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  • Writer's pictureMJP

Why Understanding Your Business is Crucial for Effective Management

Management is a challenging job, no doubt about it. If you were promoted to a managerial role, your former coworkers might not find your jokes as funny as they used to. In addition to working longer hours, including holidays and weekends, you may also have to terminate people's employment, sometimes in large numbers. These are not always pleasant tasks, but they come with the territory.


While you will end up with a fatter paycheck, you may sometimes wish you were just a regular employee. However, not knowing the business you work for is one of the things that could get you fired, so it's crucial to take the time to understand it fully.


As a manager, it's difficult to get things done if you don't know the business you work for. This involves understanding your employees, the company's culture, and the various departments and their dynamics. All of these components are like cogs, and the organisation itself is like a wheel. It's crucial to comprehend these cogs and your role in the organisation's functioning.


Remember, as a manager, you're being paid to see the bigger picture. Your job is to take a 30,000-foot view and be able to view things from a bird's eye perspective. To accomplish this, you must understand the parts that make the system a whole. Some managers confuse their 30,000-foot view responsibility with being alienated from the organisation's moving parts. However, to effectively coordinate and manage both human and material resources, you must comprehend those resources fully.


Understanding your organisation also entails learning about your industry as a whole. If you're managing a medical organisation, in addition to knowing how to use a stethoscope, you should also know a lot about the healthcare industry's dynamics. A business degree will not provide you with a unique understanding of business dynamics. This is because each company is unique, with its individual goals, approaches to doing business, and problem-solving methods. As a manager, you'll need to know your business from its unique perspective.


You can stay updated on what's happening in your organisation by focusing on two crucial components: its people and its culture. The two components are interrelated in different ways, but it's crucial to establish a separation between them.


Culture represents the company's personality, including its values, beliefs, and attitudes. When you understand its culture, you can better comprehend how it functions, and you'll be more capable of assessing whether its goals are feasible. To get a better sense of the culture, attend employee events, talk to employees from various departments, and read the company's publications.


The second component is the people. To understand your employees, you'll need to talk to them, observe them in their work environment, and conduct employee surveys. When you comprehend their job responsibilities and the problems they face, you'll be able to create solutions that work for them.


As a manager, it's crucial to know the business you work for. Not knowing it could lead to mistakes that can be costly in terms of time, resources, and even your job. It's essential to take the time to learn about your organisation's culture, people, and industry to make informed decisions and achieve the desired outcomes.

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