Posted in Business Management, Organisational behaviour, Principles of Management
on Mar 6th, 2014 | 0 comments
Critical Factors Influencing Corporate Management
A corporate management is said to be capable only if it is able to integrate, coordinate and direct the functional capabilities towards overall objectives and common goals of a firm, that have a bearing on an organization’s capacity and ability to implement its strategies. Multitudinous factors affect the functioning of corporate general management system. It differs with each organization with differing objectives and mode of operations.
Key Factors or Contributors:
- The firms must evolve an effective system for corporate planning. The objectives must be realistic and achievable and clear and complete communication of plans to various levels of organization helps in execution of action plans by the respective departments.
- A pucca management information system is necessary that integrates all the levels through a network of computers, facilitating information processing and task implementation.
- If the firm is oriented towards a god deal of risk-propensity, chances of rewards are also quite high. You cannot beat your competitors unless you possess a better shade of entrepreneurship in you than others.
- Competency development backed up by strategy formulations, in the wake of challenges and opportunities in the external environment is well appreciated. Why everybody always talk about strategy? It is one thing that warrants for a sure success, it implies that you are smart enough to think ahead of time, what others have failed to. Don’t you want to set a path forward for the future generations to come?
- Values that are unique to your organization add to the image of your company. Say, if you project “quality”, as your prime value system, definitely it is going to attract consumers who are very particular about quality unmindful of the price. Slowly the idea gathers momentum and your company’s image gets a boost. But don’t forget that you have to fulfill your commitments in terms of quality without any compromise.
- Reward systems must be worked out to gear up the morale of top managers who are the achievers of your management objectives. Their track records and degree of commitment should be analyzed to decide on pay and promotions.
- A favorable organizational climate is inevitable for the organization to progress in the desired direction without any internal politics and power struggles. The role of top management is very crucial in that, it has to identify people with vested interests and bring them back into the groove by making necessary changes in the organization structure or go for weeding out actions if things go out of control. Ultimately, the overall objectives of the organization is what that matters, and people must be trained to accept the organizational changes which form a part of the developmental procedures of management.
- Social responsibility is much talked about these days, and the corporate firms are in a position to discharge their duties pertaining to social welfare, as part of their corporate management programme.It has become a regular feature of the management process to part with a share of their profit towards a social cause.
Corporate management is a comprehensive process that covers all aspects of the management with growth as its motto and social conscience as its principle.