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Information and Communications Technology - the computer hardware and software used to store, analyse and communicate business data

Importance/Impact:

1. Email + texting - instantaneous communication

2. Electronic Data interchange - speedy information transmission - stock ordering, documents - allows stock levels to be reduced which saves money

3. LinkedIn - social network for businesses that allows for communication and employing new workers

4. Social media - facilitates marketing

5. Websites - online selling, e-commerce, marketing

6. Intranet - speedy internal communication that reduces filing and time spent transferring messages

7. Computer Aided Design (CAD) - speedy development of new products to react quickly to changing trends - designs can be sent electronically to be modified in other countries to suit local needs

8. Computer Aided Manufacture/Computer Integrated Manufacture - both improve efficiency of production

9. Video-conferencing - allows for cost-effective and environmentally-conscious international communication between separate firms/subsidiaries of the same company

10. More training may be required for employees

11. Span of control and organisation size may be reduced to increased efficiency

12. High cost of purchasing and installing

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Credit Control:
The means by which a firm controls the amount of credit that it allows
Why sell on credit?:

To attract new customers

To keep up with competitors

To increase salws

Functions of credit controller:

Decide if credit should be given

Review credit limits of customers

Ensure goods are sold with a reservation of title

Ensure consumers have written copy of terms and conditions

Offer incentives to debtors to pay earlier

Financial Control:
The ongoing monitoring of business' financial affairs to ensure that its cash flow position is adequate and in line with its financial budget so that it can pay its debts as they fall due
Steps:

Prepare a cash flow budget

Check liquidity and profitability ratios regularly to ensure they are in line with expectations

Compare actual sales to expectations - find solutions for deviations

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Management Activities:                                      3) Controlling

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Management Activities:                                      3) Controlling

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Ongoing management activity that involves measuring the performance of the business in relation to stated goals and taking action if there are any deviations.

Types:
Stock Control:

Right quantity and type of goods in stock at the right time, without incurring stockholding costs, ie. Insurance, security, rent.

Buffer stock refers to the minimum level of stock that should be held.

Once stock levels fall below the buffer level, more should be ordered.

Proper stock control:

1. Improves profitability by reducing the amount of money a business has tied up in stock

2. Improves cash flow.

3. Goods are always available so there are no lost sales allows a business to free up storage space for other purposes.

4. Just in time (JIT) is a type of stock control system in which stocks of raw materials, components or finished goods are delivered just when they are needed. JIT stock control systems have very low buffer stock levels as JIT aims to minimise the cost of holding stock. It involves careful planning use of weekly or even daily top up deliveries. JIT stock control is used by Mercedes main Japanese rival, Lexus

Quality Control
Quality control means ensuring that the quality standards expected by customers are met.
Quality control can:

1. Reduce waste and costs by minimising defective products and minimising the legal costs of being sued, protecting the reputation of the business.

2. Increase customer satisfaction and maintain the demand for a firms products and allow higher prices to be charged.

3. Help promote a quality image: firms who reach high quality standards can qualify for awards such as the ISO or the Q mark. These can be used in advertising and packaging to reassure potential customers about quality.

4. Meet legal responsibilities: According to the Sale of Goods and Supply of Services Acts, manufacturers and retailers are legally responsible for ensuring that goods are of merchantable quality.

Improving quality control:

Regular inspection of the quality of goods before they leave the factory.

Recruiting and training conscientious, quality focused employees.

Encouraging managers to adopt a more facilitator management style that motivates employees to contribute their best to the business.

Facilitating teamwork among employees with quality and customer satisfaction as their main goal

Quality circles are discussion groups made up of employees who meet regularly to discuss and resolve quality issues

Recognising quality
ISO (International Standards Office) provides internationally recognised quality control
standards. To qualify, firms must have very stringent quality control standards and undergo surprise quality inspections.
The Q mark is a quality standard awarded by Excellence Ireland Quality Association. It is only recognised in Ireland but is often used by businesses as a stepping stone to a higher ISO standard.

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Management Activities:                                2) Organising

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Management Activities:                                2) Organising

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Ensuring that there is a clear structure within the firm to facilitate the smooth running of the business

Functional organisational structure:
Each job/function becomes the focus point. Similar function-based jobs done by
the employees are put together (responsibilities divided according to functions). Specialisation is centralised in each functional area and employees who are doing these specialised jobs are clustered together into departments.
Benefits:

Build up high levels of skill and expertise which leads to efficiencies as tasks get done quickly and to a high standard.

Chain of command and line of authority is clear. Clear lines of authority exist and employees know who to report to. Improves co-ordination and motivation, as employees know what is expected of them and when. There is accountability as someone is responsible for each section.

Clear communication channels - Instructions flow downward from top management along the chain of command and information is communicated upward. It may result in important information being communicated quickly leading to quicker decision-making.

Functional Organisational Structures allow for a wide span of control - economies of scale as resources are used efficiently with no duplication of resources. Stops micromanaging operations, so that they can focus on the overall strategy of the business.

Promotional Paths: Visible hierarchical ladder, providing career paths for employees/ provides scope for the promotion to the next level so businesses can promote from within etc.

Matrix organisational structure:
Benefits:
Greater co-operation and understanding: Team based structure with expertise drawn from different departments
Greater job satisfaction: social needs
Team members are answerable to the project leader who is responsible for
coordinating team effort and ensuring task completion.
Synergies/Productivity: Members have an input into decision making/problem solving.
Challenges:
Each employee can have two managers, the project manager and the functional manager which could lead to confusion and conflict.
Team development stages can affect work
Communication skills are necessary
Decision-making may be slowed down

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Meetings:
Reasons -

Clarify issues

Solve problems

Co-operation

Decisions

Legal requirements

Types -

Statutory - held by PLCs within 13 months of receiving their trading certificate

Ad hoc - held at short notice to deal with a 'one-off' problem

Annual general - yearly meeting held by clubs and organisations

Formal - regular meetings

Extraordinary general - called to discuss an issue that cannot wait until next AGM and nothing else is discussed

Agenda:
Sent by secretary to all members, listing all topics to be discussed and the order of the meeting

Chairperson:

Opens the meeting only after ensuring the quorum is present.

Ensures that minutes of previous AGM are read, adopted and signed. Ensures that the agenda is followed in the agreed order/ensuring compliance with standing orders(rules).

Guides the discussion and manages time and contributions. Keeping order and dealing with points of order is important/ allowing discussion only of matters on the agenda.

Organises vote taking and in the event of a tie s/he has a casting vote.

Has power to adjourn the meeting.

Secretary:

Sends out the notice and agenda to all those who are entitled to attend.

Arranges a suitable venue ensuring that essential resources such as refreshments, audio-visual equipment and seating plans are in order.

Informs the meeting of important correspondence and documents received by the organisation.

Assumes the role of minute’s secretary. This involves reading the minutes of the previous meeting and having them approved and then signed by the chairperson. It also involves taking notes so that the minutes of the present meeting can be written up accurately later.

Secretary assists and advises the chairperson on points of order, information etc. during the meeting.

Treasurer:

Keeps proper accounts

Lodges money in the bank account

Pays bills on behalf of organisation

Prepares a financial report for the AGM

AGM:

Enables directors to explain financial issues to shareholders

Meets requirements of Companies Acts 1963-2014

Gives shareholders the opportunity to question directors

Report writing:
Examining problems to find out information and to put forward recommendations

Benefits:

Recommendations serve as guidelines for future actions

Reports may highlight the causes of problems so they can be resolved

Report Structure:
Report from X to Y
Title
From
To
Re
Date
Terms of reference
Contents
Body
Recommendation
Signed

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Management Activities:               1) Planning

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Management Activities:               1) Planning

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The management process of deciding on goals and how they are going to be achieved effectively.

Importance of planning:
Keep up-to-date
Make informed decisions
Remain competitive
Training is important

Benefits:
Notices weaknesses so they can be fixed
Plans can lead to co-operation
Workers will have greater contribution to the business
Planning leads to increased morale
Business plans streamline the business operations
Necessary to qualify for loans
Allows for targets to be set
Ensures scarce resources are used effectively

Types:
Operational/Tactical - medium-term (1-2 years), breaks down strategic plan into steps and goals - Examples could be adding a group of new customers in the next year, improving customer service levels through specific tactics, reducing employee turnover, or lowering operational costs.
Strategic - long-term (5+ years), made by BOD and includes long-term goals and SWOT analysis.
Mission Statement: This is a visionary statement outlining who the business is, what the business does and where the business is going.
Contingency Planning: This is back-up planning to cope with emergencies/ unforeseen events and unexpected circumstances.

SWOT analysis: used to assess/evaluate a business in terms of
strengths, weaknesses, opportunities and threats - strengths and weaknesses are internal factors - opportunities and threats are external factors - aim is to maximise the potential of strengths and opportunities while minimising the impact of weaknesses and threats.
Strengths: location, product, brand name, website, good performance, low costs
Weaknesses: too much credit, no planning, poor management, no marketing strategy
Opportunities: EU enlargement, new technology, new products to meet changing demands
Threats: competition, law changes, new marketing inventions

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Characteristics:

Organiser

Decisive

Hard worker

High standards

Human relations

Initiative

Time management

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an operational process that involves analysing the essential managerial functions of planning, organisation, staffing, directing and controlling

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Risks:

May lose money if the enterprise fails

May waste a lot of time and effort that could be used elsewhere

Stress and worry could cause ill health

Rewards:

Independence and freedom to be your own boss

Personal satisfaction of offering your own goods and services to consumers

Earning a profit and maybe becoming rich.

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Intrapreneurs are employees working within an organisation who use their own initiative to act like entrepreneurs by coming up with new ideas which will improve the business.

Example: a designer in the marketing department suggests a change from plastic to paper packaging to improve the presentation of the company’s products and to reduce costs.

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Skills:

Planning and setting goals: setting long and short term goals and planning to achieve them.

Decision making: choices must be considered and information must be analysed and then a decision made.

Human relations: they must be able to manage people to achieve individual behaviour that will enhance the effectiveness of the business.

Inner Control: Taking control of their own situation and not wanting others to influence their life.

Time management: prioritising work and delegating work to others.

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involves people using their initiative to come up with ideas that they can turn into a business. When they take the risk to set up a business, they become an entrepreneur, someone who takes a financial and personal risk to achieve the main aim of making profit.

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Characteristics:

Confident: They believe in their ideas and have the confidence to carry them through.

Independent: They wish to be in complete control and be their own boss.

Innovative: They are creative and quick to identify new business opportunities or better ways of doing things.

Motivated: they have a need for achievement and personal satisfaction.

Realistic: They recognise their own limitations and seek advice when needed.

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Management Skills                  2) Motivation:

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Management Skills                  2) Motivation:

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Motivation is the willingness of people to work. It is what drives, influences and encourages people to work toward a particular goal.

Non financial motivation:

Job security

Status

Aspiration

Praise

Maslow's Theory of Motivation:
Based on a hierarchy of needs.
As one need is satisfied then the need immediately above it on the pyramid becomes the dominant motivator/takes precedence.
Physical Needs: A manager can motivate his workers by ensuring they receive a fair wage, bonuses, profit-sharing schemes in order that the physical needs for food, clothes, shelter etc. can be met.

Safety Needs: Managers can make employees feel safe and secure by:

Offering long term contracts of employment.

Providing a grievance procedure o Providing free medical check-ups. Sending workers on health and safety courses.

Providing a safe working environment

Social Needs: The social needs of employees can be met through offering flexi-time which allows employees to spend more time with their families. Teamwork and social events can help workers form new friendships and relationships.
Esteem Needs: Managers can facilitate a worker’s esteem needs through offering praise and rewards such as a new job title or an attractive office.
Self-Actualisation Needs:
Management offering workers a career plan, training and development opportunities, empowerment and promotion to positions of responsibility can meet these needs.

McGregor’s Theory X and Theory Y:
Theory X:

Natural in-built dislike for work.

People have to be forced, controlled and threatened with punishment.

Safety and security above all else.

Avoidance of responsibility.

Theory X suits the autocratic manager.

Theory Y:

The individual does not dislike work.

Work is very satisfying.

Strict control over people is not necessary if people are committed to shared objectives

The satisfaction of self-actualisation, is the best way to get effort from people.

Human being can be taught to accept and seek responsibility.

All members of the organisation can help solve problems.

Theory Y would suit a democratic style of management.

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Management Skills                        3) Commuunication

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Management Skills                        3) Commuunication

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A two-way process involving the transfer of information from one party to another in a way that the message will be understood.

Barriers to communication:

Language

Authority

Noise

Time

Information overload

No record

Implications of bad communication:

Poor industrial relations - poor communication between management and unions - absenteeism

Bad public image - bad customer care - lost sales

Lost sales - stock shortages

Lost opportunities - slow decision-making

Which medium of communication should be used:
Appropriate Language/Clarity - If the language is too technical or too difficult for the customers to understand then the message may be misinterpreted. The business needs to choose language appropriate to its audience.
Confidentiality/Safety - If the message is sensitive for the stakeholder e.g. terminating the employment contract of an employee, then a meeting would be more appropriate than a letter or an e-mail.
Cost - The expense of the communication process is a very important factor. A CEO communicating with his managers worldwide may choose to hold a virtual meeting to cut down on travel and subsistence costs.
Urgency/Speed - If a crucial piece of information has to be communicated instantly to a supplier, then a phone call, a text or email may be appropriate.
Feedback/Record - The business may be looking for feedback in order to take further action. Records can provide formal evidence of the feedback process, eliminating misunderstandings.

Methods of Communication:

Written

Verbal

Visual

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Management skills:                1) Leadership

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Management skills:                1) Leadership

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The means by which individuals or groups of people are persuaded by management to work towards the achievement of agreed goals

Leadership Styles:
Autocratic:

In control and doesn't delegate.

Little consultation with employees, not considering their opinions.

Orders are issued and made to be obeyed without question.

Fear and threats are used as motivators.

Little trust in employees.

Overloading on managers and the quality of their work suffers.

Subordinates get little experience of management and promotions are mostly external.

Morale can low among staff.

Staff turnover can be high and there may be industrial relations disputes.

Democratic:

Power is shared, authority is delegated to staff,  but responsibility rests with manager.

Opinions sought before decisions are made - better as a result.

Trust and staff feel more valued and motivated.

Promotions are internal as staff get experience of management.

Intrapreneurship may occur.

Decision making can be slow and delayed.

Laissez – Faire:

Management has a facilitative role (guide) and does not get involved in the day- to -day running of the business.

Almost all authority is delegated to staff.

Huge Trust is placed in staff.

Highly motivated and use their initiative leading to very high levels of intrapreneurship.

Staff are empowered rather than ordered.

Greater freedom given to staff in setting own goals.

Managers are free to deal with more strategic matters.