The world of business is an ever-changing and certainly multi-faceted one and whether you are currently in a business management role, of either your own company or someone else’s, or else are looking to change careers to move into business management, then there is certainly a lot to consider.
So, in an effort to break down what business management is and indeed to provide effective ways to improve both your soft and hard skill sets should you want to improve your business management capabilities, then this guide can certainly help you to understand the core components of business management and how important they are.
· Information Technology Management
One of the core components involved under the umbrella title of business management is that of information technology (IT) management, especially in the modern world where computing and computing technologies are integral to every single core business model.
Essentially, IT management involves the handling and overseeing of all technology and technological resources of a company and ensuring that all the business needs and priorities are being met each and every hour of the working day.
Additionally, IT management also focuses upon fulfilling the expectations of not only the employees who work for the company, but also the customers themselves. IT management can be divided into three core elements, which are:
- IT Financial Management
- IT Service
- IT Configuration
· Service & Administration Management
Administration and service management is one component of business management which is almost entirely dependent on the nature of the company and the industry in which it operates.
Business administration is an absolutely fascinating element of core business function and it would be exceedingly prudent, should you be committed to pursuing a role as a business manager, to enrol in an MBA online, which will provide you with a wealth of practical experience and knowledge on the subject.
Business administrators are tasked with the running and monitoring of a wide plethora of different core functions and such a job role usually encompasses the following duties:
- Copying, printing & binding important documents
- Providing feedback on improvements surrounding office efficiency
- Scheduling networking, business and companywide events and appointments
- Communicating with vendors and suppliers
- Ensuring all company files are updated and well organized at all times
- Connecting calls to the right people and taking messages for different departments
- Ordering office supplies and also supplies for remote workers
- Editing and indeed writing official correspondence from the company
- Educating customers and clients about the services or products which are on offer
· Production Management
Basically, to summarize the huge component of business management which is referred to as production management, everything related to the core decision making processes and procedures to do with the manufacturing, developing and even distributing of the services or products your company offers.
In both the service and the manufacturing industry, production management is perhaps the most important component of all and essentially centers around the conversion of a raw material, or indeed service concept, into the finished product.
As the manager of such a business, it is absolutely essential to be as involved and aware of the production side of your company as to make proper decisions to drive the company forward.
· Strategy Management
The area of strategic management refers to how and indeed, crucially, the strength of, proper business knowledge, experience and acumen is applied to the decision-making process within the upper echelons of senior management.
Strategy management is certainly an area which usually encompasses other area of business management, such as marketing, operations and finance and accounting to name but a few. Think of the area of strategy management as a way of looking at a company as the bigger picture, rather than getting proverbially bogged down with details and irrelevancies, such as the fundamental ethos and goals of the business.
Roles and responsibilities of a professional strategy manager include:
- The assessment of current market trends and rival companies
- Reporting on and monitoring of various different projects
- The supporting of creating, developing and improving long-term business organizational strategies
- Quickly identifying opportunities for the company as well as noticing potential threats and financial hazards
· Other Important Components of Business Management
Aside from the four key components of business management discussed in detail above, there are also a multitude of other essential elements which come together to provide a business management system with all the tools and information necessary to properly function.
- Innovation Management
Innovation management is the coordination of leading managers within different departments and the coming together of new ideas and practices to help make the company more money.
- Risk Management
Risk management is the assessment of current business practices and procedures and the subsequent identifying of specific problem areas.
- Design Management
Design management is the organization of the journey from a new product concept to the actualization of the physical product, specifically focusing on the functionality and aesthetic appearance of the item.
- Research & Development Management
Research and development managers, more colloquially referred to as ‘R&D’s, concentrate on both the management of developers and researchers within a specific company as well as the conduction of development and research themselves.
- Supply Chain Management
Essentially, supply chain managers oversee how the raw materials used to make the products the company supplies transition from the manufacturing warehouses to the wholesalers.
- Knowledge Management
The role of a knowledge manager is to manage, distribute and initially create a company’s collective knowledge and does so by communicating and collaborating with a number of different department heads and other managers.
- Human Resource Management
Finally, but one of the most important components of business management of them all, human resources (HR) management centers solely around the recruitment, monitoring and managing of each and every employee of the company. It would also be worth noting that, contrary to popular belief, the welfare and development of an employee does not solely lie under the responsibility of HR and rather is essentially the professional and moral responsibility of every single department head.
Manufacturers Cut Spending on Alternative Energy Sources as Electricity Supply Improves
Nigerian manufacturers reduced their spending on alternative energy sources by 21.25% to N60.4 billion in the first half of 2023, according to the Manufacturers Association of Nigeria (MAN).
This decline is attributed to the increased availability of electricity from the national grid, which improved to 11.3 hours per day, up from 10.2 hours in the same period of 2022.
The report also indicated a slight increase in daily power outages to 4.7 times from 4.4 times in H1 2022.
These improvements in grid electricity availability have positively impacted the manufacturing sector’s energy expenditure, leading to a significant drop from N76.7 billion spent in the second half of 2022.
However, the initial high expenditure on alternative energy sources was driven by skyrocketing diesel prices.
The cost of diesel had surged due to foreign exchange challenges and the implementation of a 7.5% Value Added Tax on Automotive Gas Oil (diesel).
Diesel prices in many states had risen to between N900 and N950 per liter, which threatened the production capacity of numerous manufacturing entities.
The Nigerian Textile Manufacturers Association expressed concerns about the potential closure of textile factories and job losses due to rising energy costs. Textile manufacturers, in particular, found it challenging to afford diesel at such prices.
The Chief Executive Officer of Coleman Technical Industries Limited also highlighted the increased production costs associated with higher diesel prices.
While the improvement in electricity supply is a positive development for manufacturers, the industry remains vigilant about energy costs and their impact on production.
Dangote Group Subsidiaries Contribute N474 Billion in Taxes to Federal Government Over Three Years
In a significant testament to its commitment to corporate citizenship and financial responsibility, three subsidiaries of the Dangote Group have revealed that they paid a substantial total of N474 billion in taxes to the Federal Government over the past three years.
The disclosure was made by Hashem Ahmed, an official representing the multibillion-dollar conglomerate, during the opening ceremony of the 18th Abuja International Trade Fair, which focused on the theme ‘Sustainable financing and taxation as drivers of the new economy.’
The Dangote Group, led by its President Aliko Dangote, stands as not only the largest private-sector employer but also the country’s leading taxpayer. The remarkable N474 billion contribution was primarily made by Dangote Sugar, Dangote Cement, and Dangote Salt.
Also, the group has a longstanding history of extensive financial support, empowerment initiatives, corporate social responsibility programs, sponsorships, and philanthropic endeavors, amounting to several billions of naira.
Hashem Ahmed also expressed the group’s satisfaction with the Federal Government’s commitment to tax reform policies aimed at broadening the tax base and providing essential funding for infrastructure development in the country.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, who spoke at the event, announced the government’s comprehensive plan to support small businesses and startups amid Nigeria’s economic challenges.
The plan includes a N75 billion investment by March 2024 to bolster the manufacturing sector, grants for microbusinesses in every local government, and a N75 billion fund to support up to 100,000 startups and MSMEs at favorable interest rates repayable over 36 months.
The government has also initiated partnerships with tech giants like Microsoft and the African Development Bank, signaling a bright future for Nigeria’s economic growth and innovation.
The Royal Finance Empire: Liechtenstein’s LGT Group Thrives in the World of Wealth Management
In a world dominated by multinational corporations and global conglomerates, the tiny Alpine nation of Liechtenstein has been making waves with its royal finance empire, LGT Group.
This dynasty, led by Prince Hans-Adam II, boasts a legacy dating back nearly a thousand years, surviving wars, floods, and scandals.
LGT Group, the royal family’s private banking and asset management firm, recently reported record-breaking assets under management (AUM) of almost 306 billion Swiss francs ($334 billion) as of June 30, marking a remarkable 6% increase since the end of the previous year.
The Vaduz-based firm’s success is not limited to its home nation; it has been expanding its footprint globally. This month, LGT Group acquired Abrdn Plc’s discretionary fund-management business in the UK and Jersey, adding to its list of external investments since 2021.
Olivier de Perregaux, the CEO of LGT Private Banking, revealed, “We continue to look for opportunities, but we are primarily focusing on organic growth.”
LGT’s impressive growth mirrors the resurgence of Liechtenstein, which has shifted from being notorious as a tax haven to a thriving financial hub. The firm more than doubled its AUM and operating income over the past decade, bouncing back from challenges following the 2008 financial crisis.
The acquisition of talent has also played a crucial role in LGT’s ascent. The firm has been actively recruiting former Credit Suisse staff, especially after the collapse and acquisition of Credit Suisse by UBS Group AG.
This has contributed to a significant increase in LGT’s headcount, which now stands at approximately 5,000 employees.
Prince Hans-Adam’s wealth has also been on the rise, propelling him to the position of Europe’s richest royal. As the sole beneficiary of LGT, he is now ranked as the 215th richest person globally, with a fortune estimated at around $9.2 billion, a remarkable 71-spot jump since the beginning of the year.
Unlike other European monarchs, Prince Hans-Adam personally owns the family’s most valuable assets, making it the oldest fortune on Bloomberg’s wealth ranking.
The origins of this wealth date back to the 12th century when the family acquired land across what is now Germany, Austria, Hungary, and the Czech Republic.
LGT itself was established in 1921 and acquired by the royal family during the Great Depression.
Under Prince Hans-Adam’s leadership, LGT expanded internationally, opening its first international branch in Hong Kong in 1986. Besides LGT, the royal dynasty also owns land, real estate, and an extensive art collection, with the finance empire serving as the driving force behind their fortune.
Liechtenstein’s transformation from a secretive tax haven to a transparent financial center has further bolstered LGT’s success. While the bank faced challenges during the 2008 tax evasion scandal, it rebounded in 2010 and has been on a steady growth trajectory since.
With Prince Hans-Adam’s son, Max, now serving as the chairman of LGT Group, and the family actively involved in major financial decisions, the future appears promising for this enduring royal finance empire.
LGT’s commitment to growth, both organically and through strategic acquisitions, suggests that Liechtenstein’s royal legacy in the world of finance is far from fading.
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