Business management is the planning, organising, directing, and controlling the business’s resources so they can meet the objectives set out in the business plan. Here is where we stitch everything together in the day-to-day running of the business. The activities associated with running a company, such as controlling, leading, monitoring, organizing, and planning. Being good at business management will allow you to come up with new ideas and find ways to utilize them properly.
Business management is essentially implementing the business plan (value proposition, solving the problem, executing on the business model, organising, planning and directing your strategy to accomplish your goals) on a day-to-day business.
You can use a framework such as P-O-L-C (planning, organizing, leading, and controlling) to guide you. As a startup, your most important things will be
Day to day management / Admin management
Day-to-day management ensures that the work gets done correctly and in a timely manner. In addition, all business records must be maintained accurately and kept up to date.
All organizations must deal with logistics on a daily basis.
Financial management is another daily task which must not be neglected. It involves bookkeeping, billing, paying bills and managing payroll. Companies need to maintain a regular billing and payment schedule in order to keep a positive cash flow. Organisations should therefore keep detailed track of their expenses and provide clear guidelines for ordering supplies and materials to meet demand.
Without accurate day-to-day financing, important money-management tools such as financial forecasts and cost control become difficult or impossible, which in turn puts businesses in jeopardy.
Personnel management is an important day-to-day function that involves problem-solving as well as maintaining higher levels of job satisfaction and encouraging positive interaction among the staff.