Management in business is a systematic process of planning, organizing, staffing, leading, and controlling of business concerned with productivity. Thereby bringing on board every efficiency and effectiveness for the cause of productivity or productive result.
The concepts and activities of management apply to all levels of management. As well as to all types of organizations and activities managed.
Now, every success in a business boils down to its management. Management is the backbone of every business.
For a business to survive, its management must be solid.
What is the Definition of Management in Business
Management is extremely dynamic by nature and evolves to meet needs and constraints in the organization’s internal and external environments.
This process is based on the four key functional areas of the organization: planning, organizing, leading, and controlling.
The management of a business ought to be both efficient and effective in order to achieve organizational goals.
Therefore, we can say that management in business has to do with the planning, organizing, directing and controlling of the business’ resources in order to meet the objectives of the policy.
Simply put, Management is the process of guiding the development, maintenance, and allocation of resources to attain organizational goals. It is the art and science of getting work done by other people.
Management Business Development
Management in business has to do with the planning, organizing, directing, and controlling of the business’ resources so they can meet the objectives of the policy.
From this perspective, the management process can be described as anticipating both internal and external potential problems or opportunities and designing plans to deal with them.
What is management in small businesses?
The definition of a company size most times is objective, that is everyone has different criteria in the classification of businesses termed “small”.
For some, small businesses are companies with 1 to 99 employees and according to the US Census Bureau, about 99.7% of all companies in the United States are small businesses.
While there’s still disparity and no consensus as to what constitutes a small business, the Small Business Administration (SBA) usually considers a company with fewer than 500 employees to be a small business.
Nevertheless, the reason businesses are classified as “small businesses” is that the management and operational issues of these businesses differ vastly from large corporations.
They’re often focused on providing high-quality customer service and using creativity and innovation to create better products and services.
Here are the twelve things you should know about small business management:
Create a Business Plan:
Of course, you have to have a business plan, outline your goals and objectives, provide a succinct description of the products or services, including the details of the market you’re about to enter, your marketing strategies and sales plans and lastly your financial projections.
Review:
Things change every day, and you wouldn’t want to be obsolete in the business world, so it is ideal that you review your business goals from time to time to see what’s new, what’s changed, what’s been achieved, and what needs to be revamped.
Separate your business and personal finances:
For the purpose of keeping tabs on profits and expenditures, you should separate your personal and business finances. You could do this by having a separate account for your business transactions.
Determine funding requirements:
Funding the operations of the business is the top priority. So, understanding the advantages and disadvantages of funding sources is essential in evaluating businesses.
Strive to hire the right people:
If you want your business to thrive, manpower/human resources is very important. You need to hire motivated, high-energy trainable/teachable/learnable people who are looking for success rather than making a quick buck.
Create a training plan for your employees:
Hiring the smartest team is not enough it’s going to take some time for them to understand the nitty-gritty of your business and figure out how to put things together to achieve long-term goals. This is why creating a training plan for your employees is vital. This will make them feel more competent and empowered in their jobs.
Keep track of your finances:
At the start of a new business, it’s easy to keep track of the money coming in and going out of the business. However, as the business operations grow and multiple transactions begin to take place, this task can become hectic and if not handled properly, muddled. This is why you should consider either hiring a full-time, on-staff accountant or simply investing in easy-to-use accounting software that helps you keep track of your finances.
Invest in marketing:
Without creating awareness and telling the market what you have, you’ll probably be in the “shadows” especially in such an era of marketing as we’re in where brands are constantly competing and vying for consumers’ attention, small businesses as such need to force their way in front of people, show the consumers something valuable and somehow have them listen to your pitch.
Learn to delegate responsibilities and set goals:
Time management is crucial for small business owners. Assign responsibilities to those “awesome employees” you’ve hired and trained, get feedback from them to ensure they feel confident of being able to achieve assigned goals then check in from time to time without you seeming to hover.
Focus on and build relationships:
Strong relationships are at the heart of building a business, and it’s typically essential to build one internally with the employees- externally-with the suppliers, clients and financiers.
When relationships fall by the wayside, it tends to get harder and tensive for a business to grow or even to maintain an existing level of growth.
Be on the lookout for “Shiny Object Syndrome”(SOS):
Looking for and incorporating new ways to improve your business is always encouraged, but one has to be careful not to be constantly jumping from one strategy to the next cos this can make it hard for your team to keep up. This frequent change in operations is often known as “Shiny Object Syndrome” (SOS), and you should avoid it.
Under SOS, each time an employee adapts to a strategy, they must discard it for something new and better. Wanting to try every new recipe for business growth can in actual fact destabilize and exhaust the workforce and produce a contrary result.
Don’t lose sight of the “bigger picture”
Remember slow periods do come in businesses and all successful businesses go through these slow periods. So, regardless of how long you’ve been in the business, do not feel discouraged in moments of slower progress, that’s why the “bigger picture” should always be at the forefront of your mind, think about it, concentrate on it hold onto it, you’ll be back on track soon.
So, as a small business manager or owner, you will often also be responsible for overseeing the big-picture business plan.
Management business degree
A business management degree offers a wide array of career options that can apply to any sector or industry. A management business degree also teaches a range of subjects like marketing, administrative, and even accounting tasks, concepts like how to work closely with a team and develop skills to manage a business or organization successfully.
With getting this degree, you should also learn about the job options available, this can help you decide on the area you want to work in and to aim to get relevant work experience and the right mindset.
Types of management business degree can refer to a/an:
Associate in business management:
This is a two-year program that teaches about how organization functions and also attaches coursework such as business law and ethics, principles of marketing and project management.
Other business management associate’s degree courses include:
- Principles of Finance
- Human Resource Management
- Business Analysis and Intelligence
- Functional and Project Management
- Customer Service
Bachelor’s degree in business management:
This program runs for four years. It teaches the overall management of a business, including risk and strategic management. Students in this program, later on, pick a specialization to focus on, such as marketing, entrepreneurship or real estate.
Other business management bachelor’s degree courses include:
- Organizational Behavior Analysis
- Accounting for Business Managers
- Business Law and Ethical Behavior
- Dynamic Team Development
- Financial Decision Making and Risk Management
Master’s degree in business management:
This is a two-year programme that provides higher-level coursework on management and leadership topics as well as chosen specialization.
Business degree specializations
Most entry-level positions in business or business management will prefer a first-degree certification which is a bachelor’s degree but a master’s degree might make you a competitive candidate, depending on the position, specialization and industry.
There are several business degree specializations you can choose to study, here are a few:
- Accounting
- Marketing
- Finance
- Public Administration
- International Business/Administration
- Health Care Administration/Management
- Entrepreneurship
- Human Resources etc.
But regardless of the degree level, Business Management majors learn more about business principles, organizational effectiveness, data analytics, relationship management and more.
What are the benefits of getting a business degree
Whether you are an employee seeking career advancement or a student considering a business or business management degree, earning degrees in this field can have several benefits including:
- Equips with the potential for promotion in a shorter period of time
- Become a better, more knowledgeable leader
- Remuneration increases
- A better understanding of strategy and operations
- Easier transition into new careers
- Increase your and your team’s job performance
- Develop specialized and expedient skills that apply to most industries
- Understanding of business principles and organizational effectiveness.
Experts, also say that a business management degree is a marketable credential for each of the following positions:
- Investment banker.
- Accountant.
- Banker.
- Business analyst.
- Compensation specialist.
- Financial analyst.
- Financial director.
- Human resources manager.
- Management consultant.
- Marketing analyst.
- Marketing director.
- Private equity analyst or associate.
- Sales representative.
- Venture capital analyst or associate etc.
Best management business jobs
The essence of earning a degree is to get better pay and opportunities at job offers. So, with your management business degree in hand, what could be the best management business jobs, you may ask.
Here are seven(7) of them with their Projected Employment Growth (PEG)and 2020 Median Average Salary (MAS) by the Bureau of Labour Statistics (BLS):
1) Management analyst
Projected employment growth (2019–2029): 11%
MAS 2020: $87,6601
Job description: most times, management analysts are on a contract basis since they usually operate as consultants that focus on a specific area of expertise. Think of these people as the professionals who propose ways to improve an organization’s efficiency, advise managers on how to make organizations more profitable through reduced costs and increased revenues, identify redundant processes and come up with the extra steps etc.
Sometimes, they work with a single department or an entire company to see how different roles work together and most times the details of this line of work change from business to business,
This job requires a solid understanding of business practices, excellent problem-solving skills, an eye for detail and the ability to effectively communicate with stakeholders to understand the impact of potential changes to processes.
2) Wholesale, technical and manufacturing sales representatives:
PEG: 2%-12% (2019-2029)
MAS 2020: $65,4201
Job description: Sales representatives contact new and existing customers, explain and discuss product or service features they may be interested in, answer any questions that prospective customers may have, negotiate contracts and follow up with clients to ensure their satisfaction with the service.
They represent their company or products so excellent communication, problem-solving skill and in-depth knowledge of their products/services are essential as they also work to build relationships with customers and develop mutually beneficial sales agreements.
Sales representatives act as customer service representatives also and may work with individuals, businesses or other organizations.
3) Marketing manager
PEG: (2019–2029): 6%
MAS 2020: $141,4901
Job description: Marketing managers identify the potential markets for the organization’s products /services, and they work with executives to develop a strategy to bring in more sales and to sign up customers.
They analyze data in regards to the products or services their company supplies and estimate the demand. They train and supervise a team of marketing coordinators to develop strategies to generate interest and maximize profits for the growth of the company.
Creativity, sharp business skill, expertise in managing clients’ relationships, empathy with customers and understanding what motivates them to make a purchase are all essential skills.
4) Financial manager
PEG (2019–2029): 15%
MAS 2020: $134,1801
Job description: Financial managers are the “doctor for finance” in an organization that is they deal with the overall financial health of an organization, such as preparing financial reports, developing strategies for long-term financial goals and supervising employees who deal with budgeting and investing.
Depending on what kind of financial management you want to go into, there are different kinds of financial managers such as; Treasurer, Controllers, Credit managers and different topic focus like tax law, budget processing, auditing or healthcare billing.
5) General and operations manager
PEG (2019–2029): 5 to 7%
MAS 2020: $103,4502
Job description: General and operations managers do many the similar things to other types of managers such as overseeing and supervising of employees, setting goals, addressing issues etc.
Professionals in this area tackle a range of responsibilities in order to keep an organization running. This is to say that they work in smaller organizations or oversee the overall operations of a branch or individual location of a larger organization—for example, a retail store manager.
General and operations managers are often responsible for things like reviewing financial statements, setting prices, hiring staff, making marketing decisions and more, this requires business savvy and a good sense of adaptability though most times these duties vary depending on the organization.
6) Financial analyst
PEG (2019–2029): 5%
MAS 2020: $83,6601
Job description: Unlike their counterpart-financial managers- Financial analysts help businesses and individuals make investment decisions. They help make the right recommendations through the evaluation of historical financial data, studying economic trends and assessing the performance of current investments.
Categorically, financial analysts are divided into two: the buy-side and sell-side.
The Buy-side analysts deal with those who are interested in buying or investing their money while the Sell-side analysts give advice on financial services and to agents on selling stocks, bonds and other investments.
7). Sales manager
PEG (2019–2029): 4%
MAS 2020: $132,2901
Job description: Similar to sales representatives are sales managers which are also responsible for connecting customers with products but unlike representatives, they tend to have a keen-eye view to monitoring the entire sales process as they oversee the work of entire sales teams.
They also set goals, analyze data to identify ways to improve efficiency in sales, monitor customers’ satisfaction and develop training programs for the sales team they manage.
More often, they are in charge of the task of developing plans for meeting sales quotas or targets and may influence discount rates or other promotional tactics. As you might have deduced this job requires extensive sales experience.
Conclusion
Management in business focuses on the art and science of running complex organizations and supervising others. For a smooth management to run, business managers are to be versatile with a wide range of skills, including the creativity necessary to dream up outstanding business ideas and the intuition required to foresee and prevent potential disasters for their companies.
FAQs on management in business
- Business Management functions include the following:
- Organizing
- Directing or leading
- Planning
- Staffing
- Controlling an organization
Management in an organization is the process of guiding the development, maintenance, and allocation of resources to attain organizational goals.
Business management courses are all superb and can be applied in every sector or industry. We can’t really say there is one best business management course but a fact is that “Learning general business acumen can open a lot of doors in a lot of different fields,” Sam Olmsted, who majored in both management and finance at Tulane University in Louisiana, wrote in an email.
References
- https://www.indeed.com/-Jobs You Can Get With a Business Management Degree
- https://www.upcounsel.com– Business Management Definition: Everything You Need to Know
- https://www.investopedia.com– What Are the Basics of Business Development?
- https://www.rasmussen.edu– 7 Solid Business Management Degree Jobs to Consider
- https://www.usnews.com/– What You Can Do With a Business Management Degrees
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