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MANAGERIAL PROCESS IN BUSINESS 13 Managerial Process in Business Weltee Wolo Rasmussen College Author Note This paper is being submitted on February 23, 2017, for Laura Sheneman’s Healthcare Operations Management H410/HSA4110 course Managerial Process in Business Any given organization needs a good managerial process before the opening day and actual operation. In the managerial process, there are various decisions to be made to make the entire process successful. When starting up a business, there are basic components that must be considered for the process to be smooth. Basic components such as employees, resources, equipment and premises are very critical and should be prioritized. When an organization is at its early stages, various departments must be considered such as human resource, finance, and government compliance, credentialing and supply chain. It is the role of the management to ensure that all these aspects are put into consideration because of their significance and the outcome that they bring to the organization. All the aspects of the managerial processes are critical, and they must be integrated so that they can bring out a desired outcome to the organization. Different kinds of businesses require business premises that suit their operations. Premises need to conform to the requirement of the business such as space, location, cost, accessibility, and structure. All these ensure that operations are made smooth and effective. Before the opening day, finding and ensuring that the business premises is suitable is very essential. All the business requirements regarding premises need to be analyzed and their suitability determined before the business starts to operate. When the premises best suit the business, there would be minimal difficulties in meeting the goals and objectives of the business. Some of the other considerations include obtaining suitable employees, favorable equipment, and sufficient resources. The direction to which the business will be heading in the future is very crucial. The future of the business is usually viewed regarding goals, objectives, and mission. To achieve all these, the business needs to have an effective strategy which is characterized by management support and strategic alignment. The strategy of the business needs to be well linked with the requirements of the market so that the business will remain relevant for a significant period. The goals and objectives of the business which is part of the strategy need to be specific, measurable, achievable, realistic and time-bound. Some of the business strategies to be considered include delivering core services, manage client relationship, planning and governing. A business that is without strategy will not be able to cope up with the requirements of the market and therefore cease to exist. Integration of activities within the business such as information and physical flows, support processes and other operations are very essential. The managerial process has to consider process architecture for efficiency and also to ensure that areas of complexity are tackled with ease. Process architecture is associated with fields such as business process, logistics, policies, procedures, project management and much more. The business has to integrate general process system to ensure that the business is well equipped with computers which assist to perform critical roles with ease and also save time. (Cleveland., 2010) Currently, it is a requirement for businesses to be equipped with computers because of the complexity in which the business world is heading to. Computers assist in accounting processes, data storage, research, monitoring and other vital roles. Measuring performance and standards of the business such as the performance of people, projects and processes ensure that the business is on the right track. Standards and measurements need to be considered and implemented in the managerial process so that goals and objectives are well attained. When the management sets standards and ways of measuring the achievement of goals and objectives, then the business will have a direction and purpose. The business should have standards and metrics which can be effectively utilized to monitor the future progress of the business and the goals to be achieved. (Llewellyn, 2000) It is, therefore, essential for the business to have process performance measurements and to measure techniques so that the business can easily determine the direction in which it is heading to. To implement this, the business can have measuring tools and techniques which will be used to monitor the progress of the organization from time to time. For improving and operating effectively, the business has to look into such factors as evaluation, monitoring, process innovation and measurement. Optimizing and process management ensures that quality, time and cost is within the requirements of the management. The business needs to be valued, cost analysis done, quality of products determined and the monitoring process implemented. The business has to look into future innovation processes, design, and analysis so that it can remain relevant in the market. Process management ensures that the business is monitored to determine areas of improvement, measured to determine cost and quality and evaluated to determine future progress. Supply Chain Management Business processes such as the supply chain management ought to be considered and implemented in the managerial process to ensure that transportation of goods, warehousing, packaging, processing, and distribution is effective and efficient. In the supply chain management, effective transportation means must be used depending on the nature of products. Perishable goods need to be transported by a faster means of transport while those that are delicate need special care. The warehouse needs to be equipped with the relevant machines and equipment that will enhance the smooth flow of activities. The warehouse should also have enough space, ventilation, minimal risk, accurate schedule and data, good customization and effective support. Movement of goods must have specific routes with designated classifications so that the entire process is accurate. (Choon Tan, 2001) Warehouses also need to be computerized for quality monitoring and accuracy. Due to the dynamic changes in the business world and also in warehousing, computerization is inevitable. While processing, the managerial process has to consider and implement safety measures so as to safeguard consumption. Processed goods must be safe for consumption, and therefore processing must follow all the procedures involved. Packaging is also crucial as part of the supply chain management. During packaging, classification should be carried out in that specific goods are packed together without combining with that of another class. Uniformity in packaging ensures that goods are well packed and can be quantified with ease. Distribution, on the other hand, must ensure that markets are well served in that there is no shortage in one market and surplus in the other. Monitoring distribution helps the business to know the areas that need more supply and avail them in time. The supply chain also enhances the good relationship between the business and the consumers as well as other stakeholders. When the managerial process considers and implements an effective supply chain management, the consumers will be satisfied, and the business will operate well with other stakeholders in the business. To implement all these, the business must consider timely transportation, effective processing and packaging, favorable warehousing and reliable distribution. Human Resource Management The role that is played by people in the business is very essential. The business needs to consider the type of employees that it hires to ensure that they match the job description provided. Since acquiring employees is a managerial process, the management should outline the specifications and requirements for the particular type of jobs, receive applications from potential candidates, analyze the applications, carry out interviews and select the right candidates for the job. Qualified, experienced, competent, hardworking and innovative employees are a great asset to the business. (Porter, 2010) It is the role of human resource management to ensure that there is the effective protocol of hiring candidates and that experts in the different fields are considered so as to give insights on the suitability of candidates. The business also has to have ways of appreciating their employees, safeguarding their welfare, security, wellbeing and also providing a suitable working environment. When employees feel that their presence in the organization is recognized by the management, they become more productive and useful to the business. Human resource management also involves training. The business should identify effective ways to be used in training especially in the areas that are ever changing and require new skills. Technology is currently dynamic and requires employees to obtain new skills. It is the role of management to ensure that the knowledge and skills of employees are in line with modern changes in the digital world. Human resource management should also be a resource for employees by finding ways of dealing with harassment, discrimination and even abusive situations that employees go through. This will ensure that employees are respected and that they co-exist harmoniously in the working environment. The HR department needs to evaluate employees on their performance within a given period. The business should have a plan on how to evaluate employees so that that can find ways through which they can promote, compensate or terminate an employee. Performance evaluation will assist the business in achieving the set goals and objectives. Financial Management Businesses require finance for investment and to ensure that all the requirement are put into place. The interest of stakeholders lies on how effective finances are being managed in the business. Financial management is very critical because it ensures that the business regularly obtains funds and that the funds are effectively spent on the relevant projects. (Huston, 2010) The types of costs that are associated with financial management include labor, materials, administration and equipment. Before the business starts, financial management process must be considered and implemented. The business plan is determined in the planning phase, and then funds are allocated per importance and urgency. The significance of financial management is to establish an effective budget that should be used in the business. In the case of financial shortages, the finance department considers alternative sources of obtaining funds so that the venture can be effective and successful. Potential sponsors and shareholders are usually important in this area. In financial management, the budget is usually important. In the budgeting process, the budget is planned, it is approved, and expense form is created, documented and later updated in line with the business processes. The significance of financial management ensures that all the financial staff is well informed on how the finances will be utilized, monitoring and resolving issues of expenses, implementing action plans that will address issues of deviations, presenting all expenses accrued and summarizing all the information that is related to expenses. To implement an effective financial management, the business has to employ qualified employees in accounting and the relevant financial fields. The business has to also Follow-Up budgets and the way in which funds and spent and also outlining the roles and duties of each and every employee in the finance department so that separation of duties is enhanced and that no fraud can be easily carried out. Government Compliance Any given business has rules and regulations, and so does the government. The government is one of the largest stakeholders in the business world, and it provides things such as policies, license, employment Act, business registration, Privacy Act and tax permit. For a business to operate legally, it must comply with specific requirements regarding the transaction of the company, safety procedures, and labor practices. The business must comply and implement the requirements of all the rules and regulations provided by the government so as to operate effectively and within the jurisdiction of the law. Some of the aspects of compliance include virtual access, security updates, password protection, and emergency response, risk analysis, audits and reviews and much more. The government also requires businesses to pay tax, pay registration fees, operate within the law, obtain licenses, comply with the Employment Act and imply the Privacy Act. To implement government compliance, the business should research all the legal requirements, interpret with the aid of a legal practitioner and comply with them. Some of the basic requirements that are consequential and ought not to be left out include registration of the business, payment of taxes, complying with the Employment Act, uphold safety measures and obtaining a tax permit. Having a legal team is also critical to the business so as to handle legal issues in case of any misunderstanding or difficulties. The business should also be conversant with the requirements of the government and check on areas that need adjustments. Credentialing Sensitive fields in business need reviewing the career history and qualifications of professions regarding training, licenses, education and residency. Credentialing, therefore, involves the verification of experience, interest, expertise and willingness to perform given tasks involved in the business. Businesses are usually established to carry out certain activities with specific aims and objectives. It is the role of the business to ensure that its activities are clear and well defined so that the desired goals and objectives can be achieved. Since the business needs to perform well in the market, the managerial process must consider experience, willingness, expertise and interest for excellence. To implement a successful credentialing process, the business needs to start it early enough, develop a sustainable process, recognize success factors that are key, and determine the relevant steps to be applied in making credentialing decisions so as to avoid negative outcomes. Those professions that do not meet the requirement as per the credentialing process should not be allowed in the business for good image and quality of the business. Conclusion Despite businesses being different and belonging to different industries, there are specific activities and requirements that they share. The activities and the managerial process carried out in each of the departments in business takes the same procedure and approach. Due to this aspect, researching the critical requirements of business will mainly focus on the unique components that aid the establishment of the business and its progress in the future. Reference Choon Tan, K. (2001). A framework of supply chain management literature. European Journal of Purchasing & Supply Management, 7(February 1999), 39-48. Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296-316. Llewellyn, N. and Armistead, C. (2000). ‘Business process management. Exploring social capital within processes’. International Journal of Service Industry Management, 11, 3, 225-243. Porter, C., & Spear, B. (2010). Strategic Human Resource Management. Human Resource Management Review, 14, 365-382. S. Cleveland. (2010). BPM from a Business Point of View, business process management, Greatest Benefit from BPM. [Online]. Available: http://www.ebizq.net/blogs/bpm_business Instructor feedback Feedback to Learner 3/4/17 9:27 AM Criteria Points 8-10 pages rough draft begins with introduction leading into thesis; identifies key performance areas 15 Body includes two examples from each area: financial management, human resources, supply chain management, government compliance, and credentialing 6/10 At least five sources support the main section of the paper Conclusion wraps up the individual processing in the paper Citations in APA format are included in-text and in an Annotated Bibliography in the Reference Page 0/5 Follows standard mechanics for writing, spelling, grammar, and punctuation 10 Total 41/50