Management thoughts for reflection

Published on : 17th January 2023

Management thoughts for reflection

You might be a seasoned manager or new to the role, either way, take a look at our summary of some well-known management techniques and practices. Ideal to google further or just for inspiration and as a reminder.

There are lots of different approaches to effective management that you might want to bring into your own working environment. Working from the foundations of well-established concepts and theories is a great place to start as it gives you a clear path to follow and useful tools to implement into your management. 

You’ll have the ability to inspire teams, lead them to goals successfully and increase staff morale in the process. So in this article, we’re going to look at some classic management theories for you to consider.

 

Purpose over profit

 

Although many people associate businesses with profit-making machines, management should look beyond this and look for the business's purpose. Strategies change over time, ways of making profits may adapt to new markets - but the purpose of the company should never waver. The purpose is your business identity and what makes your brand unique. Putting it another way - it’s not what your business does but how it does it and why.

 

Managing oneself

 

In order to be a good leader, it’s important that you understand your position in the workplace hierarchy. There are five key takeaways to managing oneself, which includes:

1. Know your own strengths and weaknesses.

2. Learn how to develop your knowledge and work with other people.

3. Don’t compromise your core values.

4. Establish where you belong in the business.

5. Understand what type of work environment you can bring the most value to.

 

The five forces

 

It’s important to understand your place in the market when acting as a manager, as it helps you make decisions and find opportunities. To do this, try to identify and factor in the five forces, which are:

1. Customers

2. Competition

3. Potential new entrants into the market

4. Substitute products

5. Suppliers

 

Emotional intelligence

 

Emotional intelligence is an important skill for managers to develop, as it allows you to control your own emotions and understand the emotions and actions of others. There are five defined aspects of emotional intelligence to understand, including:

1. Self-awareness

2. Self-regulation

3. Motivation

4. Empathy

5. Social skills

 

Adopting the right management style is an important way to get the most out of your staff while also improving your own managerial approach. So consider these classic approaches to management and see how they help your own management.