Explain five ways in which effective management practices may contribute to the success of a business. (10 marks)

Explain five ways in which effective management practices may contribute to the success of a business.

Ways in which effective management practices may contribute to the success of a business.

1. Proper planning is put in place so that good results can be anticipated and also accommodate future changes.
2.  Relevant strategies may be established so as to achieve desired results.
3.  Setting clear goals and objectives so as to achieve the intended results.
4.  Providing and using organizational resources efficiently and effectively. This involves budgeting to avoid wastage and misuse.
5.  Proper time management to ensure set activities (tasks) are accomplished within the required time.
6.  Good supplier/customer/employee relations to attract and retain them (suppliers. employees and customers).
7.  Corporate social responsibility is fostered. This builds on the image and reputation of the Company.
8.  Compliance with legal requirements in order to operate smoothly and avoid conflict with law enforcement authorities.
9.  Motivation of employees to increase productivity.
10.  Proper organization to avoid overlap/duplication of duties.
11.  Proper direction to ensure activities are geared towards achieving the set goals.
12.  Identifying the required skills/training relevant staff for smooth running of the organization
13.  Monitoring/evaluating/checking that planned activities take place in order to achieve desired results.
14.  Proper co-ordination to reduce conflicts. 

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