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MANAGEMENT FUNDAMENTAL

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Introduction

In order to discuss the management fundamental of an organization, it can be said that the fundamental is all about understanding the business strategies, proper planning, and finance along with marketing. These actually help an organization to run their business smoothly. The basic aspects of this fundamental management are the management of people, through which the employees are motivated and encouraged. Besides this management of operations is another useful fundamental strategy, through which the company can estimate their capacity for production, quality assurance, and possible keys for more development. Apart from these two, other important fundamentals for management are strategy management, through which the company evaluates a better strategy to compete with the other companies, accounting, and financial management, through which the company takes a proper business decision in real time to develop their business process, marketing and other. Through this case study, the management fundamental of DEF Company can be evaluated.

1. Overview

Discussing the overview of a financial advisory company, it can be said that the company goal is to plan a suitable strategy for their customers regarding new business establishment, retirement plan, caring options for the old ages, management of Tax factors, funding for education, management planning for risk factors, through which the client can mitigate the challenges of risk factors through a perfect planning and insurance of the assets. Apart from all these, the financial advisory body also regulates some other aspects of their clients as asset and investment allocation, planning for estate and so on.

The financial advisory company from Australia, named DEF was established in the last century by three financial advisors. Since the establishment, the company has been running at a high pace towards the greatest spot among the other financial advisory companies of Australia. The mentioned organization has around 300 employees including the partner firms and officers from all around the country. The company handles the financial advisory along with the retirement planning, divorce, care at old age and so on through their business process. In order to handle the industrial reputation, the organization has a deep focus on their business strategy and quality of services.

2. Planning

In order to run the financial advisory company like DEF, the organization would focus on a perfect planning for working. In this context, it can be said that the company would concentrate on the short and long-term strategies for their human resources, operational strategies, and various financial aspects.

2.1 financial planning

After discussing the usefulness of planning for an organization, it can be said that the companies like DEF would concentrate on achieving their short-term goals to reach the long-term success of the company. In order to do that the company would focus on inspection of all the related factors of the company especially the human resources to detect the flaws within the system. After the detailed inspection, the company would concentrate on their budgets to control their debts and pay the debts of credit card, create a fund for emergency usages, develop skills for betterment of the company and initiate a proper retirement policies for the employees. According to Collier et al. (2018, p. 113), apart from all these short-term processes, DEF would also concentrate on their long-term strategies. In order to do so, the company would like to be aware about the time value of their invested money, track the investment of the company.

2.2 Environment

As describing the PESTEL analysis it can be evaluate that Political issues, the political issues affects an organization by the government policies, tariff and law regarding taxation, stable condition of the government of the country, regulatory acts for entry levels. Apart from the political aspects, Economical aspects can be named. According to  et al. (2015, p. 699), the economic aspects that affect the organizational environment are the rate of interest, and inflation, the income of the consumers, accessibility of credit, the rate of unemployed citizens, the foreign exchange rate and the monetary policies of the government.

Besides these, some social factors affect the environment of DEF Company; those are implication of various cultures, social lifestyle of people, and the structure of domestic affairs, educational background and wealth distribution. Apart from these, another important aspect of PESTLE model is Technology. According to Miller,et al. (2014, p. 305), new innovations, technological advances rate, technological platforms also affects the environment of DEF. Some legal factors are there as well, system of production, employment process, competition, patent and health regulation aspects are responsible to control organizational environment. Along with these fields another aspect can be named in that context, environment. The geographical location of Australia, there climate and weather condition, laws regarding the waste settlement and energy consuming regulations also affects DEF for their organizational environment.

2.3 Team management

In order to describe the advantages of the self managed working team, it can be said that the self-managed team actually helps to reduce the expenses of the company. This also develops a team more resourceful to their job. The team becomes more flexible by following the self-managed theory. According to Hollifield et al. (2014, p. 17), apart from this, in order to describe the advantages of global working teams, it can be said that these team structure shaped the international organization by implicate required policies for HR, global structure of the team produce a positive climate among the diversity. Besides these the global structure has some disadvantages as the team structure is much expensive than the self-managed team. The virtual team offers great availability of talents, lower office cost, and lower employee cost. But this team structure has some follies as the ineffectiveness in leadership.

After discussing the above models it can be said that the DEF utilizes the self-managed team structure for their organization.

DEF Company would focus on their communication skills among the employees for better productivity in their job. The self-managed team structure would produce this less burden of communication required for the company.

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