Every successful business manager knows, understands, and crucially, wholeheartedly respects the importance of ensuring each and every member of their workforce is not only satisfied and motivated but also working to their optimum levels of potential.
In order to help them do this, it is much easier for such people to ensure that they have at least a good working knowledge of each and every department with their company, which is why at the heart of good business management is an individual who has climbed the proverbial ladder and worked their way up the ranks.
So, with this in mind, whether you are currently working for someone else or at least thinking of owning your own company, then continue reading for a comprehensive guide to business management.
What Exactly is Business Management?
You will have undoubtedly, whether you are currently working in the proverbial world of business or not, rather regularly, the term ‘business management’ and it has become a phrase that perhaps often loses its core meaning.
Essentially, the term business management refers to the process of controlling, organizing, planning and directing the operations and getting together the resources of one particular company in an effective and efficient way. The entire purpose of business management is to make exactly the right decision at the right time and a decision which leads to business expansion, growth and profitability.
The Importance of Business Management
Now you appreciate the fundamental reason why the discipline of business management has been created, it is now crucial to recognize the importance of business management, which is incredibly high for any size of business in any and all industries.
Business management not only allows a company to grow and expand, it also means you will be ahead of the game when it comes to anticipating any potential financial issues and ensuring every different department is operating as efficiently as possible.
The Primary Roles of a Business Manager
The role of a professional business manager is not only an incredibly multi-faceted one, but also one which regularly changes on an almost daily basis and the undertaking of reputable qualification, such as the prestigious Aston University’s online DBA, is a fantastic way of preparing for such a diverse role. However, there are a set of standard responsibilities which automatically come under the umbrella of business management, which include the following:
- Sourcing new and innovative business opportunities by targeting new demographics and new markets
- The negotiation together with both customers and suppliers for new contracts on behalf of the business
- Selecting, conducting interviews and short-listing potential new recruits and candidates for any and all job positions throughout the business
- Being the person with whom the proverbial buck stops when it comes to being held ultimately accountable for the various failures within the company
- The initial creation and subsequent development of a plethora of business plans which are all geared towards the sustainability of the business for the long-term
- The improvement of customer satisfaction levels and the quality of the customer service the company provides
- The preparation of quarterly and/or monthly budgets which are designed to improve the overall cost-efficiency of the company
- Consistently ensuring you are kept up-to-date with certain economic policies, changing markets, and industry trends
- Collaborating with managers of other companies and working towards the creation of long-term and manageable business strategies
Gateways to Becoming a Business Manager
Obviously, the role of a business manager is certainly a leadership role and as previously mentioned in the introduction, such a role requires a certain level of understanding of each core department within the company.
The key departments which are absolutely crucial for an individual who is thinking of applying for the role of business manager need to be experienced in are:
- Project Management
- Employee Engagement (HR)
- Sales & Marketing
One of the key areas in which potential and current business managers need to have a strong understanding is matters relating to project management.
Not only should you have a deep understanding of what a successful and profitable project looks like, from conception to actuality, but you should also strive to learn how to train and monitor specific project managers in your company.
One of the fundamental components of a business that is absolutely essential for the company to function on a day-to-day basis is that of the accounting and finance department.
There are two basic categories of accounting, managerial accounting which focuses on the improvement of financial decisions making, and financial accounting which comes down to the timely and accurate provision of important and often sensitive data to bankers, investors, and the government.
Employee Engagement (HR)
How a company plans and carries out its onboarding process has a direct impact and connection to the level of employee engagement that the company will experience.
Essentially, employee engagement is at the proverbial heart of the human resources department and as business management is all about the people who work for the company, it is essential that you learn at least the basics of HR.
In addition, when it comes to employee engagement specifically, it is mandatory that you personalize and customize the onboarding experience of every single new employee.
Sales & Marketing
If you are an aspiring business professional who enjoys viewing the world of business in a metaphorical light, then you should imagine the sales and marketing department to be the fuel that drives the engine of the company.
Without a proficient and highly trained sales and marketing team, your business will eventually become stagnant and unable to grow and expand. As a professional business manager, you will be responsible for and also directly work together with the marketing manager of the company, so it is essential for you to have a good working knowledge of how the department operates.
The primary activities of a marketing manager, all of which you should be familiar with, include pricing trends and structures, legal compliance and industry standards with each marketing campaign, product placement, and accurate market alignment.