Managers are involved in many discrete business functions. The functional areas of business are defined as Management, Law, Human Resource Management, Leadership, Accounting, Finance, Economics, Research and Statistics, Operations Management, Marketing, and Strategic Planning (University of Phoenix, n.d.). Good managers are doers, thinkers, and leaders. According to Hutt & Speh, “Good managers, in the end, are essentially scorekeepers” (2007, pg. 76). Managers coordinate and oversee a project or work of others to work efficiently toward a common goal. Managers make effective use of initiating, planning, executing, and monitoring. Good managers are excellent collaborators and effectively get work done. Their influence is vital to any business. The manager’s role in business law is important because it is their duty to protect the interest of the company they manage. There may be investors, creditors, and many other stakeholders, all of which will have a vested interest in the business’s operation. A manager warrants that the business is operating in compliance with all applicable governing body regulations. Non-disclosure agreements, intellectual property agreements, data licenses, and contractual obligations need to be administered and protected. A manager plays a large role to resolve conflicts and ensures the information is being handled appropriately. Managers participate in human resource management throughout the project lifecycle.
In addition to hiring and training, employee’s roles and responsibilities need clearly defined. This includes any risk assistance, quality control, and work packages. It’s important to know what skillset you have on a team, what other skills are needed, when and to whom they are expected to report, and what meetings to attend. It is also important to note at what phase you need to add resources and phases to release employees. Leadership is a core trait for any good manager. It’s nearly impossible to have Leadership without management. The separation of management from leadership is dangerous. Just as management without leadership encourages an uninspired style, which deadens activities, leadership without management encourages a disconnected style, which promotes hubris (Gosling & Mintzberg, 2003). Leadership is the performance of behaviors, which helps a group reach its goals. “It includes behaviors like making procedural suggestions, offering sound opinions, providing relevant information, and presenting counter-arguments” (Coder & Spiller, 2013, pg. 37).
Effective accounting management analyzes information and the outputs are used to make business decisions. Accounting management can be used to find market trends, set budgets, and manage debt. Accounting is used to formulate business strategy to create wealth and shareholder value. Accounting communicates to the stakeholders the company’s financial performance. Finance management involves allocating the financial resources of a company to increase the company’s profit. Finance management is responsible for the cash flow in and out of the company. Some of the areas included in financial management include accounting, bookkeeping, accounts payable and receivable, investment opportunities, and risk. The role of the manager, when it comes to business economics, is to maximize profits and handle market conditions. Mangers are involved in demand analysis and forecasting, cost and production analysis, pricing, and profit. Economics also helps managers determine what factors may need to be investigated when entering a new market particularly in an international location.
Managers can use statistics to interpret the data that was collected during research. Statistics provides objective criteria and hard evidence to substantiate positions. Managers can use the data collected and statistics analysis to provide direction for a company. The interpretation and analysis of this data also help managers make decisions on what business practices to continue and what practices to change in the future. Operations Management is paramount for successful production of products or services. The manager’s role is to think and plan effectively and efficiently to ensure increased profit, stability and company growth. Managers have to plan well to so the process of getting products and services to the market is without error. This includes forecasting sales and profits, safeguarding that the company is operating within its capacity and locating where to place the business facilities. Marketing tries to interest the end consumer in a product or service and then tries to keep that customer happy and, most times, be their advocate.
“The business marketer must initiate, develop, nurture, and sustain a rich network of relationships with multiple constituencies within the firm and within customer organizations. To effectively perform this challenging interdisciplinary role, a unique set of relationship management skills are required” (Hutt & Speh, 2007, pg. 75). Managers use marketing to determine which products or services to offer and ensure they are meeting the needs of their customers. Lastly, managers provide viable strategic options for organizations. Their involvement in strategic planning strengthens the commitment for the chosen course or action. Managers play the roles of synthesizing information and championing alternatives (Ramon, 2009). Managers use Strategic Planning and Implementation to bring all aspects of the firm together, accounting, economics, marketing, and so on, to ensure firms success (University of Phoenix, n.d.). In conclusion, a manager’s role is critical to multiple business functions. Managers are the backbone to organizations. Their sound judgment, analysis, and expertise lead successful companies in a profitable and productive direction.
Coder, L., & Spiller, M. (2013). Leadership Education and Gender Roles: Think Manager, Think”?”. Academy of Educational Leadership Journal, 17(3), 21-51. Gosling, J., & Mintzberg, H. (2003, November). The Five Minds of a Manager. Retrieved from http://hbr.org/2003/11/the-five-minds-of-a-manager Hutt, M. D., & Speh, T. W. (2007). Undergraduate Education: The Implications of Cross-Functional Relationships in Business Marketing–The Skills of High-Performing Managers. Journal of Business-to-Business Marketing, 14(1), 75-94. doi:10.1300/J033v14n01_08 Ramon, S. R. (2009). Middle Managers’ Involvement In Strategic Planning: An Examination Of Roles And Influencing Factors. Journal of General Management, 34(3), 57-74. University of Phoenix (n.d.). MBA Overview [Audio podcast]. Retrieved from http://ecampus.phoenix.edu/secure/aapd/SB/MGT521/JSRadialMenu/index.html