2 Important aspects of business


Management and leadership

The most simple definition of business management means having the skills of communication,
coordination, administration of activities, managing resources and achieving the set of

Their role includes keeping a watch on the staff members, designing the infrastructure for the
company and having future plans for the company’s development.
They play the most important roles in the success of the firm and industry. They monitor
and manage the situation which is often related to human resources, thus they are considered
the backbone of the business company.

aspects of business
aspects of business

Their role in the industry often includes managing aspects of marketing, accounting and sales.
Firm managers often ensure that there is a smooth exchange of goods and services so as
to ensure smooth functioning of the system.

Business management is the most important role in any business firm and it is necessary to
have an expertise person for this role so as to help the business to reach greater heights.
It is the responsibility of the firm manager to make sure that the business firm is profitable
and operational.

In most cases they are responsible for the finances and operations.
Listed below are some of the basic and important roles of a firm manager-
Overseeing and managing the human resource, sales and marketing strategies.
Preparing the budget, payments to be made and managing the financial aspects.
Attending complaints related to the business,

Responding to the advice from senior managers and attending to the concerns of their
Conducting and planning staff meetings in order to know the difficulties of their employment
from time to time.
Taking into consideration each customer’s review and working towards improving the mistake.
Analyzing crucial areas which will improve the company.

Making use of appropriate technology.
Observing the problems of the employees and drawing solutions in order to resolve their issues.
The manager should be an expert in managing the budget of the company. Social pressure,
economic crisis and government regulations are some of the factors which affect the economic
condition of the business. It is therefore necessary that the manager should have basic
knowledge of an enterprise, partial, annual and a complete budget.

Another important skill that is required of every manager is the skill of decision making. He or
she must have the ability to identify, analyze and draw a solution to the problem in order to
avoid confusion among the employees. If a manager proves to have poor knowledge in these
skills then this can cause a hindrance to the functioning of the company.

Success in business

There are a wide variety of opinions in the market available and each company competes with
the other in order to maintain their survival. The two main factors which influence the market are
quality and price.
Another reason for a successful product could be the durability.

The rate in which the product is sold also has an important role in the business. A business
which is found to be prospering, the rate of prosperity is directly proportional to the rate at which
the products are sold.

For example – Flipkart which is an e-commerce firm is having great business due to its
reasonable rates and offers which are applied during a fixed span of time.
The two main factors which contribute to the success of a business is trustworthy
employees and the rate at which the product is sold in the market.

Business owners who are willing to take a chance and risk have more chances of achieving
greater heights and exploring various other aspects of the a business firm. They should be of
the opinion that failure is just the start of a successful business career. Having a unique
outcome for the firm will help the manager to have less competition in the market.

Most firms lose sight of their main motive which is to live up to the expectations of their
customer, in this process they get caught up with their own personal goals. Having a customer
centric approach can be a plus point in being successful.


Good marketing is also considered a key towards attaining a good outcome. Marketing
strategies help people to understand and know more about the product.
For example drawing people’s attention through advertisement, social media content and


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