The Importance of Business Management
Business management is important due to various reasons:
Aligning goals
Management provides a shared direction for a company's executives and employees, allowing them to work together to achieve their objectives.
Best utilization of resources
Management divides work to optimize resource utilization, enhance productivity, and match employees' skills with specific tasks or departments.
Reducing cost
Management reduces costs through efficient resource allocation, maximizing productivity, and gaining a competitive edge.
Increasing efficiency
Management helps in increasing efficiency by facilitating achieving maximum profit by maximizing the output and minimizing the input.
Essential for the welfare of the society
Good management benefits both the firm and society by reducing resource waste, improving product quality, and increasing employment opportunities.