Growth of business

The problems that are commonly faced by small business organizations include stalling in the
business growth. These problems are mainly faced by entrepreneurs who operate single units or
multiple units like chain stores.
Most of the time, the owners of the business premises do not have the professional know how
since most of them are operating inherited property or are operating the business as a family unit
like Tod.
For this reason, the owner does not know how to rejuvenate the business organization since they
have become complacent with mediocrity and the status quo. Partnership businesses also face
similar problems (More business 2011).
For instance the partners in a business organization may want to expand their business. Since
they are not experts in this field, they don’t know whether to invest the extra resources into the
product or into expanding the market. Also, their lack of knowhow may lead them to try both
without enough research into the market (Cim 2001).
Managing a business
Once you start your business, it’s time to get to work running day-to-day operations. From sales
to customer service, small business owners often get involved in every part of their business.
New or even experienced business owners can benefit from learning more about business
management. Whether you want to inspire your staff, promote your business or increase your
income, there’s always more to learn. Continuing your education can also help you stay ahead of
changes in the law, such as a new regulation that impacts your business’s industry, and learn
about better ways to run your business. Managing a business requires the proper application of
many different skills. Business managers are responsible for overseeing the day-to-day
operations of an organization as well as ensuring employees and other office workers are
completing their assigned tasks. Managers are often held accountable for their company's
successes and failures. The diverse challenges of managing a business make the task demanding
but highly rewarding. Technology has been determinant in the response to the pandemic,
particularly in business, which reveals the pertinence of talent management, since added
competencies and capacities in information technology and abandoning traditional work have
transformed talent into something movable, generating competitiveness among firms. This
means that human resource managers can play a strategic role as agents of change in the way of
working, particularly if working from home becomes the norm, to prepare people and
organizations. However, the new normality must create innovation, which is important variable
for recovery in times of pandemic. In other words, good ideas can come from anywhere, and so
open innovation generates interaction and sharing between people and business, representing
synergy for business in times of recession. All these changes debated in business lead the
discussion to social issues caused by COVID-19 and which also affect firms. Therefore,
companies are increasingly required to consider their social responsibility as a way to alleviate
the crisis, besides responding to economic problems. Corroborating this position, He and Harris
stated that the pandemic gives firms and people opportunities to engage in actions of social
responsibility, as catalysts of a new era. Furthermore, in times of pandemic, risk and uncertainty
are unavoidable, and so Collins et al. consider it fundamental to establish priorities and the
inherent risks, without neglecting technology and investment in resilience to achieve gains in
organizational efficiency, for better management of communication in similar situations to those
experienced at present and to adopt management practices based on uncertainties. Being
successful as a business owner requires more than coming up with a brilliant idea and working
hard. You need to learn how to manage and grow your business. In the process, you’ll face
numerous challenges, and your ability to meet them will be a major factor in your success (or
failure) (D&B, 2008). Management is an important part of business for both commercial and
non-commercial organizations. Management can be described as an act that brings together all
resources belonging to an organization including people with the aim of achieving and utilizing
them optimally to achieve overall corporate goals (Watson 2006, 34-40). Organizations are
governed by missions, vision and values which stakeholders are part of and it thus becomes the
duties of organizational managers to plan, organize lead and control various activities and
individuals who possess certain talents within the organization in order to ensure that the
organization succeeds in its objectives (Camillus 1986, 54-56). Effective management theories
can be the basis of a success in a business. Management in any kind of organization can learn
from the tried and applied management ways. Top leaders are often enthusiastic to adopt the
most recent theories in their organization. For instance if the latest change management concept
is espoused with a big fanfare, the staff are trained properly, only for the benefits to be accrued
insignificant after some time. And when the programs stutter to a stop the management turns its
interest to another management craze. Today’s volatile business environment has even made the
role of managers within organizations become more imperative and complex hence making the
technical and rational depiction of managing differ largely with realities of being a manager.
Thus, the level of ambiguity in the commercial environment may require managers to defy
logical and textbook descriptions of management descriptions in order to maximize their
performance. Organizations are often divided into different functional areas which are similar to
sub systems that exist within the entire organization. It is thus the duty of managers to plan,
organize, lead and control the various functional areas with the aim of ensuring that the entire
organization moves towards the same organization (Roberts 1984, 287-302). Summarizing, the
mapping of the literature presented here covers a number of heterogeneous themes, leading on
from the numerous harmful effects that the current pandemic has caused, and may yet cause, in
the business sector, particularly how to manage a business and ensure survival and
competitiveness, in a market in transition with changing consumer preferences.
https://smallbusiness.chron.com/nature-managing-business-1214.html
Reviewing COVID-19 Literature on Business Management
https://www.mdpi.com › pdf
https://ivypanda.com/essays/the-role-of-management-in-business/
Technology in business is a growing necessity. As the time go by, the business world is
becoming more technological. Innovation nurtures business, and since technology creates the
way for it, we can say that business needs technology to be sustained. Technology has literally
changed every aspect of the way businesses operate at a fast pace. How your business can keep it
up with changing technology trends? You don’t have to reformulate the foundation of your
business. All you need to do is understand how technology affects your organization (for better
or worse) and how to apply breakthroughs to take advantages of them.
The role of technology in business is vital. In the last decades, technology has provided a new
and better approach on how to manage business making the transactions faster, more efficient
and more convenient. Technology is changing many areas in business such as accounting, data
collection, logistics and sales and promotion, among others. Technology has a big impact on
business operations. No matter the size of your company, technology can bring many benefits
that will help you increase revenue make and produce the goods your customers demand. The
main role of technology in business is to drive growth and improve operations. Without
technology, companies would almost certainly fail to accomplish all that there is to do.
Different industries and companies rely on technology because it improves business
communication, optimizes production, inventory management and financial record-keeping.
Technology in business made it possible to have a wider reach in the global market. The
globalization has been realized because of the wonders of technology. Anyone can now do
business anywhere in the world. Technology has boosted the development of e-commerce which
has brought new dynamics to the globalization of businesses. The spread of information
technology has made production networks cheaper and easier and has been fundamental for the
economic globalization. The high speed of global communications also has allowed real-time
trading and collaboration and has incremented international trading, Advances in technology are
producing many changes in our society and in the job market, and these developments are
reformulating the way of doing business. There are some technological threats such as hacking,
phishing and other malicious activities, however, the good that technology brings exceeds the
bad things that threaten businesses. So, we should start taking advantage of the many benefits
that technology in business brings us.
https://datascope.io/en/blog/the-relevance-of-technology-in-business/#:~:text=In%20the%20last
%20decades%2C%20technology,sales%20and%20promotion%2C%20among%20others.