QUESTION
Describe your role of the owner of the business in terms of responsibilities and management and give TWO examples of each criterion
As a business owner, your role carries various responsibilities and management tasks aimed at ensuring the smooth operation and success of the enterprise. Below are some of these responsibilities
Planning:
Formulating Mission Statements:
the owner is responsible for formulating the mission statement, which defines the purpose and core values of the business. For instance, a bakery owner might establish a mission statement emphasizing the commitment to providing high-quality, baked goods to the community. This involves articulating the overarching goals and objectives that guide decision-making and strategic direction.
Additionally, the owner plays a central role in setting long-term objectives, outlining specific targets and milestones to be achieved over time. In a bakery business, if the owner identifies a rising demand for gluten-free products among health-conscious consumers through market research, they may aim to expand the bakery’s offerings accordingly. This could involve developing a line of gluten-free baked goods with the objective of capturing a specific portion of the local gluten-free market within the next three years.
Organizing:
The role of a business owner in organizing is fundamental to the success and efficiency of the organization. Organization involves systematically structuring resources, tasks, and processes to achieve the business’s goals. This involves coordinating and allocating resources effectively to ensure daily operations run smoothly. For instance, a restaurant owner organizes staff schedules, oversees inventory management, and coordinates with suppliers to maintain the flow of ingredients.
Similarly, a construction company owner draws up the organizational structure, defining roles and responsibilities for various teams and departments. Additionally, he will coordinate project timelines, allocate resources effectively, and liaise with subcontractors to ensure timely completion of projects. Through effective organization, the owner optimizes productivity and delivers high-quality construction services to clients.
Control:
The role of a business owner in controlling refers to their responsibilities in overseeing and managing the business to ensure compliance with goals and standards. The owner may develop and implement policies and procedures to control business functions such as production, sales, finance, and human resources. For example, he or she may Implement Clock Card Systems to monitor employee attendance and productivity, accurately record employee hours and prevent tardiness or absenteeism.
Furthermore, the owner can implement quality control measures to maintain high standards for products or services. For example, a clothing brand owner may conduct regular inspections of garments at various stages of production to identify and rectify any defects before they reach customers.
Leading:
The role of the business owner in leading involves setting a vision, motivating employees, making strategic decisions, and fostering a positive organizational culture to drive the business toward its goals and objectives. For example, leading by example, a construction company owner consistently arrives early to job sites, works alongside employees, and prioritizes safety protocols, inspiring a strong work ethic among the team.
The business owner also leads by championing effective work delegation, which involves identifying team members’ strengths and weaknesses and assigning them tasks that align with their expertise.
You cannot copy content of this page