Taking Corrective Action

This is the controlling aspect of business management.

This involves making strategic interventions in some aspect of a business process to improve the output. 

Making improvements to systems (be they operational, marketing, HR or finance related) must be made on the basis of data and feedback. 

The process is never ending and starts with:

• Establishing goals and objectives (budgets, time targets, revenue levels etc)

• Monitor the performance of the business using KPI (Key Performance indicators)

• Assess / Evaluate: How well does the business' actual performance measure against the objectives set? Compare against benchmarks / best practice.

• TAKE CORRECTIVE ACTION - This final stage should be targeted toward areas of deficit - making changes in business functions which failed to meet the mark. 

Then the process starts again. This is also the cycle of continuous improvement.

By the way, this is the ideal process for getting better at writing in Business Studies - see the Exam and Writing Tips part of this website.