A modern management philosophy is very different from one based in the 20th century.
What is Management: A Modern View
A modern management philosophy is very different from one based in the 20th century. However, it's still surprising how many companies (and business schools) teach management studies in an outdated fashion. Here are some of the key trends of modern management.
What is management?
Modern management clearly states a mission and mantra for the company. It's an ethos which the whole company believes in and is run by.
Management set specific goals (different from a mission or vision). These goals are time-bound and specific enough so that management can be judged on whether or not they have achieved them.
Management should be extremely passionate about their business and convey this passion to their staff, customers and shareholders.
Management should still be focussed on maximizing revenue and minimizing costs. Management should control outflows and monitor all KPI's.
Focus on finding a pricing sweet-spot where customers are just happy enough to pay and the company is generating maximum revenue.
Strive for innovation and recruit the best available talent. This is critical to the long term success of your business.
Face challenges with honesty and integrity and be prepared to communicate with your business stakeholders on a much more regular basis.