| Business management combines an interesting mix of | | | | are effectively engaged in consultation before |
| theory and practice, and it is a particularly good topic | | | | decisions are made. While some consider this to be |
| for management and entrepreneurial types to study. | | | | more motivating and more enjoyable to work under, |
| Finding a business management style that suits your | | | | it does nevertheless have its own disadvantages. |
| personality and the nature of your business is both | | | | Giving employees a say may undermine the authority |
| important and worthy of time investment, as being | | | | of the management, and may ultimately cause |
| self-aware and being able to identify strengths and | | | | inefficiencies in the decision making process. It is also |
| weaknesses of various approaches will enable more | | | | time intensive, and perhaps not as effective in larger |
| effective personal development and ultimately more | | | | organisations with thousands of employees. While of |
| effective management. | | | | course at a board room level this kind of decision |
| While many have their own individual business | | | | making goes on everyday, it's one that works most |
| management styles, these are traditionally broadly | | | | effectively in slower paced business where decisions |
| categorized into three main classes of business | | | | can be fully deliberated and considered. |
| management approaches. | | | | Laissez Fair Management |
| Autocratic Management | | | | An alternative to those two business management |
| Firstly, there is what has come to be known as the | | | | styles and the third main category is what's known |
| autocratic approach to management, which installs | | | | as the laissez fair management style. This is by |
| more trust in the leadership as opposed to the | | | | definition a more hands-off approach to |
| individual staff. This involves pulling rank and leaves | | | | management, which puts the trust of running the |
| employees in no doubt as to whom the management | | | | business within the hands of employees themselves, |
| is or what decisions are being made. Rather than | | | | and allows a greater degree of autonomy than would |
| engaging employees within the decision making | | | | otherwise be the case. While this is strong in creative |
| process, this business management style typically | | | | industries, some business people find that this style |
| concerns businesses that require direct, effective | | | | of management can lead to a fragmented approach |
| leadership to produce results, often under pressure | | | | to doing business and is less organised and perhaps |
| of working in a tough environment. Upon hearing the | | | | less professional. |
| term autocratic, many tend to visualise a dictatorial | | | | Whichever business management style you liken |
| approach to management. While that is perhaps the | | | | yourself to; there are advantages and disadvantages |
| case, it is seldom as strict as this and it is often a | | | | of that approach. What's important is not that you |
| necessary management style, for example in the | | | | recognise which of these categories you fall under, |
| armed forces or in a high-paced trading environment, | | | | but rather that you're aware of the improvements |
| where there is no margin for deliberation and group | | | | that can be made to make your management more |
| consideration. | | | | effective and efficient while also improving the |
| Democratic Management | | | | relationships you share with employees at all levels of |
| Alternatively, there is a business management style | | | | the organisation. |
| known as the democratic style, where employees | | | | |