Learning Key Functions in Business Leadership and Management
Business leadership includes the skills and knowledge in the areas of leadership, management, finance, risk management, strategic planning and human resources. Business leaders are often entrusted to make the toughest decision and for them to do that, they must be equipped with the right experience, knowledge.
Managers and leaders help an organisation achieve its goals and objectives with 4 Key Functions:
Planning helps leaders and managers define business strategies, tactics, operational goals, and business segments and departments. Through planning leaders and those in the management, roles get to decide their team and department’s goals, the steps to achieve these goals, and the resources necessary to deliver the output. In the planning phase, there are 3 types of managers and leaders must also be familiar with:
This type of planning allows leaders and managers to scan the external environment (the market itself and the competitors) and create a SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis. This will help leaders and managers determine the type of business playing field and determine or secure their position in the market.
Tactical Planning has more to do with the concrete and specific means to implement the strategic plan and the allocation of the necessary resources.
Operational Planning is a short-ranged plan designed to develop specific action steps that support the strategic and tactical plans. This planning type has more to do with the daily, weekly, and monthly operations and key performance indicators.
Organising helps leaders and managers develop an organisational structure (organisational chart). The organisational structure serves as a framework of the chain of command and business segments within the organisation. Organising also involves designing and defining job roles and responsibilities in an organisation.
Leading is how people in the management roles inspire people within the organisation to achieve the goals set. The culture and values of an organisation are also influenced, created and determined through leading. In leading, those in the management positions set to heart the organisation’s mission, vision and core values.
In controlling, leaders and managers participate in the continuous monitoring of actual performance against planned performance. This is the phase where the results are observed on a daily, weekly, monthly, quarterly and yearly basis to see if the goals are being met or derailed.
Education Training and Employment Australia is a Registered Training Organisation offering an Advanced Diploma of Leadership and Management to help current leaders and managers harness their competencies in the key functions of business leadership and management. For the course details, you may download the brochure at https://bit.ly/3fZ5oA7 or you may get in touch with any of the following details:
Education Training and Employment Australia
Domestic Students: 131389
International : +61 3945 00500
Head Office: Level 1, 113 Burgundy St,
Heidelberg 3084, VIC