4 Ps and tips on effective management
Management is a leading art in business. It is about managing, controlling, leading and taking decisions. Management is of crucial importance in today’s world. Management is important both for small business units and big corporations that are worth billions of dollars, and range from the fields of sports to politics, entertainment and social issues. The management art is fast changing and no formula to success exists. However, there are a few rules or steps that can lead your business toward great results. I am sure that you are well aware of the 4 Marketing Ps (Product, Price, Place and Promotion). But, in today’s dynamic world it is of pivotal importance to know the 4 Ps of Management as well.
4 Ps in Management are Planning, Priority, Perspective and Patience. These four management guidelines are must to follow for each and every organization and business entity. They allow you to have a holistic perspective and get well equipped for hard business situations. Let’s discover each of them separately.
Planning is the first and most essential stage in any business. It is the backbone of any corporation. No matter the size of the company, and current stage of its life cycle (introduction, growth, maturity or decline), if there is a plan, the business would have guidance to the desired destination. To be more specific, planning ensures preparation for an event, effective and efficient utilization of resources and proper time management to have best possible consequences.
Priority is the second stage of a successful management. Until and unless an organization has determined its priorities, surely it would always result in uncertainties. All the financial and human resources need to be clearly planned, and activities properly prioritized, so that the ones that require urgent realization would set apart and get implemented firstly, then the rest would subsequently be performed. Therefore, all types of businesses, regardless their field and size must have their proper priorities.
Perspective is the third pillar of management. Each situation needs to be thoroughly studied, analyzed and evaluated for every perspective and companies should prepare for all the possible outcomes. It does not matter how successful or famous the business is, they must always consider possible scenarios, and always be prepared for the worst. It is also important to properly evaluate the potential of your employers and support them when they fail, rather than blame. Thus, possessing a perspective is fundamental for companies.
Patience is the last but not less important step in management success. Any individual business entity or organization will never be capable of succeeding unless learning to be patient. Impulsive and spontaneous decision-making skills are important for the short term, but would be devastating on the long run perspective. To have desirable outcomes, companies should put maximum effort and have a desire to grow without any constraints. They just need to learn to be patient to reap the benefits of success.
To sum up, to balance the growth and fall of the organization, possessing the skills of proper business management is of crucial importance. So, you need to know the Ps - Planning, Priority, Perspective, Patience. Study the importance of each step and enjoy your business success.