Skip to main content

Six Functions of Business Management

There are many ways to financial independence. You may maximize your savings, have insurance or the fastest way, invest in business. Choosing the latter to financial independence is the fastest way however, investing in business also has the biggest risk especially if you never really had a background of study about business management. 


Although I believe that there’s a sales person in everyone, as we all buy and sell every day in different forms and degrees, I don’t underestimate the value of having a formal study of business management. In fact, I believe that learning the basics in business is important in polishing our business’ skills. Below is a diagram of business management that I created to help you in your own business management journey. I call this PIC MAP (Production, Inventory, Cash flow, Man Power, Approach and Promotion), a simple, easy to understand diagram in business management functions for your efficient and competitive performance in the world of business.

1. Production. It’s the same as business operation or manufacturing. Business production can be so broad because it is basically the life of the business. The maximum sale of a business depends on the efficiency of business production or business operation. 

2. Inventory. It is the same as accounting. A good inventory keeps the business organized. Inventory is not as simple as tracking and keeping records of sale. A good inventory management is a practice of discipline every business owner should acquire which I will be discussing in a separate article.

3. Cash Flow. It is the same as finance. This is the business’ power. A good control of this power can help you grow your business and keep your business running for a long time.

4. Man power. It is the same as human resources management. The art of managing your workers lies on your good leadership skills. Maximizing your workers’ performance is also one way to ensure the success of the business.

5. Approach. It is the same as strategy or the business’ unique style to be competitive. It is a concrete, organized and efficient plan to achieve the business’ ultimate goal. 

6. Promotion. Business’ promotion is the same as marketing. It is the business’ fuel to move forward and grow. Aside from advertising, researching, and promoting, business’ marketing is so broad and mastering the art of adapting and keeping up with the changes play a big role in business’ marketing success. – M.D.

We’d also love to hear from you. Feel free to comment below to share your business experience. You may also email us at mybusinessgrowsbigger@ gmail.com for free business consultation. You may also follow us on twitter https://twitter.com/BusinessSavvy2

Labels:

Comments

Post a Comment

Popular posts from this blog

What the Elites Don’t Want You to Know

‘You are the author of your life.’ I’m sure you have heard this a thousand times before as this cliché has been said by a lot of great speakers to motivate their audience. But somehow, you most likely believe that some lives are authored by bloodline especially for people who are born with a silver spoon in the mouth. And you know that the quote ‘ You are the author of your life ’ is only applicable to regular people so that they couldn’t blame anyone for the poverty and scarcity they experience. -The Trap- Now let me tell you some truths that might shock the very core of you. The things that the world and the media has led you to believe are façade and lies to stop you from being free from the trap. And when I say trap, I mean that 9-5 job you’ve signed for. Trap is the routine that you do, an endless cycle of going to work, receiving your paycheck monthly, that’s not even enough to cover all the dues. Trap is also the miserable and dangerous world that you believe you are ...
Post a Comment
Read more

The Right Business Goal

When talking about business goal, the first idea that will come to your mind is achieving the maximum sales. Well, there’s really nothing wrong with knowing the business’ full potentials. However, I don’t think that this is the right business goal. Truth is this kind of business goal often lead to poor sales. People nowadays refuse to spend on anything unless it could really give them great value. Sadly, we live in a world today where the only time to catch people’s interest is if it’s something that would benefit them more than it benefits others.  Two years ago, I was giving a motivational talk to people from different walks of life and I opened up about my project of helping one specific community in one village where illiteracy rate was a little bit higher compared to normal places. I told them that whoever wanted to be part of the project could stay in the room after the event. To my surprise, the room was still full of people after the program. I was surprised that every...
Post a Comment
Read more

The Millionaire’s Habits

One of my most favorite verse in the bible is Mark 11:24 and it says; “Therefore I tell you, whatever you ask for in prayer, believe that you have received it, and it will be yours.” Some people miss the middle part believe that you have received it. I am not here to debate whether law of attraction works. I am here to point out the principle of praying, asking or wishing, or whatever you may want to call it. One of the principle that has worked over the years is acting as if. In my book 21-day-project, I have stressed out that you have to match your habits with the lifestyle that you desire. The whole concept is as simple as this; if you want to be a singer, you’d most likely learn tips from a singer. If you want to be fit, you’d most likely go to a gym and follow your gym instructor. In the same way, if you want to be a millionaire, I suggest you observe all the multi-millionaire that you know. Discover their habits and characters. So, what are the millionaire’s habits? ...
Post a Comment
Read more