Critical Essay for MBA

CRITICAL ESSAY FOR MBA 5

CriticalEssay for MBA

CriticalEssay for MBA

Leadershipand management have been some of the most fundamental elements in anybusiness entity whether in the contemporary or traditional humansociety. More often than not, however, they are used interchangeablyin spite of the fact that they have considerably different meanings.Management involves numerous complex and interrelatedresponsibilities where individuals organize the manner in which anorganization’s tasks get completed and by which party (Northouse,2010).Managers organize the work processes and undertake the planning ofthe manner in which the group would attain its goals and allocate itsresources in the most appropriate manner. Leadership, on the otherhand, involves the inspiration of the members of the team or group soas to allow them to accomplish common goals. Leaders are involved inthe motivation, consolation and working together with people, whilealso keeping them united together and eager to move to the nextstage. This would underline setting the pace and direction, as wellas communicating with all people so as to enable them to not only bemotivated but also incentivized enough to get through tough times.

Ofcourse, as much as the two would be separated or seen as distinct,they are considerably interconnected and play a crucial role in theenhancement of the success of the business in the long-term. Scholarsnote that managers being the brains of business entities, undertakethe establishment of the systems and the creation of the operatingprocedures and rules, while also establishing or putting in placeincentive programs (Northouse,2010).The key difference between the two, however, is that the managementrevolves around the business rather than the people, in which casethe importance of people extends to the point at which they get thejob done or tasks accomplished. Leaders, on the other hand, would beconcerned with the welfare of the people that they lead, not only asmeans for achieving the goals. They would motivate the team membersthrough appealing to them at the personal level, as well as throughinspiring them to make a contribution to the common vision(Northouse,2010).Essentially, they would have proper comprehension of the things thatmake every person tick and can demonstrate to individuals the mannerin which their strengths fit in the overall picture. Further,management is extremely definite and finite, with the presence of awrong and right process to follow, which the manager has to uphold,while leadership would primarily be composed with listening to thefollowers and empowering them to follow the most appropriate path asdefined at that particular time through participation (Northouse,2010).This does not negate the fact that both elements are extremelycrucial to the growth and development of the organization and theachievement of the stated goals. Further, it should not be assumedthat an individual cannot be a manager and a leader at the same time,rather some leaders make god managers where they not only set thegoals to be achieved but also motivate the other members of the teamto achieve attain the same.

ManagingFinance, Budgets and Systems

Atthe heart of leadership and management is the alignment of theexisting goals with the available resources so as to ensure that thehighest level of utility is attained for every coin that is used in aparticular endeavor. Taking an active role in the management of a lawfirm’s finances is critical in the establishment of a successfullaw practice irrespective of age of the firm. More often than not,law firm operatives may find it difficult to appropriately deal withthe practice related financial issues given the daily pressures(Bertocci,2009).However, the application of the right internal controls, activeplanning, foresight, as well as a continuous review of the currentfinancial status would be imperative for the profitability andsustainability of the firm (Bertocci,2009).Proper financial appropriation often necessitates that fundamentalplanning is undertaken, with business plans and budgets being usedalongside the implementation of the right internal controls. Ofparticular note is the fact that a law firm’s business plan is nodifferent than other business entities’ plans. They are composed offour elements including general descriptions of the business, thefinancial plan, management plan and the marketing plan. The creationof a budget often involves spelling out the activities that will becarried out alongside the resources that will be needed for the same.A separation of the long-term and recurrent expenses would beimperative in the creation of the budget so as to ensure properaccountability for the resources (Bertocci,2009).Of particular note is the fact that the budget would not be staticrather its components would be dynamic in the sense that there wouldbe likely to be changes in the application of the varied projections.This means that a regular review of the provisions of the budgetwould be imperative so as to ensure that particular projects are notso far off from the projected amount as to derail the firm’soperations or as to reduce the quality of services provided(Bertocci,2009).Hiring auditors so as to review the budgets and assist in thecreation of the same would be imperative in the case large law firms.

References

Bertocci,D. I. (2009).&nbspLeadershipin organizations: There is a difference between leaders and managers.Lanham, Md: University Press of America.

Northouse,P. G. (2010).&nbspLeadership:Theory and practice.Thousand Oaks: Sage Publications.