One area of accounting is cost accounting, which focuses on internal reporting for the purpose of improving managerial decision making. This article includes a description of cost allocation, cost-volume-profit and the role of a double break-even!
Leading and directing are important management functions, but usually do not appear in the main job description. A great manager needs to be able to both lead their team and direct their operations – failing either of these roles is a recipe for disaster. This article describes differences between leadership and directing!
Social Responsibility means managers are accountable to society at large, not just their shareholders. This article describes what and who social responsibility involves, how managers should approach it, how it is carried out, and the government laws and regulations involved.
Risk Management is when a manager tries to organize his company (or business unit) to prepare in case of, and try to prevent, something going wrong. This article contains what you need to know about internal vs. external risk, the nature of internal risk control, and how you can assess risk.
Planning plays a crucial part in creating a business plan and strategic plan in that it reinforces a company’s mission, visions, and goals that are used to develop and implement strategy, competitive advantage, and achieve effectiveness and efficiency in how a business operates. Click on this post to learn all about effective planning!
The Human Resources (HR) department at a business is in charge of everything from hiring and firing employees, organizing and implementing training programs, resolving internal conflicts, determining the pay scales, and everything in between. Read this post for information about the day-to-day roles of HR, how to determine HR’s requirements, and the difference between internal and external HR departments.
“Business Ethics” defines what is right and wrong in a business – not necessarily what is or is not illegal. This article includes information about schools of ethical thought in business, what the impact of unethical practices are, and some governmental regulations regarding ethics.
When holding a job, there are usually certain people that have specific “titles” that describe the work that they do. With those titles, comes the chain of command, which can be looked at as a flow chart: The CEO –> who oversees Management –> who oversees Associates. While the chain of command is fairly straightforward, the middle part, or Management, has many different ways of functioning. Click on this post for information about major management and motivational theories.
Companies have many more options when it comes to borrowing money than the credit-cards or bank loans used by individuals. This article explores a variety of short and long-term financing options that companies may use.
“Slow and Steady” does not always win the race. The business world is very fast paced, competitive, and often ruthless world where the one who stays ahead of the game is more likely to emerge victorious. “Competitive Advantage” is what businesses have that puts them ahead of the competition. Read this article to learn more about competitive advantage and its analysis.