Understand 4 Basic Management Styles to Be an Effective Manager

In the corporate world, there needs to have a formal structure that organizes the tasks to manage the corporate office in its controllable manner. It is often ruled by a hierarchy of organization structure. This structure is commonly termed as organization chart.

 In order to be effective as a manager at various level in the organization structure, he or she are often challenged by work environment. How does his or her management style help to manage the situation. The four basic Management Styles is listed below:-

1)  Autocratic Style

Understand 4 Basic Management Styles to Be an Effective Manager

Perhaps is the oldest style in managing a group of people to get things done. This style of management is very obvious in the olden days of slavery where only the "master" give command and the slaves just follow. However, it is by no means the is a slavery type of management.

If you pay attention to this style, what it indicates is that there is always a one way communication where the "commander give out order and expect it to get done without any question. Even until today, this style of managing still exist and effective in environment such as arm forces, emergency situation, crisis management etc where there is not time to wait or entertaining any feedback or suggestion.  And autocratic style of management is most effective.

2)  Democratic Style

Just the opposite to autocratic management style, tasks carry out only after getting people's opinion and rule by a majority vote.  A very obvious example is a general election of a country, election of certain official in an organization of society. However, a democratic management style can and often apply in business when the manager makes decision based on the agreement of the majority. 

However, the style of management is normally guided by the manager who has made certain evaluation of the possible solutions and let the employees pick one among the best options. 

3)  Participative Style

This style of management is quite similar to the democratic type of management in getting opinion from the mass employees. However, the decision is not necessary follow the majority vote. What it does is to seek feedback and opinion from employee and then make a decision on his own.

4)  Laissez Faire

This style of management is a free hand management style where managers do not make decision nor interfere. It just let the issue develop by itself whether to the better or worst. This type of management style is best to handle rumor. for an example, a conflict among two or more parties is best let the parties involved settle on their own.

Now that you have any idea the four common management styles, you need to evaluated their differences and apply them.

Understand 4 Basic Management Styles to Be an Effective Manager
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Do you want to learn which management style is best? If so, click Management styles

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How to Improve Working Capital Management

"Cash is the lifeblood of business" is an oft-repeated maxim amongst financial managers. Working capital management refers to the management of current or short-term assets and short-term liabilities. Components of short-term assets include inventories, loans and advances, debtors, investments and cash and bank balances. Short-term liabilities include creditors, trade advances, borrowings and provisions. The major emphasis is, however, on short-term assets, since short-term liabilities arise in the context of short-term assets. It is important that companies minimize risk by prudent working capital management.

What Affects Working Capital Management:

o Organizations are generally focused on cash, accounts payable and supply chain issues. On the hand, external issues like the legal and business environment, or internal mechanisms like organization structure, information systems, can significantly impact working capital.

How to Improve Working Capital Management

o Owing to market pressures, companies are led to paying a lot of attention to producing good quarterly results quarter after quarter. Undue focus on this may sometimes produce a flattering but inaccurate snapshot of working capital performance. This also happens in companies that have a marked seasonality of operations with working capital requirements varying widely from quarter to quarter.

Measures to Improve Working Capital Management:

o The essence of effective working capital management is proper cash flow forecasting. This should take into account the impact of unforeseen events, market cycles, loss of a prime customer and actions by competitors. The effect of unforeseen demands of working capital should be factored in.

o It pays to have contingency plans to tide over unexpected events. While market-leaders can manage uncertainty better, even other companies must have risk-management procedures. These must be based on objective and realistic view of the role of working capital.

o Addressing the issue of working capital on a corporate-wide basis has certain advantages. Cash generated at one location can well be utilized at another. For this to happen, information access, efficient banking channels, good linkages between production and billing, internal systems to move cash and good treasury practices should be in place.

o An innovative approach, combining operational and financial skills and an all-encompassing view of the company's operations will help in identifying and implementing strategies that generate short-term cash. This can be achieved by having the right set of executives who are responsible for setting targets and performance levels. They are then held accountable for delivering, encouraged to be enterprising and to act as change agents.

o Effective dispute management procedures in relation to customers will go along way in freeing up cash otherwise locked in due to disputes. It will also improve customer service and free up time for legitimate activities like sales, order entry and cash collection. Overall, efficiency will increase due to reduced operating costs.

o Collaborating with your customers instead of being focused only on own operations will also yield good results. If feasible, helping them to plan their inventory requirements efficiently to match your production with their consumption will help reduce inventory levels. This can be done with suppliers also.

Working capital management is an important yardstick to measure a company operational and financial efficiency. This aspect must form part of the company's strategic and operational thinking. Efforts should constantly be made to improve the working capital position. This will yield greater efficiencies and improve customer satisfaction.

How to Improve Working Capital Management
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Internal Audit and Public Sector Management Effectiveness

Introduction
In these difficult times for public sector finances, internal audit and the audit committee have an important role to play in ensuring continuing management effectiveness. Despite budget cuts and reduced staff numbers, management must ensure that controls continue to be effective, risks are managed and standards of corporate governance remain high. Internal audit must respond to these challenges by maintaining a robust, independent and objective stance and ensuring audit work focuses on what is most important in the organisation.

Strategic alignment
Internal audit must focus on those activities that contribute to the achievement of the organisation's strategic objectives. Internal audit should have its own strategic plan that is aligned with the organisation's strategy, while being flexible enough to take account of changing priorities and circumstances. The strategic audit plan should aim to cover all key strategic risks.

Focus on risk
Every public sector organisation should conduct regular risk assessments to ensure that risks to the achievement of its strategic objectives are identified and managed. Internal audit plans and work programmes must take these risks into account and be capable of responding to emerging risks. In addition, it is essential to audit the organisation's risk management process to ensure that it continues to identify changes in the risk profile of the organisation. An audit of the risk management process will also help to ensure that that all parts of the organisation have a common understanding of risk.

Internal Audit and Public Sector Management Effectiveness

Promote continuous improvement
There are two aspects to the promotion of continuous improvement, the first in relation to the internal audit function itself and the second in relation to the organisation. Internal audit should continuously improve its own capabilities through ongoing review of its performance, providing training to staff, and conducting quality assessments and peer reviews. Periodically, an independent external quality assessment should be conducted to gain an objective view of how internal audit is performing against internal audit standards. The performance and role of the audit committee should be included in these reviews, the results of which should be used as benchmarks for further improvement objectives.

As audits are carried out over time, internal audit should observe trends that emerge in the organisation and not simply view each audit in isolation. Trends might point to deficiencies in the performance of the organisation that management needs to address. For example, if a number of audit investigations point to weaknesses in, say, procurement, management might be advised to examine procurement at an organisational level and fix the process, not just the specific weaknesses identified in an individual audit. In this way, the audit function can contribute to overall performance improvement and add value to the organisation.

Manage relationships effectively
The influence of internal audit and of the audit committee is critical to the success of the function. The relationship between the Audit Chair and the Head of Internal Audit should be strong so that the audit function has the independent support required to succeed. The Audit Chair should meet the Chief Executive regularly, perhaps after every audit committee meeting. The committee should be kept informed of key developments in the organisation so that it can take these into account, where relevant, in reaching its decisions. Good relationships are also essential with line management so that audit findings and recommendations are accepted and acted upon. Client satisfaction surveys are useful tools to use after an audit to ensure that the client has an opportunity to give feedback on the audit process and deal with any difficulties that may have arisen.

Value for money
Every public sector organisation should strive to achieve the best value for money in carrying out its functions. The means by which this can be achieved are now well documented. Internal audit should consider where opportunities arise to conduct value for money audits and should include these in its annual audit plan. The results of value for money audits, in particular, can help to inform management whether the organisation is achieving its strategic objectives and whether actions are required to mitigate risks.

Conclusion
An effective internal audit function can help to promote a frame of mind in the organisation that focuses on risk, controls and the achievement of value for money. This, in turn, can help the organisation to improve its performance and management effectiveness and increase the likelihood of achieving its strategic objectives.

Internal Audit and Public Sector Management Effectiveness
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John Lawlor is an IT manager and consultant and has been delivering large-scale technology and business solutions in major public and private sector organisations for over 25 years. He is the author and presenter of training courses on general management; strategic management; project management; communications skills and personal development. He speaks regularly at seminars on public sector governance; internal audit; public financial management and value for money. He also writes on technology, business and career matters.

For further advice or assistance on the topic covered by this article, please contact John through his website http://johnlawlor.ie

Disclaimer: The views expressed in this article are the author's alone and do not represent those of any employer or other organisation with which he is or was associated.

(c) Copyright - John J. Lawlor. All Rights Reserved Worldwide.

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What is Strategic Financial Management?

Strategic financial management is basically about the identification of the possible strategies capable of maximizing an organization's market value. It involves the allocation of scarce capital resources among competing opportunities. It also encompasses the implementation and monitoring of the chosen strategy so as to achieve agreed objectives.

The key decisions falling within the scope of financial strategy include the following:

1. Financial decisions - this deals with the mode of financing or mix of equity capital and debt capital. If it is possible to alter the total value of the company by alteration in the capital structure of the company, then an optimal financial mix would exist - where the market value of the company is maximized.

What is Strategic Financial Management?

2. Investment decision - this involves the profitable utilization of firm's funds especially in long-term projects (capital projects). Because the future benefits associated with such projects are not known with certainty, investment decisions necessarily involve risk. The projects are therefore evaluated in relation to their expected return and risk. For these are the factors that ultimately determine the market value of the company. To maximize the market value of the company, the financial manager will be interested in those projects with maximum returns and minimum risk. An understanding of cost of capital, capital structure and portfolio theory is a prerequisite here.

3. Dividend decision - dividend decision determines the division of earnings between payments to shareholders and reinvestment in the company. Retained earnings are one of the most significant sources of funds for financing corporate growth, dividends constitute the cash flows that accrue to shareholders. Although both growth and dividends are desirable, these goals are in conflict with each other. A higher dividend rate means rate means less retained earnings and consequently slower rate of growth in future earnings and share prices. The finance manager must provide reasonable answer to this conflict.

It should be noted that the theory of corporate finance is based on the assumption that the objective of management is to maximize the market value of the company. More specifically, it is settled in finance that the main objective of a company should be to maximize wealth of its ordinary shareholders.

What is Strategic Financial Management?
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Basic Management Skills - What Makes a Good Manager?

Basic management skills are necessary to run a small business. Some business owners believe that leading vs managing is most important. In reality, you need to be able to both lead and manage.

What makes a good manager? There are definite business management styles and skills to focus on; specifically for small business owners. If you're the owner or manager of a small business, it's important to understand what those basic management skills are and to try to incorporate them into your own behaviors. Why? Because some skills are more successful than others and because some styles will engage your employees, while others will dis-engage them.

Business management skills such as planning, decision making, problem solving, controlling and directing, and measuring and reporting are needed for the daily operation.

Basic Management Skills - What Makes a Good Manager?

Using their small business plan, effective managers direct the business operation. Communications, benchmarking, tracking and measuring are tactics and strategies that they use to check their direction, to adjust the plan (if necessary), and to move the business forward. Good managers act to achieve the desired results; and they manage people and resources to get where they want to go.

Understanding what makes a good manager, means understanding what motivates employees.  How do you build an environment and culture that encourages employees to participate? How do you increase employee productivity and employee satisfaction; simultaneously? How do you recruit the best talent, and then keep them? How do you train your staff to solve problems, make decisions, and involve others in the process? These are just some of the challenges, and responsibilities, of managing.

As a manager, you need to understand what the common business management styles are (autocratic, paternalistic, democratic, and passive are the most common styles). And you need to understand what your style is, and how that style affects business results.

Four Business Management Styles:

Autocratic: The manager makes all the decisions; a "command and control" (militaristic) management style. Focus is on business; doesn't want any personal 'stuff' to get in the way. The benefit is that decisions are made quickly. The cost is in high employee turn-over as employees find this style difficult, and stressful. Paternalistic: The manager makes all decisions (or most of them) but focuses on what's best for employees. The benefit is that employees feel the business is taking care of them. The cost is that employees don't take care of business - they are uninvolved and have little at risk. Democratic: The manager wants input from the whole 'team' and majority rules. Often good decisions are made and employees feel involved in the business (the benefit to this style) but the process is very slow and you can't always make everyone happy. Passive: The manager abdicates responsibility to the employees; and calls it delegation. The benefit is that employees often step forward and learn in this environment. The cost is that the direction is scattered and there can be numerous false starts because there is no real manager.

Managers typically use more than one style, depending on the situation. If brainstorming creative new product ideas is today's focus, then the manager may want to use a democratic or passive style. If a decision about keeping or firing an under-performing employee must be made, the manager may need to use an autocratic or paternalistic style (hopefully not a democratic or passive style).

In most small businesses, the business owner is also the manager and the leader. In your business, make sure that you have a good understanding of your own business management styles, skills and qualities and learn how to control them and use them as necessary.

Basic Management Skills - What Makes a Good Manager?
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To understand more about what makes a good manager, or the difference between leading vs managing, it is good to focus on the qualities of an effective manager as compared to the qualities of an effective leader.
Kris Bovay is the owner of Voice Marketing Inc, a business and marketing services company. Kris has 25 years of experience in leading large, medium and small businesses. For more pricing strategies and other small business resources and services go to the more-for-small-business website.
Copyright 2008 - 2009 Voice Marketing Inc.

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Risk Management - Sub-Contractors

Risk management and assessment of sub-contractors and suppliers must start early in the life of a bid. As soon as the need for bought in items is identified and a list of potential sub-contractors created, the risk management process kicks in.

Risk assessment of sub-contractors becomes more essential, the more complex the item of supply and the fewer suppliers there are to choose from.

The amount and importance of risk management goes in this order, starting with the most difficult:

Risk Management - Sub-Contractors

If the system requires a complicated piece of modified software based on an existing proprietary software, then due to copyright issues, only the original owner of the code can be approached to change it as required. This is a sole source supply involving software development, which is notoriously difficult, and needs to be micro-managed in order to succeed.

Equally, if a complicated bespoke software is needed, even given that there are a number of sub-contractors capable of doing the work, it is a very risky business and needs careful management.

Items of hardware which will be designed and manufactured specifically for this project or which require special manufacturing processes need a high degree of careful risk management.

Next down the chain in terms of risk are specialist items of proprietary hardware. Again, this is likely to be a sole-source item, which in itself carries risk.

Alternatively, the risk involved in buying standard commercial-off-the-shelf (COTS) items of either hardware or software where there are various similar products to choose from, is fairly low, but still exists and management will be required.

In a nutshell, the order of risk, starting with the highest is:

Sole source software development

Multiple source software development

Sole source complex COTS software requiring system integration

Sole source hardware development and manufacture

Multiple source hardware development and manufacture

COTS Software supply

COTS Hardware supply

Each of these scenarios carry different types and quantities of risks, making individual plans for their management absolutely essential.

In our next article we'll look and the management of risk associated with selecting potential sub-contractors.

Risk Management - Sub-Contractors
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Michael Russell
Your Independent guide to Risk Management
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