Top management is considered a high position especially when in a huge company or organization. By this, there is stiff competition from different individual trying to prove that they deserve to occupy the seat. For this, a top manager should not only be equipped with managerial skills, but also leadership skills. First and foremost, competent managers are identified by their ability to control finances intelligently. Basically, the basic technique used in budgeting is financial planning, financial control and finally financial decision making. Planning involves allocating finances to profitable projects while financial control involves the role of manger ensuring that the assets are utilized effectively. However, decision making may require the involvement of different department since this is the most sensitive part in financial management. In other words, this section involves financing of investment in order to ensure future security and reducing financial shock. In ensuring security in future finances, techniques such as valuation of portfolio theory, capital structure and hedging are applied.
Financial management is the application of financial managerial techniques in managing finances in an organization. One of the techniques used in financial management is interpreting finances and allocating them in different project in an organization according to the expenses required. Apart from proper financial management techniques, the manager should be equipped with skills to ensure that the finances allocated in each project are maximally utilized. Effective management can be termed as having essential skills that revolve around having commercial insight, people skills and task execution (Gitman & McDaniel 2007). In this case, task execution involves the ability to manage projects that may or may not have a level or degree in complexity. It also involves a sense of urgency and also the ability to work under pressure. A people skill is generally the integrity of fostering trust and emotional support to different kinds of people. It also involves motivating, coaching and developing people. The commercial insight essentially involves skills that emphasize profitability and efficiency. It also means having an inner understanding of the financial aspect of running and allocation of resources within the organization.
Being on top of the body that controls all the activities in a company and organization one should ensure everything runs smoothly so as to maintain the position. This involves organizing reforms, monitoring employees and driving the organization into accomplishing the set goals. Basically, management is a combination of various departments that makes a body that runs an organization. In addition to this, this body also is in charge of implementing strategies that contributes to the growth, and advancement of a company. However, there have been controversies that contradict with the issue on management and implementation of technology and communication. In other words, execution of modern technology helps in easing the running of activities. Moreover, some people imply that information and technology affects management by making employees neglect their responsibilities. Continuously implementing a new strategy is beneficial for an organization, as long as they improve the efficiency of services, and increases productivity.
Getting the position is as hard as maintaining it. In other words, one should do their best in dealing with the competition around (Schuster 2007). For this reason, the same should be applied to the environment at the workplace. A favorable environment of work ethics and management styles makes the employees enjoy the workplace.
Also, one ought to hold on their values and ethics in solving misunderstandings, and issues affect the management. Accountability, on the other hand, must be fully considered. Considerate leadership style can be achieved through consecutive consultation and networking. Through networking, it is easier to fly the team to the top. However, it is advisable to try this technique on the former method after checking the loopholes in the former method of leadership. Exercise of power and politics can be based on the idea that a leader is made and not born. With such an idea, any leadership style will be under scrutiny (Hellriegel & Slocum 2007).
The manager should ensure that they are in control of communication within and outside the organization. Additionally, it should be in an extent that without the manager the organization cannot survive. Communication in a business plays an extremely crucial role. This implies that the management must implement strategies that enhance effective communication. The internal environment necessitates the need to enhance both vertical and horizontal communication. The inclusion of social media and networking is one of the tools adapted by companies in their quest to enhance effective communication. In order to enhance effective communication, certain communication tools must be implanted into the running of the business.
Furthermore, the manager should adapt ways to enhanced consumer satisfaction implies that consumers are likely to be loyal to the organization. Eventually, the organization will be able to have its own pool of customers and, therefore, a large market share. Business Communication and Relevant marketing strategies must be implemented in order to make sure that a business reaches out to its target market. Business communication must be upheld by the strategies implemented. This ensures that the strategies that are to be put into place are well communicated and understood by the target market. This includes implementation of strategies like TQM (Pritchard 2005).
Organizations have to work in teams if they want to be more productive, efficient and effective. The company should be more engaged in assessing the team performance so as increase efficiency in performance and the productivity of the teams in the company. The manager should make this possible by implementing new strategies. An effective team usually helps an organization to obtain satisfactory results and strategic success. In the modern organizations, it is very hard not to be working in a team. This is because if someone is not working directly in a team then they are involved in team work even indirectly. It is also vital for organizations to assess their teams so as to determine their strengths and weaknesses (Antal, Dierkes & Nonaka 2003). An effective team performance is necessary for the organization to ensure that teams are productive and work to the interest of the organization.
The performance of teams in an organization can only be improved and made better if the team is assessed and evaluated according to the standards that are required by the company. Assessing a team’s performance is not an easy task as many people might think. The management has to consider several things that will show whether the team is performing well or poorly, for example, whether the target has been reached. The company can adopt a strategy that will help it in assessing the performance of the teams in the company. There have been several processes that were established for measuring the performance of teams in an organization. The organization should follow some steps or adopt some strategy when measuring the performance of the teams in the organization.
Managers should also identify the specific goals and objectives so as to determine what is to be measured. The managers should then develop performance indicators that will be used to measure the standards and outcomes that were identified when the goals were being set. They should build and maintain trust with the employees. It is necessary to develop trust so that the measures can be trusted as well with the employees and that way they can accept the measures and be motivated, as well. The managers can now decide on which elements to measure. It is, however, advised that all the elements of performance should be measured if the true picture of the team’s performance and effectiveness is to be identified (Griffin 2010).
The top manger should ensure that the employees believe in his/her capabilities. Trustworthiness in the running of a business is also central to its success. This implies that there is the need to build trust in an organization. This applies to all the individuals taking part in the running of a business or firm. In an organization, for example, a company or corporation, the management acts as agents of the owners. On the other hand, the directors will need to act as trustworthy individuals. This will ensure that there is a smooth running in the activities of the firm. It will also ensure that there are no misunderstandings that are bound to damage the image of the corporation.
In addition to this, ethics stewardship should be enhanced in any organization. One should be able to be described by their ethical leadership that promotes fairness. A competent leader should conform to business ethics and other moral values and, hence, are viewed as ethical stewards. Ethic stewardship is achieved through the leaders of an organization. They do this through their actions. This is because their followers tend to watch what actions they are taking when facing the particular situations (Alvesson, Bridgman & Willmott 2009). Eventually, this stewardship is transferred to the followers. Studies have indicated that leaders who are termed as being ethical stewards tend to have committed followers. This is because the leader earns trust of the employees and they follow whatever choices he or she makes. This implies that all leaders should implement ethical stewardship form of governance so as to achieve the objectives and goals set. It has also been noted that successful team leaders are those who are ethical stewards. This is because leaders have a substantial impact on the direction and general perception of the team members or followers.
In conclusion, the roles that a manager plays should enhance success through achievement of the goals of the organization. Every organization should, therefore, articulate all the functions of management, work together with the workforce and this would yield expected results.