Successful companies are born out of a combination of visionary business practices, implementation of technology, and smart management. A business manager is the captain of the ship; he/she is responsible for charting the course of action for the company. At its core, business management requires strong leadership with a penchant for delegating work, long- and short-term planning, decision-making, and people skills. From the world’s largest corporations to local businesses, everybody benefits from able business managers who can strategize and execute with equal panache. Given the growing demand, a business management career has become quite lucrative in recent times. But what does it really entail and what do we need to succeed in the role? Let’s find out!
What is Business Management?
Business management can make or break a company; hence, it is safe to say that business management is the fuel that powers any organization. It refers to the discipline of coordinating all phases of operation, including managing capital, human resources, equipment, and strategy. Most importantly, business managers are concerned with profitability and strive to achieve the highest fiscal gains by maximizing returns.
Strategic alternatives and budgeting are part and parcel of business managers’ daily lives. They understand the value of efficiently allocating resources, implementing the right processes in a timely manner, and gauging the strengths and weaknesses of the workforce.
Why Pursue a Career in Business Management
Unknown to many, the original adage goes — Jack of all trades is a master of none — but oftentimes better than a master of one. As business management encompasses a wide range of responsibilities and expertise, it lays the foundations for a highly employable professional. Pursuing a business management career is a fertile training ground for those who not only want to scale greater heights in business but also aspire to grow as reliable and knowledgeable professionals that an organization can lean on.
A business management career is a profitable one. Although the investment in education and training is high, the returns are certain to be higher. Most importantly, for the career graph of a business manager, the sky’s the limit. Across industries, the top tier of management comprises leaders who are also business managers par excellence. Therefore, it is a career that offers immense scope for growth.
Business Management Career Outlook
The career outlook for business management is bright. Between 2020 and 2030, the US Bureau of Labor Statistics expects employment rates in management positions to grow by 9%, resulting in approximately 906,800 new jobs. The driving force behind this is the growth of new organizations and expansion of existing ones which will require a more robust and skilled workforce.
A business management career entails higher-than-average salaries across industry verticals. Be it an entry-level job or a specialized one, you can expect your remuneration to be higher than those around you. In addition, business management professionals tend to get promoted faster, have the ability to transition more quickly to new fields, and receive greater attention from recruiters on the whole.
Important Skills for Business Managers
Business management comprises a balance of hard and soft skills that can be developed with time and training. The most essential ones include:
Competence in Economics
While a preliminary grasp of economics is valuable across the board, it is key in a business management role. It’s especially relevant to understanding market demands and pricing strategies, thus leading to better decision-making.
Industry giants, such as Microsoft and Uber, employ data to boost growth and streamline their operations. Today, data analysis is one of the most sought-after skills in a highly competitive market. Crunching numbers, summarizing data sets, the ability to identify patterns, and drawing insights are useful for making informed decisions. Furthermore, it’s always a smart move to substantiate your views with real-time data.
Financial Accounting Skills
While it may seem intimidating to many, accounting skills and knowledge of concepts like profitability and cash flow can greatly help decode and track a company’s performance. In addition, knowing the fiscal language, such as interpreting a balance sheet, is essential to communicating within the team.
For all professionals, effective negotiation skills are crucial to advancing one’s career. Adaptability and improvisation are at the heart of negotiation. Whether you’re striking a deal for the company or aspiring for a promotion, it pays immensely to be a skilled negotiator.
In any role, ineffective communication skills can prove disastrous, and nowhere is it more relevant than business management. As such positions entail coordination and delegation to achieve organizational aims, management professionals must be able to convey their messages clearly and also understand others’ communication patterns.
This is a vital life skill that is also a prominent indicator of success at work. Most top performers in any business exhibit a high level of emotional intelligence. This is especially important for a business management career that involves self-awareness, self-management, social awareness, and relationship management.
Do You Need a Business Management Degree
While hiring for a management position, most companies look for a degree in business management. A Bachelor’s degree is essential and higher educational qualification, like a Master’s degree or special certification, can be beneficial to those looking to establish a career in the field. An MBA in relevant areas, such as accounting, also significantly boosts one’s employability as a management professional.
How to Get Started in a Business Management Career
The job market for business management is as competitive as it is a lucrative career. With so much talent out there, it can be daunting to get started in a business management career. However, there are certain ways to kickstart a highly successful one.
Acquiring a business management degree is the first step toward a business management role. It allows students to explore the various aspects of the subject and find their niche and trains them in the fundamentals. Most degrees include a placement year which translates to the on-site experience.
Business management is a multidimensional field; therefore, knowing which path you wish to pursue is crucial. Entry-level roles often include diverse responsibilities to offer a holistic overview of the field. Alternatively, internships can also help one find their direction and develop industry skills.
One of the most decisive factors of success in business management is networking. Making connections with one’s cohort is always a good place to start as many of them are likely to become your peers or colleagues. While technical expertise and soft skills are a prerequisite, it helps to be in the right place at the right time; that happens only when you know the right people.
How to Advance Your Career in Business Management
In a rapidly changing business landscape, there is a growing need for professionals proficient in business strategy, management, finance, and data analytics. There are ways to take advantage of this demand and elevate your business management career with time and perseverance. While having a plan in place is important, you must also bolster your CV, grow your network, and take the initiative to lead, negotiate, and strategize at work.
A business management career can take many forms over time. In addition to the aforementioned skills and requirements, analytical thinking, perseverance, and the drive to aim higher and capitalize on resources are essential to succeed. Interested in knowing the inner workings of the field? Check out the Emeritus courses on business management to get a lowdown!
By Deyasini Chatterjee
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