What are the fundamentals of corporate management?
In this article, we’ll cover the key concepts, skills, and ideas of corporate management.
This overview can help anyone:
- Who wants to learn more about corporate management
- Interested in a career in management
- Studying specialized fields within management, such as change management or digital adoption management
Let’s get started.
The Fundamentals of Corporate Management
Here is a list of key concepts that cover the fundamentals of corporate management.
The concepts listed here relate to many forms of management, though not all.
The rule of thumb is that each job is slightly different – for instance, one job may require a lot of financial skills, while another may not.
Also, some managers may take on specific duties, such as increasing employee productivity or engagement.
However, the concepts listed here should provide some insight into corporate management.
Managing other people is one of the most fundamental duties in management.
It is not easy – some people love it, and some people want to avoid it.
Managing people comes with many responsibilities, such as:
- Issuing orders
- Delegating tasks
- Hiring and firing
- Managing disputes and office politics
To name a few.
Managing people is not necessarily easy, but some people are cut out for it.
Time and Resource Management
Time management is another job function for many managers.
This includes the management of:
- Schedules – Deadlines, calendars, and so on
- Human Capital – Which personnel are devoted to which tasks
- Priorities – Which projects, tasks, or jobs take priority when resources fall short
- Finances – Accounting and finances for projects, departments, people, and so forth
In these cases, managers must balance multiple priorities simultaneously.
Decision-making may sound easy on the surface.
But when the needs of different groups are competing, choices can be difficult.
A manager that must trim two jobs from his department, for example, must choose which jobs to lose.
That may make things difficult from a business perspective – all jobs may be equally important.
But it can also be difficult from a humanitarian perspective – after all, laying someone off means cutting off his or her income.
Business operations refer to the day-to-day administration of business processes.
Its duties include:
- Oversight of normal business processes
- Analysis, monitoring, and evaluation of daily operations
- Increasing efficiency of business processes
…along with the other duties mentioned here, such as people management and planning.
Planning applies to more than just calendars.
In business, planning can become quite complex, and can include:
- Planning short- or long-term projects
- Ongoing coordination with a variety of stakeholders
- Prioritizing and preparing for events, projects, meetings, negotiations, and more
Depending on the manager’s role, there may be different types of planning involved – such as operational planning or strategic planning.
Finance and Accounting
Most managerial positions involve finance and accounting, to some degree or other.
The level of that involvement will depend on factors such as:
- The type of management position
- The business size
- The job duties for that specific role
Even if a particular manager position isn’t related to finance, this knowledge can be invaluable.
As with the other skills mentioned here, a grasp of finance can improve one’s job prospects – as well as their job performance.
Skills Needed in Corporate Management
What skills are needed to succeed in corporate management?
Here are a few of the top skills:
- Communication Skills – Managers deal with people constantly, making communication a critical skill. They must be able to empathize, be strict, give orders, negotiate, mediate, and much, much more.
- Problem-Solving – Complex problems are common in management. Many of these are related to people, making them political in nature. Others, though, involve business problems. Good managers can tackle many types of problems, regardless of the area.
- Attention to Detail – Managers must track many moving parts, making attention to detail a crucial trait. Every area within the manager’s domain requires a high level attention, from specific communications to financial calculations.
- Organization – The ability to stay organized is essential in management. Though you may come across a disorganized, scatter-brained manager, it’s uncommon. Disorganized people would likely be unable to keep up with all of the tasks on hand.
- Leadership – The ability to lead people is also critical, but distinct from management. A good manager can mediate, negotiate, communicate, and organize. A good leader can influence, inspire, and motivate. Managers who can also lead are invaluable in corporate settings.
Managers may also be required to have other skills, especially if they are specialists.
A manager at a software company, for instance, will likely be a software engineer who has been promoted.
Hopefully, the fundamentals of corporate management listed here have painted a well-rounded picture of this discipline.
Management itself is a balanced, fascinating role.
It requires creativity, problem-solving, people skills, and much more.
To learn more about change management, a type of management mentioned above, feel free to browse the rest of our blog.