F2) “No matter what kind of business you work in, no matter what the product, service,...

F2) “No matter what kind of business you work in, no matter what the product, service, market, or location, a single set of management rules or principles, applied correctly, can in most cases turn poorly performing businesses into stars.” The author of this statement goes on to identify four rules of management: (1) Above all, make sure management has the right business focus; (2) benchmark your toughest competitors and then work like heck to become best in class; (3) bring into your business as much fresh blood as you can; and (4) let the people who create value earn a lot of money. Do you agree or disagree with these statements? Are there other rules of management that you have identified in your readings or studies?

Expert Solution

The last one should be. " Make those partners in the profit who create great value for your business."

Other rules.

(i) Value your employees. They are the ones who make your business grow. Valuing their contribution will not only motivate them, but also prompt them to work with more dedication, something that is essential for business.

(ii) Empower the employees. The empowered employees are known to put in extra effort leading to customer satisfaction, which is essential for success of business.

(iii) Focus on quality and consistency of products / service. The more consistent you are with quality, more customers you will get.

(iv) Always listen to your customer and give his /her opinion, utmost importance. The feedback is a valuable piece of information that will help you to correct the issues back home, if any.

(v) Always keep and eye on the competitive scenario and the changing business environment, to evolve consistently to keep pace with the ever changing demands and needs of customers. Even the most successful businesses paid price for not nbracing changes and evolve accordingly.

(vi) Invest in continuous improvement of processes. It will help to be more cost effective, competitive and relevant.

(vii) Develop an ethical policy and follow it in word and spirit. A good name takes years to build while it can be spoilt in a moment with an unethical action.

(viii) Develop a cultue of empathy, participation, inclusion, tolerance for diversity and sensitivity for others.

keosha answered 1 month ago

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