Business management combines a fascinating mixture of theory and exercise, which is a particularly good topic for management and entrepreneurial types to study. Finding a business management style that suits your personality and the nature of your business is both important and worthy of time investment, as being self-aware and being able to identify weaknesses and strengths of numerous approaches will enable more effective personal development and ultimately more efficient management.
While many have their own individual business management styles, they are traditionally broadly categorized into three main classes of economic management approaches.
Autocratic Management
Firstly, there is what has come to be known as the autocratic approach to management, which installs more rely upon the leadership as opposed to the individual staff. This involves pulling rank and leaves employees in without doubt regarding whom the management is or what decisions are now being made. Rather than engaging employees inside the decision making process, this business management style typically concerns businesses that require direct, effective leadership to create results, often under pressure of working in a tough environment. Upon hearing the word autocratic, many tend to visualise a dictatorial approach to management. While that is probably the case, it is seldom as strict as this and it is often a necessary management style, for example within the military or in a high-paced trading environment, high is no margin for deliberation and group consideration.
Democratic Management
Alternatively, there?s a business management style known as the democratic style, where employees are effectively engaged in consultation before decisions are created. Although some think about this to become more motivating and more enjoyable to operate under, it does nevertheless have its very own disadvantages. Giving employees a say may undermine the authority of the management, and may ultimately cause inefficiencies within the making decisions process. It is also time-consuming, and perhaps not as good at larger organisations with a large number of employees. While of course at a board room level this kind of decision making continues everyday, it?s one which works most effectively in slower paced business where decisions could be fully deliberated and considered.
Laissez Fair Management
An alternate to those two business management styles and also the third main category is what?s known as the laissez fair management style. This is obviously a more hands-off approach to management, which puts the trust of running the business inside the hands of employees themselves, and allows a greater amount of autonomy than would certainly be the case. While this is strong in creative industries, some business people discover that this style of management can lead to a fragmented approach to doing business and it is less organised and maybe less professional.
Whichever business management style you liken you to ultimately; you will find pros and cons for that approach. What?s important isn?t that you recognise which of those categories you fall under, but instead that you?re aware of the improvements that may be designed to build your management more effective and efficient while also increasing the relationships you tell employees whatsoever levels of the organisation.
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