The kanji and the word are exactly the same. That means they share meanings as well.

You learned 方 means direction, but it can also mean way, as in この方がいい (this way is better) or やり方 (the way of doing something).

Interestingly, 方 can also be used to refer to people politely, like こちらの方 (this person). This is because, in traditional Japanese, people—especially noble ones—were often referred to indirectly, as if indicating their presence from a direction.

Since this word is made up of a single kanji, it should use the kun'yomi reading, but it can actually use kun'yomi or on'yomi depending on the context. Here are a couple mnemonics to help you remember both readings and how they're most often used:

You can always remember which direction your home (ほう) is in. It's in こっちの方 (this direction)!

And the best way to get there is with a catapult (かた). Just climb in the catapult and launch yourself there — it's the best やり方.