Planning: Managers need to look at the long-range

objectives of the venture and plan how to get there.

Articulate the ventures objectives, policies, programs, budgets and procedures.

Short-range plans (less than 1 year). Long-range plans (3-5 years).

Organizing:

Managers are needed to organize the operations of the venture, bring together the human, material, financial and technological resources needed to meet the venture’s objectives.

Organizational chart can be used to show the hierarchy of management and to highlight lines of communication

Leading:

Management is required to direct, lead and motivate people to perform to the best of their ability.

Must learn to delegate responsibilities for specific tasks, and to ensure that people performing these tasks are trained effectively and to encourage interpersonal communication at all levels.

Leaders have a vision. Ensure that employees meet deadlines and

that customers receive their orders on time.

Controlling: Allows the manager to monitor all functions of

an organization to ensure that plans are being implemented effectively.

Effective control requires an analysis of what is happening in the business, and adjustments or corrections to keep the operating on target

Projected sales forecasts should be used to determine how much to produce, when it should be produced, and what processes should be used for protection, sales and distribution.

Controlling:

◦ Inventory Controls – costs of ordering, storing materials, idle materials.

◦ Production Controls – appropriate standards, raw materials meet standards, work is being checked, products are inspected.

Financial controls – accurate financial records, cash flow analysis, potential suppliers, and government rules and regulations.

Autocratic Leaders Democratic Leaders

Entirely goal-oriented.

Make all decisions for their organization.

May lack confidence in their employees.

May clash with enterprising employees

Encourage employees to participate in the decision-making process.

Delegate authority to make decisions to subordinates.

Fosters an atmosphere of trust.

Collegial Leaders Laissez-faire Leaders

Democratic leaders who tend to regard everyone as an equal.

Prefer to use team decision-making processes.

Demonstrate a high degree of authority to employees.

Respect the skills each person brings to the team.

Ignores the specifics of a task or job and concentrate on giving employees the freedom to determine what they should do and how they should do it.

1. Motivating others.2. Resolving conflicts.3. Facilitating communication.4. Managing personal stress.