Management is a term that is used in the domain of business quite extensively. This term can essentially be used and understood in a host of different ways. In most cases, management is considered to be the process that is followed for the purpose of achieving the organizational goals of a company. I can even be referred to as a body of knowledge or discipline, as well as a particular group of people who are managers. Michael Giuffrida underlines that in most cases, the domain of management is largely concerned with getting certain tasks done with the aim of efficiently achieving certain predetermined goals and making sure that the resources available are optimally utilized.
Michael Giuffrida marks the importance of management for every business organization
Any business organization cannot survive in the long run without proper management support. The management team of a company has a key role to play in making sure that the enterprise is able to achieve optimal prosperity with minimum efforts. Michael Giuffrida mentions how management is extremely essential in a business organization where group efforts are required to be adequately directed towards the maximum achievement of goals. Mr. Giuffrida is a professional having quite a great amount of experience and expertise in the domain of business management. He additionally is responsible for establishing Titan Strategic Partners, which is a company that specializes in providing the much-needed management support to start up enterprises.
Michael Giuffrida mentions the various ways a management team provides support to a business organization. Here are a few of those ways:
- Aids in the achievement of group goals: A business organization tends to be comprised of a number of people who have to work together as a group in order to reach the key goal of the company. Management ideally provides a common direction to the individual work and efforts of the company employees, thereby aiding them to achieve the common goal of the business.
- Increases efficiency: Minimalizing expenses and augmenting the profit margins would be the key aim of any commercial enterprise. This can only be done with the help of proper management that can ensure effective planning, staffing, organization, controlling and directing in the enterprise. The efficiency of business automatically increases as the management team uses fewer resources to achieve maximum output or benefits. Workforce, money, material, and machinery tend to be the key resources of any company, and the management ideally uses these inputs in an efficient manner by striving to allocate them properly to ensure a reduction in wastage that ultimately leads to superior profits and lower costs.
- Creates a dynamic organization: The work environment maintained at an organization ideally is subjected to continuous changes. However, many times the people working their resist these changes as they do not want to move from a comfortable and familiar environment to a new one. Its management ideally assists the workforce to make these changes for the success of the business.
Michael Giuffrida highlights how due to their great importance, the management functions of an organization should never be ignored.