Management is a practice- Robin Trehan

Sept. 16, 2009 - PRLog -- Henry Mintzberg said, “Management is, above all, a practice where art, science, and craft meet."

Successfully managing a business today requires excellence in both foresight and execution. Management needs to have two plans in place. It can be viewed as an “ice cube and water” approach. The ice cube plan, which is solid, represents core competencies. The water plan, which is fluid, represents the constant quest for improvement, expansion and innovation. Such improvement can include new processes, new product lines, new marketing techniques, new service offerings and more.

When thinking of the ice cube of core competencies, it’s essential to be sure that these competencies represent a competitive advantage and are generating a profit. The “ice” plan should be solidly focused on consistently maintaining those aspects of the business that meet these requirements.

The “water” plan should be focused on exploring ways to add to the ice. It involves keeping track of industry trends, monitoring the competition, testing new products, doing market research, etc. Management should be constantly trying new things. It should be willing to pour water into new vessels and see if the shape created is a beneficial one that deserves to be frozen into ice and permanently incorporated into the company’s way of doing business.

For example, a candy company that is known for a certain kind of chocolate bar definitely needs to continue selling and marketing that bar as long it is popular and continues to make money. At the same time, the company should try to grow and expand. This can be achieved by adding new products, expanding into different markets, creating special edition versions of its signature bar or finding more efficient ways to manufacture its products.

A financial services company that has traditionally served small businesses should continue to do so, but at the same time might try to leverage that success and begin moving into the mid-size business sector.  

The old adage says “if it ain’t broke, don’t fix it” and this is good advice indeed. But a savvy manager also realizes that “resting on one’s laurels” is not conducive to lasting success.

Robin Trehan is management and financial expert. More information on him can be found at www.creditcapitalfunding.com www.businesscreditfunding.com

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