will help identify the skills needed for the business owner are lacking in skills this means that if there are gaps in the business relating to any skill aspect the…