The primary objective of management is to help managers achieve the right result at the lowest cost. Managers decide on the goals they want to achieve. To do this, they use the resources available to them. These resources need to be effectively utilised at a lower cost so that the benefit will be higher than the costs.
Engage in strategic planning
Top-level managers engaged in strategic planning. After deciding on a goal, there is a need to plan the strategy required to achieve it. To illustrate, if management wants to realise a 10% market share, a strategy will show the direction the organisation will follow to reach the planned market share.
Proper use of business resources
It is the responsibility of managers to utilise business resources effectively and efficiently. A manager in charge of a department will have men, materials, machines, and money resources at his disposal. The manager will want to use these resources in the best possible way to achieve results.
For example, a production manager will use the available resources to ensure that the daily production quotas are met. To avoid machine breakdown and human failure, the manager will plan regular maintenance of machines and rest periods for the workers. When a machine breaks down or the staff can't come to work on a particular day, it is the manager’s duty to adapt accordingly to achieve the day's quotas.
Provide quality products or services
Quality is important if a company wants to achieve its objectives. Although managers want to keep costs low, it is their responsibility to ensure that the products and services are of high quality. Customers/clients will continue their loyalty to a company's brand if they perceive that the products are of high quality.
Reducing business risk
It is the duty of managers to avoid or reduce the category of risks that affect the entity. These include business risk, financial risk and foreign exchange risk, among others.
Planning and regular environmental scanning are necessary to forecast the future impact of risks to the company and measures should be put in place to mitigate them.
Achieving organisational goals
The main objective of management is to achieve organisational goals. A business without goals lacks direction. Managers decide on goals and use available resources to achieve them.