Functions of management

Hello students! Today, we're going to talk about something very important in business: Functions of Management. Think of management as the engine that makes a car (a business) move forward smoothly.

Every business, whether it's a small provision store in your street or a big bank like Access Bank, needs good management to succeed. It's how people make sure things get done properly.

So, what exactly are these 'functions'?

These are the main activities or duties that a manager performs in an organisation to achieve its goals. There are usually five main functions, often remembered as POSDC, although some people use different acronyms like POCCC.

Let's look at each one properly.

Planning:

Planning is like drawing a map before you start a journey. It's thinking about what you want to achieve and how you will get there.

A formal definition of planning is: 'Planning is deciding in advance what to do, how to do it, when to do it, and who is to do it.'

For example, a manager at MTN might plan to increase their number of subscribers by 10% next year. They will think about how to advertise, what new products to offer, and how many staff they need.

It helps a business to set goals and figure out the best ways to reach those goals.

Organising:

Once you have a plan, you need to arrange everything to make it happen. This is organising.

Imagine a restaurant like Chicken Republic. The manager needs to decide who cooks the rice, who fries the chicken, who serves the customers, and who cleans the tables. They also need to make sure there are enough ingredients.

It's about putting the right people in the right places with the right tools.

Staffing:

This function is all about people – getting the right people for the job.

Staffing is: 'The process of recruiting, selecting, training, developing, compensating, and appraising employees.'

If a new bank branch is opening, the manager will need to find tellers, customer service representatives, and security guards. They will interview people, choose the best ones, train them, and pay them well.

It ensures the business has skilled and motivated employees.

Directing/Leading:

Directing is about guiding and motivating your team to do their best. It's like a football coach telling players what to do during a match.

A manager at Dangote Cement might direct their sales team by explaining new sales targets, encouraging them, and checking on their progress. They provide guidance and inspiration.

It helps employees understand their roles and perform them effectively.

Controlling:

Controlling is checking if things are going according to the plan and making corrections if they are not. It’s like checking your speed while driving to make sure you're not going too fast or too slow.

Controlling is: 'The process of measuring actual performance against planned performance and taking corrective actions when necessary.'

If a textile company planned to produce 1000 Ankara prints in a month but only produced 700, the manager needs to find out why and fix the problem. Maybe a machine broke down or staff were absent.

It ensures that the business stays on track and achieves its goals.

These five functions work together. You can't just plan and not control, or staff without directing. They are all linked and important for any successful business, big or small. Keep practicing these, and you'll do great in your exams!

Remember these terms and their meanings, and try to think of Nigerian examples for each in your daily life.