The effect of management practices on firm performance.

The effect of management practices on firm performance. Organizations have strategies to ensure attainment of their goals become a fundamental idea for all employed in the organization. This takes sacrifice from several people in dedicating their efforts to attain the target. Managerial role is in fact a pivotal aspect that makes this dream possible. These personnel are the driving force that stresses the need of everyone adopting to the firm’s objectives and policies. Their take in this role will go well if they institute measures in line with the business.Advertising We will write a custom essay sample on The effect of management practices on firm performance. specifically for you for only $16.05 $11/page Learn More Their subordinate staffs must also be in unison with their role to help them implement these measures. In most cases, the firm may experience ups and downs because of resistance from a few senior staffs with different ideas. Therefore, it will call for the need to reach a consensus (Laszlo L aszlo, 2002). This must take into account every employees’ role in the firm’s output. Ignoring ideas from the lower ranks of staffs would send some signals, which make the process a difficult one. As managers look forward to reaching their goals, they would need to strictly implement their role in the firm, while at the same time abiding to the organization’s objectives and policies (Kubiszyn Borich, 2009). In this context it is necessary to address five main managerial roles and how they have a lasting impact on the organization if not instituted well. The first role is planning, managers have to know the desired direction the firm is focussing on, this will help formulate tangible policies in advance in line with needed changes (Laszlo Laszlo, 2002). Planning defines the future outcome and the firm’s growth in terms of turnover rates, financial gains, manpower, and other prospects. The planning method instituted must therefore, predicts the business c ore functions to be reliable. A reliable prospect is likely to bring change in all facets within the organization endeavours (Rocha Tordera, 2008). This must align with the company’s mission statement and core values to ensure smooth flow of operations. Managers would be tasked with ensuring their plans are genuine and do not contradict the business purpose. To achieve this it would be essential to have general and specific approaches that define the stages of chore implementation to avoid chaotic operations. This ensures every stakeholder attains the set target timely. Sound planning would yield tangible results at the end of specified period if properly implemented. This should be the basis of planning for the next financial year. But sometimes the company may decide to overhaul the initial plans if the management realises the process does not bringing anticipated returns (Marques Simon, 2006).Advertising Looking for essay on business economics? Let's see if we c an help you! Get your first paper with 15% OFF Learn More Secondly, organization in any business setting is a pivotal aspect that helps the firm attain its goals and objectives. This is the cornerstone in the sense that it ensures the workforce aligns to specific chores and strives to attain assignments as specified. Organization of workforce in line with the firm’s policies protects the welfare of both parties; this ensures a reliable process that is accountable and free from mismanagement. A good organizational skill in a managerial post suffices in making the personnel contribute immensely (Kubiszyn Borich, 2009). Assignment of activities to the workforce would consider factors like ability in the capacity, experience, and individual qualifications. Managements need to grasp these basic issues to enable them run organizations profitably. Recruitment of the right people for a given chore should be in the firm’s policy, their method of hiring should a lso help organize the institution to achieve its objectives. Many organized firms have measures that evaluate their human resource in terms of performance and attainment of specific targets within dockets. This provides them with alternatives like holding refresher courses and workshops to keep them updated on their chores; others have schemes of rewarding the best performers. The approach has an impact of boosting working morale, which translates in high profits (Marques Simon, 2006). Thirdly, commanding the employees in a sober manner makes them realise the importance of attaining the firm’s mission and this would help in moving everyone forward. This function may not go well with every stakeholder in the firm, but it is crucial in instilling a working culture, which translates into good returns. Supervisory skills help these personnel attain their duties without sending negative omens. These must be in accordance with the policies and objectives to make everyone comprehen d the necessity of doing that. In certain instances, inspiration is possible through clever commanding method. One can make the approach in a way that it would inspire workers to respond positively in realising the set target. This should help restore sanity especially if a department fails to maintain the standards it ought to attain. Unlike planning and organization, this managerial function can undergo neither overhaul nor reinstitution; it therefore, depends on signals of poor workmanship. Commanding would not apply in most cases because responses come from specific signal as stated above but it does help to ensure completion of the right chores within a specified duration (Rocha Tordera, 2008).Advertising We will write a custom essay sample on The effect of management practices on firm performance. specifically for you for only $16.05 $11/page Learn More Fourthly, coordination links the first three functions to bring order within the firm. Managers sh ould ensure coordination of entire duties is prompt for effective implementation. This ensures those concerned identify with specific roles and thus embark on appropriate measures of tackling them. When planning, the most vital aspect is attainment of the project mission (Rocha Tordera, 2008). This largely depends on good coordination of human resources. To attain this, manager will have to be knowledgeable in all areas of importance and deploy skilled personnel to those dockets (Laszlo Laszlo, 2002). Reviewing of each section’s performance would also help in coordination because this draws attention to a segment that lags behind and recommends institution of new force to take the mantle burning. Therefore, evaluation of output and turnover helps in identifying measures that needs institution and implementation before carrying out coordination to restore the projected plan. Finally, controlling business activities is the other managerial function. This is the main role that the previous four functions would hardly attain core values without it. Strategies laid in the initial stages need evaluation and scrutiny to enable relevant authorities take a bold step in controlling the business empire back in track. Deviation of reports from projected outcome will need examination of possible causes and coming up with models to help restore the process. Analyst will provide recommendations to the executives who eventually channel their advices to managers to take decisive steps in controlling the firm’s activities back on track. In most instances control of functions would be in line with the company’s objectives. This provides harmony across various business sections under control. In scenarios where there is no institution of these five functions the organization would fail to realise its mandate. The aftermath would be low turnover and financial loss (Marques Simon, 2006). References Kubiszyn, T., Borich, D.G. (2009). Educational Testing and Measurement: Classroom Application and Practice (9th ed.). New York: John Wiley Sons.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Laszlo, K.C., Laszlo, A. (2002). Evolving knowledge development: The role knowledge management in a changing world. Journal of Knowledge Management, 6(4), 400-412. Marques, D.P., Simon, F.J. (2006). The effect of knowledge management practices on firm performance. Journal of Knowledge Management, 10(3), 143-156. Rocha, F.S., Cardoso, L., Tordera, N. (2008). The importance of Organizational Commitment to Knowledge Management. Comportamento Organizacional E Gestao, 14(2), 211-232. Web.