Explain five ways in which effective management practices may contribute the success of a business
- Proper planning is put in place so that good results can be anticipated and also accommodate future changes.
- Relevant strategies may be established so as to achieve desired
- Setting clear goals and objectives so as to achieve the intended results.
- Providing and using organizational resources efficiently and effectively. This involves budgeting to avoid wastage and misuse.
- Proper time management to ensure set activities (tasks) are accomplished within the required time.
- Good supplier/customer/employee relations to attract and retain them (suppliers, employees and customers).
- Corporate social responsibility is fostered. This builds on the image and reputation of the company.
- Compliance with legal requirements in order to operate smoothly and avoid conflict with law enforcement authorities.
- Motivation of employees to increase productivity.
- Proper organization to avoid overlap/duplication of duties.
- Proper direction to ensure activities are geared towards achieving the set goals.
- Identifying the required skills/training relevant staff for smooth running of the organization
- Monitoring/evaluating/checking that planned activities take place in order to achieve desired results.
- Proper co-ordination to reduce conflicts
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