Management philosophy is an idea, often reflected on business cards and company brochures, that guides the way a company conducts its business. It is a collection of rules or principles that a company adheres to in order to maximize profit and minimize loss. Management also seeks to maintain a certain level of order and harmony in its workplace, and to prevent itself from being caught in legal disputes. Management also wants to provide its employees with a work environment that promotes creativity, trust, and personal responsibility.
A management philosophy describes the ideal way for a business to function. In short, management style is the ideal way a company should be led, especially with regards to the treatment of staff and fellow employees. Put in simple terms, management seeks to maximize profits without offending its own management philosophy. One important aspect of management philosophy is that employees are the most valuable asset a business has, thus managers must take care to treat them well. Another is that a strong manager needs to have strong leadership skills to motivate the workforce to perform their best.
Strong management philosophy not only provides a framework in which to work, it also provides a set of activities necessary to build and develop the firm’s capabilities. Managers need to motivate their employees, show them how they are accomplishing their goals and make sure that they are developing their personal philosophies and habits. This includes developing an appropriate culture, preparing employees for their role, communicating positive expectations, providing feedback, and leading by example. Also part of a management philosophy is developing effective communication skills to ensure that decisions are made in an efficient and economical manner.
If a manager wishes to build a firm with a strong foundation in management philosophy, he or she needs to define the overall purpose of the company. Why do you exist? What do you stand for? These are some of the most important questions a manager must ask themselves every day. Once the manager has identified these questions, he or she can then implement the basic principles of management philosophy into the daily business operation.
A good example of a firm that has successfully adopted a solid management philosophy is Apple Computer. They use their personal philosophy of “if it is not broke, don’t fix it” to help guide their product line. For instance, they may add additional screens if it doesn’t look right. Likewise, they may remove the option to add an external hard drive in a laptop because doing so would reduce the company’s production.
A successful management philosophy also incorporates strong leadership skills. When determining who will manage a particular department or division, the leader needs to make sure that he or she has strong leadership skills. The company’s philosophy should also dictate what types of past jobs employees should hold and at what level; for example, those who have held a supervisory role in the past may only be eligible for a managerial position, which requires a more specialized skill set.
Finally, a management philosophy should always provide direction for the company. If a management style does not provide direction for the organization, the employees and the customers will eventually gravitate away from the company. This is why management philosophy plays such an important role. A good philosophy should give employees a sense of direction and help them identify with the company’s goals and missions.
In conclusion, a good manager should ask himself or herself three key questions: what do I want to achieve in my career, how will I get there, and how will I keep everyone happy. If a management philosophy addresses these questions directly, then it is likely that the manager has a good management style. A strong manager knows his or her job well and possesses a strong personal philosophy.
