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Successful business administration can improve the total operations of an organization, including employee productivity, profitability and growth. To ensure this type of business management, individuals in decision-making roles should participate in behaviors that promote the completion of certain goals for both for the near term and the long term. All of the resources, from personnel to financial, should be used to the fullest to deliver the desired results.
Successful business administration requires some planning for the future of that organization. Near-term goals are important, and it might be necessary to look several months down the road for operational purposes, but business administrators should not lose sight of the longer-term vision of the company. One way to do this is to create a written statement that outlines a company's goals both in the short term and long term, along with strategies for reaching those objectives.
The responsibility of business administration is great, and managers should attempt to surround the administration with individuals who will uphold the objectives of the organization. This might require administrators to refrain from rushing into adding any personnel or forming new partnerships. Relationships can improve a business, but the wrong connections can do damage, so being patient and holding out for the best additions should be a part of business administration.
Remaining competitive in pricing and the quality of services provided can benefit just about any business. This might require performing market research to obtain a glimpse into market norms and then attempting to exceed those standards. Also, observing the production of a business' personnel by initiating and maintaining communication with staff members, as well as establishing certain standards for performance, are steps toward effective business administration.
Organization also adds to the proper management of a business entity. This could include anything from refraining from having a cluttered workspace to identifying a place for everything, such as office supplies and trash receptacles. Also, limiting the ordering of office supplies to a weekly or monthly basis, for instance, and appointing one individual to manage such requests could reduce delivery costs.
For the student who seeks to pursue business administration, an undergraduate or postgraduate degree should be related to business. An undergraduate degree in business management or a postgraduate degree, such as a master of business administration (MBA), are designed to prepare students with the leadership, organizational and financial skills that are needed to run a small or large company. For the practicing professional, completing individual courses at a community college or online could improve the strategies tied to marketing or accounting for managing a business.