Management can be described as the process of guiding the development, maintenance, and allocation of an organization´s resources to attain specific and organized goals. Also, it is classified as a dynamic process in which companies evaluate their needs and constraints and along with their managers, they carry out this task, turning it into a core aspect of the business itself. The process is based on four key areas that form a tightly integrated circle: planning, organizing, leading, and controlling; a good management program uses all four functions to increase a company´s efficiency and effectiveness while also creating a satisfying work environment for the employees and employers. Here is an easy example on how all four areas are applied wisely: every employee has a field of expertise – that they probably enjoy as well- and by assigning them to those positions managers prevent under-performance at work while also assuring a satisfying result thanks to the optimal utilization of resources. This is the main reason why management can never be underestimated or ignored, as it´s a proven fact that a company´s success almost entirely depends on its management. When it comes to resources, it is important to highlight that they can be classified in four types: human, financial, technological, and natural. All four resources provide a different bonus to different areas of an organization; human resources can change the dynamics of the workplace, for better or for worse, as every person has a different way of working and different points of view, that´s why before hiring a new asset it´s important to consider what it may contribute to the team. On the other hand, financial and technological resources are closely related as you need a good financial backup to be able to cost technological advances for a business, which also represent a long-term improvement for the brand. It´s is important to remember that it is not safe to rely all financial resources on financed money, as the debt could overpass the profits. Finally, natural resources are not always directly involved with a company, but it may become a factor under determined circumstances. Let´s not forget to mention that good managers are also a very important part of the whole management process as they are constantly evaluating their resources and how to make the most of them, while also taking care of a whole lot of other tasks such as ensuring that the whole business process is done properly, exercising good judgement to understand why something´s not working, trying new alternatives when needed even if they take them out of their comfort zone, developing and acknowledging their subordinates talents and most importantly, improving their own skills. Management has evolved through the years thanks to recent discoveries and theories on how different management systems affect the outcome of an enterprise. My favorites are Theory X and Theory Y, both stablished by the social psychologist Douglas McGregor, who explained how a manager´s beliefs about the things that motivate their employees can affect their management style and their success, indirectly. Briefly explained, Theory X is about an authoritarian style (old school, if you will) where managers automatically believe that employees dislike their job and have little motivation, so they impose an excessive workload and very strict rules. On the opposite, Theory Y is all about participation and motivation; managers who use this approach trust their people´s capacities and effectiveness, allowing them to work at their pace and in a nicer environment. I don´t believe either one is better or worse than the other, but I do believe that both can be very useful on different scenarios and the success of each largely depend on the team´s wants and needs. For example, small businesses are more likely to succeed with a self-motivated program as the number or employees is small and most times, they all get along just fine and everyone does its part. On the contrary, big companies rely on policy and standardized procedures to assure a satisfying outcome, specially since there´s usually a lot of new starters who most likely need a lot of guidance at the beginning. So, what could go wrong? Well, on the first case scenario too much freedom may allow the staff to stray from their key objectives and lose focus; on the second, restrictiveness and the strict approach could cause a lack of motivation on the crew.
