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Management theory is essential to creating and developing organizational success. By understanding how to best manage and guide others, you will be in a uniquely powerful position of leadership. You can use the varied approaches of management theory to help your organization grow and prosper.
A value proposition offered to customers is an element of marketing. It declares the inherent value of a particular product or service. This is done through advertising, suggestive marketing, and in-store messaging. Any business that wishes to compete effectively within the market must offer higher value to its customers.
Return on invested capital (or ROIC) is a ratio that accurately depicts how effective a company is at managing its own investments. In terms of its allocated capital, a company is expected to generate consistent returns over time, to the benefit of shareholders.
Marginal cost is the relative costs of producing an additional good or service. The formula for marginal cost reveals this incremental trend in greater detail. Marginal cost is key to any business interest and ensures competitiveness in a globalized marketplace.
There is always a better way forward. Progress is by its very nature, a series of good decisions built one atop the other. There is no “silver bullet,” no one idea that gets you there. Rather, it is a contrast of well-executed and thought-out principles that are routinely acted upon.
Do you need for a more strategic approach to improving the overall performance of your organization? Most business owners would say yes. This is to say that the majority of organizations polled in various studies, did not have a strategic approach to leading their organization forward into the future.
EBITDA and net income are important indicators that can help determine the overall financial health of a company. Prospective investors often compare EBITDA and net income. In general, this allows them to get a better overall sense of how well an organization is performing in terms of its profitability.
Creating a career development plan can help you chart the course of your professional life. The use of milestones and measurable objectives will help you to remain focused on your long-term goals. You’ll feel more motivated and energetic, knowing full-well that your future is secure.
Operational budgeting is a method of accounting for all business-related expenses and revenue during a specific period of time. Quarterly or annual reports are commonly used to define an operational budget period.
As a business expands, it requires greater separation of responsibilities. Management vs supervision is a prime example of this. They both can add much-needed layers to the overall structure of a growing organization.
By design, task-oriented leadership is a focused nuance. As its name implies, it tends to deal with getting tasks done as efficiently and effectively as possible. Meeting project deadlines, creating new business strategies, or developing bold new innovations, can all greatly benefit from a task-oriented leadership style.
Respect has always been a subject (and sentiment) of debate. What constitutes respect and how to go about best reciprocating it, has spawned endless controversy. What is abundantly clear, is that respect is something that is earned. We must earn the respect of those around us through our actions.
Writing a resume objective is not your everyday activity. In fact, many of us may not even recall -or really know- what a resume objective really is. Often confused with a summary statement, a resume objective can prove a powerful tool for your resume if used correctly.
Whether you are a supervisor, a business owner, or a manager, there are always leadership skills you can actively develop. This will make you far more effective at leveraging the collective efforts of your organization. To ensure your own leadership development, it is highly advisable that you set a series of personal goals.
We all question how to become successful. In point of fact, success is something we all hope for, but many of us fail to achieve. Doubtlessly, everyone wants to become successful. However, few will actively pursue success no matter how difficult or stressful their journey proves to be.
A conscious decision is deliberate and carefully acted out. It requires a deep focus and effort in its determination. This in turn, yields excellence in its execution. The results become self-perpetuating and inevitably rewarding.
Startup costs for a new business are rarely discussed in a timely manner. In fact, they are often only fully realized in hindsight. All too often, prospective entrepreneurs instead conjure up the romanticized version of the office space (the kind we might see on television).
Classifying the defining trait of any leader is a difficult task. These days everyone seems to define leadership in different ways. What is commonly agreed upon, is that a leader creates superb results and envisions the path towards ultimate success.
Capital budgeting is used by companies of all sizes. It is a means of evaluating and actively planning the allocation of business funding. Often, this funding goes toward improving different aspects of a business model.
If career growth and maximizing your success interests you, then investing in your own development is a must! Given that most people are working 40 hours (or more!) for their entire adult life, it makes an awful lot of sense to make the most out of a career.
A vision board is a series of images that are brought together to represent an idea or plan. They tend to be put on display in intimate areas within homes, offices, or even in public spaces. Whether you are striving to build a business, to improve existing relationships, or to plan out your career, a vision board can help you create your very own roadmap to success.
We all go through career development stages at some point in our lives. The six stages of career development help us to acquire the skills and awareness we need to thrive. While there are different terms used to describe the six stages themselves, the general meanings and process remain the same.
Managing perceptions is a key factor toward influencing the world around us. By sharing a personal vision and translating it for others to understand, we can better leverage a collective effort. When working with others, it is often a vital imperative to manage the way they perceive us. This allows us to better solve problems as we navigate complex personalities and relationships.
Do you ever sense that you could be accomplishing much more? Many people spend years, even decades, rushing from one excess to the other. They never achieve their goals, much less improve their skills. If you want to achieve more and fulfill your dreams, you’ll need a simple yet comprehensive plan.
The cost of living adjustment (or COLA for short) represents a sponsored increase toward a fixed income that an individual receives, in order to keep up with inflation and modern costs of living. Commonly, the cost of living adjustment increase is made to supplemental security income and social security payments.
Zero Based Budgeting is a financial method where every dollar available from a monthly income is spent. The purpose is typically to improve upon an existing fiscal circumstance. Specifically, the general idea is to apportion money towards expenses, debt payments, and investments.
A variable cost is a business expense that reflects the amounts of goods or services being produced. For every output there is an inevitable cost. This means that the more goods or services being produced, the higher variable cost is inevitably going to be. Conversely, a smaller amount of goods or services being offered, will have a lower variable cost.
Understanding the quality of earnings is integral for investors seeking to understand attributable core income and accounting. For enterprising business leaders too, the uses and contrast of this term are integral to promoting intelligent discussion about the fiscal health of an enterprise.
Understanding the differences between accounts payable and accounts receivable is integral for small business owners. For enterprising business leaders too, the uses and contrast of these two terms can be staggering.
Absolute advantage and comparative advantage are two separate approaches that deal in both microeconomics and macroeconomics. Specifically, how businesses and entire countries might choose to enact policies for the allocation of resources.
A business cycle is defined as the inherent fluctuations in the economy that ubiquitously occur over time. This cycle of expansion and contraction produces a “wave-like” pattern, whereby global economic activity consists of a series of behaviors occurring at about the same time.
Business management jobs focus on oversight of a company’s employees and activities. Both large and small businesses need competent business managers to lead and provide administrative services.
If you are trying to purchase a home, get insurance, or even rent an apartment, you may need an employment verification letter. These days both financial institutions and landlords often request employment verification letters to ensure you are who you say you are. Undoubtedly, in terms of confirming your employment history, they are an invaluable asset.
Gross sales are the total reported sales within a specific timeframe. Often, these reports exist within a quarterly or annual basis. Net sales are the gross sales minus certain deductions. Used in tandem, gross sales and net sales can provide deeper insights into the operations of a given organizational structure.
A cost of living index is a measure of the expenses incurred over time to acquire essential goods and services. The terms of what may be considered “essential” will differ from region to region, based on standards of living.
The goals of leaders tend to impact key business metrics. Whether a leader is attempting to increase sales numbers, cut down on waste, or increase productive efficiency levels, there is always an objective in mind. However, for the goals of leaders to be achieved effectively, there are many factors to carefully consider.
Meetings are a necessity for organizational structures to operate effectively. They are an essential way for managers to communicate and explore their ideas privately. It is during meetings that a strategic plan and a larger vision are typically developed to positively impact a business.
Workplace culture represents the values, beliefs, attitudes, and behaviors that define your organization. These tend to create the overall character and practices of an enterprise. Letting your workplace culture form itself naturally can be an odious mistake.
Charismatic leadership is being able to motivate people using your words. In general, guiding people to perform is a key role of leadership. Refined communication and a polished mannerism are key aspects to running a business.
Whether you’re a business owner or an enterprising employee, you may be wondering how to classify your occupation. Understanding if you are considered employed or independently contracted is a matter of categorizing the work you do. This distinction can be easy to overlook or ignore entirely.
A vision statement provides a way for a company to convey its mission and core values to the world. Particularly for employees and other stakeholders, a vision statement can inspire efforts to build a better organization. The best vision statements are relatively simple yet often convey a deeper meaning in their wording.
Being driven by results means achieving the desired outcome, no matter the cost. It is a defining moment in a business practice or a career. Having bested the odds, you will have come to recognize what it really takes to push the envelope and achieve success at a high level.
Leadership coaching is a growing trend that aims to address the disruptive nature of our globalized business economy. This process involves a “coach” who helps a leader define, analyze, and troubleshoot outstanding issues. The goal of the coach is always to bring a tailored involvement that best suits the trainee.
The definition of a mission statement is stated as a concise description that details the reason why a company exists. That is, the fundamental purpose of a company, or what it ultimately produces, is concisely characterized for others by its mission statement.
The Herrmann Brain Dominance Instrument (or HBDI, for short) is a four-quadrant system used to characterize the thought processes of an individual. It was developed by William Herrman, who was previously a leading management educator at General Electric’s Corotonville, N.Y facility.
Do you ever feel you would like to start a new business or develop an existing enterprise? Effective SWOT analysis can help you do just that. Many people spend years with these questions in mind, without ever developing a realistic strategy to implement their dreams. To achieve desired outcomes and fulfill your potential, you need a comprehensive analysis.
Without leadership, no modern organization can exist. The absence of leadership leads to stagnation, dwindling morale, and inevitable collapse. Leadership is important because it allows for a coordinated effort. A skilled leader sets attainable goals, maximizes efficiency, and builds confidence within an organization.
Statistical process control (also known as SPC) is a measurement of quality assurance within a production process or method. SPC uses large samples of statistical monitoring to accurately gauge the overall quality of the products being produced. This allows for a process to be actively monitored and improved upon over time.
Opportunity cost is the core value of a system or product when compared to another. The best choice will be the one which affords the most opportunity, or which offers the highest rate of return. For example, if we assess the performance of two separate investment portfolios, we will naturally choose the highest return available.
We have all seen the highly productive individual firsthand. They seem to channel their skills seamlessly into getting things done at an incredible rate. This is not a phenomenon. In truth, there is a science behind productivity. One that we all would do well to learn from.
Many people attempt to achieve their goals through a more “seasonal approach.” That is to say, they only strive to accomplish their objectives in spurts, rather than taking a long-term and sustained approach.
A business model is the overall framework and operating procedure for a company. It is used to create profit or to pursue a general mission that requires infrastructure. An effective business model can readily identify the resources needed to service a predetermined market. For any enterprise, a business model is integral to its success.
Cash flow from operating activities (or CFO) is the amount of money a company makes (or consumes) from its regular business activities over the course of a specified period of time. CFO is an important indicator. It provides immediate clarity about the core operations of a business enterprise and the typical amount of net profit it makes.
Income tax and payroll tax in Canada deal with deductions, taxation, and remittances. Canadian employers have specific tax responsibilities that fall under unique categories. Whereas, the larger grouping of payroll taxes represents an umbrella of considerations that must also be deducted. In tandem, both payroll tax and income tax represent taxation responsibilities. These are required to be fulfilled under Canadian law.
Every organization depends upon its leadership to guide them through prosperous and difficult times. Often, regardless of circumstance, this requires careful planning and strategy. In today’s hyper-competitive business landscape, there is evidence to suggest that many organizations are failing to keep up with new trends. This has dire consequences for the foreseeable future.
Whether you’re a first-time manager or a seasoned veteran, leading teams can be challenging. Tapping into the potential of your team takes skill. A great team can only be as great as the leader who guides it. By setting high standards you can help your team see a larger picture. Engaged autonomy leads to the best results.
Many would-be leaders have found themselves in a low-tier position. The inevitable question they ask: “How can I get promoted to my dream job?” Never assume. Always actively take on additional responsibility. It is not enough anymore to simply log long and generic hours before calling it a day.
At no point in history has our workforce been so diverse. We come from all walks of life, from all creeds and ethnicities, to work together. Establishing positive attitudes towards diversity is a challenge that continues even today. In this article are powerful diversity quotes to help you on your journey.
Leadership is a profound art. While it is not taught in school, leadership is the greatest asset to any organization or enterprise on this earth. The capacity to lead others, however, is a skill that is often fraught with challenges. It is important to remember that all leaders are made; they are not born.
Communicating effectively in the workplace is essential. It ensures that important tasks and details are fully understood at all levels of an organization. A great leader is a highly capable communicator. These high-end professionals tend to relish the idea of speaking with others. They view it as an opportunity to both practice their skills and gain important insights.
It’s little secret in today’s fast-paced business landscape that keeping employee morale high can prove a challenge. Leaders and managers have a direct responsibility to promote stability and productivity alike.
Teamwork is an essential ingredient to success in business. Without effective team dynamics, a business runs the risk of losing out to competition. The practical importance of teamwork cannot be overstated. It brings heightened productivity, creates innovation, and fosters flexibility.
Kindness in leadership consistently produces exceptional results. Studies have shown us repeatedly that happier workers are far more productive than their unsatisfied counterparts.
To be the best, you must practice consistently. Leadership exercises are a highly actionable means of improving your organization’s capabilities. Think of them as a series of drills, or a form of training.
The ability to delegate effectively and influence the outcome is a prerequisite for managing others in a meaningful way. Elements of leading are not complicated, though they are a skill that requires practice like any other.
Charisma is often touted as being extremely important for effective leadership. Few achieve success in business or life, without first developing charisma. However, like any life skill, charisma can be learned and actively improved upon.