In our modern society, management occupies a very important role in the business world irrespective of the type or size of the business. The development, prosperity, or growth of a business undertaking is fully dependent on an efficient management system to achieve the desired result. The management coordinates different factors, leading to an increase in productivity and so economic development takes place through an increased supply of goods and services. With the help of efficient management, limited resources can be effectively utilized and satisfy the ever-increasing demand of the people. Management balances a variety of needs of customers, employees, owners, and society Govt. in the following manner:
- Customers’ needs can be satisfied by supplying good quality products at reasonable rates or prices.
- Employees’ needs can be satisfied through better remuneration.
- Owners’ needs can be satisfied through increased economic development, National income, and Wealth maximization.
- The government is benefited through the increase in tax and employment.
Hence, efficient management is necessary for every step of the business organization. “Management is possible without development but development is not possible without efficient management,” said renowned economist L.L. Robbins. The following list contains the main managerial goals.
- Good Business
By fostering a vital dynamic and life-giving energy within the organization, excellent management leads to good business.
- Realization of Objectives
Management guides and manages the organization to achieve its desired purpose or objective, much as the mind directs and governs the body to meet its desire.
- Better Performance
Management provides new ideas, imaginations, and visions to the organization and necessary life for better and greater performance to benefit society.
- Smooth flow of Work
It ensures a smooth flow of work by giving proper attention to every point, strong or weak, and secures the maximum result with a minimum effort by keeping at bay all loopholes and in this way, establishes a team spirit, a priceless possession for every organization.
- Good Standard of Living
Sound management provides the workers/ staff members with a good standard of living, sufficient leisure, and necessary amenities of life by increasing the output greater than the input of all resources.
- Proper tackling of business problem
A good management service serves as a friend, philosopher, and guide in tackling business problems, which are found to arise during business operations.
- Expression of Leadership
Management is the expression of breadth and depth of leadership. It thus provides a tool for the best way of doing work and leads to important savings in cost and an increase in productivity.
- Establishment of Industrial Peace
Through a proper management system, peace is established in industries. Acquiring peace is also possible through management. In scientific management, appointing them according to their qualifications, rendering remuneration on a work basis, and motivating/encouraging them are possible.
- Overall Development
The organization is the proper field of production of wealth and resources. Proper utilization of natural resources, providing satisfaction to the consumers through the supply of goods of proper quality, worker’s efficiency increases through motivation. It is not possible to achieve industrial goals without efficient management. The profit/ loss/ success/ failure of an organization is highly dependent on efficient management. New employment opportunities, improvement in the standard of living, enhancement of income in all sectors, increase in quality of production, proper distribution, and earning of revenue by the Government can be achieved through efficient management.
- Universal Application
Management applies to every type of institution. Its utility is not restricted to the business institution only but extends to various types of institutions such as political, economic, cultural, etc. The principal function i.e., Planning, Organizing, and Controlling are of basic types and the manager performs these irrespective of any organizing.