Experts in the field of blended learning, incorporating both onsite instructor-led training and e-learning methodologies, suggest that the business leader can derive significant value from following a set of guidelines to effective business management called The 7 M’s of Management.
This is a course module, devised by its Subject Matter Experts, which has been added to course material offered through iLearn, a national specialist provider of ONSITE instructor-led and ONLINE e-learning training methodologies.
The 7M’s to Management covers Man (HR), Material (basic ingredient in management), Machines (basic tools), Money, Method (the art of doing), Management (functions of management) and Moral Values (the way business is conducted).
“It is a core component of course material that we offer clients and it helps companies, irrespective of their level of technical knowledge or grasp of business systems, to understand the fundamentals of managing a business effectively,” says Richard Rayne, Managing Director of iLearn.
The first ‘m’ is for Man. This is the term used in management to refer to the human resource, one that no business can do without.
“South Africa has a firm track record of unionisation and labour legislation that has a direct impact on human resources. Managers have to understand the issues that continue to shape this facet of business management – it is essential to the sustainability of the business,” says Rayne.
The next ‘m’ stands for material, something the author of the course describes as “is a basic ingredient in management be it a service industry or a product industry.” This aspect covers raw materials, stock control, fraud, product vs. price and similar issues.
The third ‘m’ refers to machine, or the basic tools to produce goods or generate services. “In the age of digitisation and information, tools have become synonymous with having the right infrastructure and systems in place to conduct business. This is certainly a key element of the overall seven,” comments Rayne.
Money, the fourth ‘m’ in the series of management ‘m’s’, is arguably amongst the top priorities for any sized business today.
“The financial wellbeing of any company is a key consideration. Aspects such as loans, overheads, expenses, revenue streams, investment and capital expenditure have a bearing on outlook and sustainability. How a business manages its finances and cash flow can have serious consequences on the immediate-and long-term future for employers and employees, no matter the size of the organisation,” says Rayne.
Management represents the sixth ‘m’ and incorporates key aspects that managers have to deal with on a regular basis, including marketing, production, research & development, finance and operations.
“It is a broad section of the overall course, but one that is crucial to helping course candidates grasp the fundamentals of management,” says Rayne.
iLearn is determined that each candidate is empowered with the latest knowledge and understanding to add value to their roles within a business. To this end, Rayne also highlights the relevance of method, a company’s moral values and the impact of micro-and macro-economic changes.