Building Case Studies At some point in your business career you will likely be asked to build a case study. Whether it’s for school or for work, building a case study is a very methodical task. While case studies will differ across companies and sectors, your process should remain the same. When conducting a case Read More…
What Are Risk Controls? (And Why They’re Your Best Defense) Risk management is a very important part of any business because it allows for the matching and identification of risk and the associated losses (loss exposures). Practically, this means managers put in place Risk Management Controls. Most business operations are concentrating on maintaining a customer Read More…
Internal Risk Management Risk Management is when a manager tries to organize his company (or business unit) to prepare in case of, and try to prevent, something going wrong. Risk management is one of the most complicated branches of management, as it requires managers to be able to assess unknown situations and try to be Read More…
Planning for The Cash You Need Now & Later A company, just like any person, needs to be able to raise extra funds for itself to build new plants, buy inventory, etc. But a firm, unlike a person, has many more options to choose from when it comes to borrowing money. People either get a Read More…
Competitive advantage is what makes a business better than everybody else at whatever it is they do. The business with a competitive advantage has an edge over its rivals and provides greater value for its stakeholders. There are many ways to achieve competitive advantage, but the two most common ways are price cutting and differentiation.
The Human Resources department at a business is in charge of everything from hiring and firing employees, organizing and implementing training programs, resolving internal conflicts, determining the pay scales, and everything in between.
Social responsibility is having a sense of duty to society and everything that is a part of it. In other words, “social responsibility” means managers are accountable to society at large, not just their shareholders.
Making Ethical Business Decisions “Business Ethics” defines what is right and wrong in a business – not necessarily what is or is not illegal. It is the responsibility of everyone in any organization to maintain high levels of business ethics, as businesses who fail to do so lose the public trust, and the ability to Read More…
How to Structure Your Business A key first step for any entrepreneur is setting up an organization that will be used to formally embark on the business journey, but many new business owners struggle to identify the best way to move forward. These are the most common ways to organize a business, from the simplest Read More…
Management Theory When holding a job, there are usually certain people that have specific “titles” that describe the work that they do. With those titles, comes the chain of command, which can be looked at as a flow chart: The CEO –> who oversees Management –> who oversees Associates. These managers organize and coordinate the Read More…
Leading vs Directing Leading and directing are important management functions, but usually do not appear in the main job description. A great manager needs to be able to both lead their team and direct their operations – failing either of these roles is a recipe for disaster. Leading vs Directing To understand how managers can Read More…
Centralized and Decentralized Management Explained When a company starts to grow, one of the biggest questions they face is how to organize their management. The two main branches of management roles are centralized and decentralized authority. Companies usually fall somewhere between these extremes. Centralized Management Centralized management is the organizational structure where a small handful Read More…
How to Plan for Business Success Planning is an important management function because it helps managers prepare for the short term and long term challenges and opportunities that a business faces every day. Planning plays a crucial part in creating a business plan and strategic plan in that it reinforces a company’s mission, visions, and Read More…