Management means the direction or coordination of a company, a department, an institution, etc. It can be the same as the term direction in that it directs efforts and resources in a certain direction in an attempt to maximize the benefits obtained or utilities.
Currently, the manager of a company is usually an extra employee who has a salary at the end of the month; in fact, in a capital company, owners are represented by shareholders who have political and economic rights over the firm.
Managers usually make decisions that impact a group of people and it is extremely important that they maintain good communication with their employees in order to achieve their goals. Achieving this good communication is one of the most important tasks of management, which is why there are often one-on-one meetings with each member of the group, as well as with the whole group.
Management also deals with managing financial capital, and it is essential to have a good understanding of the needs of the sector or the company, in order to avoid wasting or diverting economic resources. Management usually has a budget to be discussed regarding the allocation of resources and uses it to pay staff salaries, purchase work materials, etc.
Another important management function is planning for the future, whether in the short, medium or long term. This means identifying what actions must be taken within certain deadlines and in the right circumstances. In fact, intelligent planning can be the difference between success and failure in achieving numerous goals, so this task becomes fundamental. It is also important to draw up contingency plans when the planned plans cannot be carried out because of external circumstances of force majeure.
Nowadays, the role that management plays is essential for the proper functioning of a company. However, many assumptions that were previously held in this area are changing for the better. In the past, relationships were more vertical between the manager and his collaborators, whereas nowadays the participation of the entire group is expected to add value to the team.