Business management is the guiding force that oversees employees, projects and production in a business. Corporate management refers to all levels of managerial personnel and executives in a business that has been incorporated. Informally, corporate management may refer to managers and executives that operate at the corporate headquarters and act as the primary leaders of the business. Managerial roles are found in human resources, information technology, production, finance, legal and executive areas.
Corporate management is charged with the allocation and management of business resources. These resources can include employees, technology and equipment. Corporate managers who are able to effectively manage resources can minimize production downtime, enhance productivity and ultimately improve profits. Mitigating the impact of scare resources and maximizing the use of available resources is one of the most pressing requirements of corporate leadership.
Businesses need policies to guide decisions and standard practices. Policies should be specific and simple to follow, yet have some flexibility so they can be applied to various sectors of the business. Corporate management has the responsibility of dictating policies that help unify various units, departments or branches of the business. Policy formulation is especially significant for large corporations with multiple locations.
Corporate managers establish budgets and financial projections for the business. Managers also work to maintain spending and expenses within budgetary guidelines. The level of financial responsibility and duties is largely tied to the specific function a corporate manager fulfills. For example, a human resources corporate manager will work to balance business needs with the budget for salaries, wages and benefits, while a finance corporate manager will work to accurately record financial data, approve financial budgets and forecast financial results.
Connecting various portions of a business through communication, meetings and organized processes is required in every business. Corporate managers help establish the communication framework and may designate coordination activities for one-time events as well as for ongoing processes. Accurate coordination can help balance the needs of sales with production levels, coordinate advertising campaigns with financial schedules and obtain information technology resources for vital business projects.
Corporate managers establish control within a business through reviews, feedback and reports. Often, corporate management and executives rely on business reports to gain visibility into business weaknesses and strengths. Corporate managers also dictate the requirements and employee activities that must conform to business plans or objectives.