Top 10 Principles of Business Management
Every streaming service wants to become as popular as Netflix, and every gambling platform wants to enter the list of casino games with best odds. But it’s hard to get to the top. The most essential thing to do in this case is to understand how to manage your business, and these tips will help you.
A Particular Person for Each Task
The purpose of the division of labor is to concentrate the worker on fewer goals and tasks. By directing his attention and all his energies into one direction, he works more efficiently.
If you take two teams-with and without a division of labor-the first will do more and do it better, all other things being equal.
Authority and Responsibility
He who is vested with authority must be held accountable for the decisions he makes and the orders he gives. The one who has had authority to manage the team is responsible for all the consequences of its performance.
Employees must respect and abide by the rules of their company. There should also be supervisors who will monitor the obedience of company members and punish them if they violate accepted agreements.
This is a combination of justice and benevolence. The management team must treat their charges fairly and with respect. Where there is room for injustice, there is no room for productive work.
Unity of Command
Each employee should have only one immediate supervisor who will give him or her instructions and supervise the performance of work.
Unity of Action
All groups operating under the same goal should have a single plan of action and a single supervisor.
Subordination of Personal Interests
The personal interests of an employee or group of employees should not be placed above the interests of the company or any other organization. Working interests should prevail.
Compensation of Employees
Employees should receive proper and well-deserved rewards that will motivate them to continue their work. Regular rewards also foster loyalty to the company and a desire to perform even better.
Having a management center is just as necessary as having a division of labor. The degree of centralization and its proportions with decentralization depend on specific conditions and are determined individually for each case.
In any organization, there must be a hierarchy from the lowest level manager to the chief executive. It is necessary for the normal functioning of the company. But the hierarchical ladder should be as small as possible and should not be detrimental.
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