Business management is a combined discipline that covers all the processes involved in overseeing business operations of an organisation or enterprising entity. It is a course that teaches students the act of organising, supervising, planning, directing and analysing business operations.
A business is an organisation or enterprising entity engaged in commercial, industrial, or professional activities.
Management consists of the interlocking functions of creating corporate policy and organising, planning, controlling, and directing an organisation's resources in order to achieve the objectives of that policy.
Business management can be said to be the management of a business. It includes all aspects of overseeing and supervising business operations. Overall Business management is the act of allocating resources to accomplish desired business goals and objectives efficiently and effectively; it comprises planning, organising, staffing, leading or directing, and controlling a business or effort for the purpose of accomplishing a business goal.
Scope of Business Management
The business management field has so many career options as it encompasses most human activities, which tend to satisfy needs and wants of the human beings living in a society. A large part of the business is concerned with providing the final or finished products or goods to the desired people.
The basic objective of business management is establishing business policies, office management, task delegation, employee management and smooth running of business. A situation whereby business isn't managed suitably, it folds or collapses. This is the main reason for business management to improve business-customer relationship and maintain high level of efficiency in the business world.
Importance of Business Management
The importance of business management cannot be over emphasized as it tackles issues that affect the world of business. Business managers engage in a wide range of functions such as
- Optimum utilisation of resources
- Reduction of cost
- Helps in achieving business/group goals
- Establishes sound organisation.
- Business management has made businesses today operate in a world of constant change.
- Business management has made the society adapt to the technological advancement in the business world.
- Because of business management, workplaces have become increasingly diverse.
- To understand how businesses make decisions, you will need to understand how management works.
Educational Requirements for Business Management Careers
The field of business is very broad and there are many different types of qualifications required. The requirements is dependent on the organisation and the role.
Many businesses require at least bachelor's degree (Bachelor of Business Administration (BBA), Bachelor of Arts (BA) or Bachelor of Science (BSc) ). Most will still accept Diploma like (Higher National Diploma (HND), Higher National Certificate (HNC) or National Diploma (ND)). However, some businesses may require master's degree (Master of Business Administration, MBA) for management positions. Potential Business managers may pursue a business degree in their particular area of interest, such as finance, marketing, or accounting. There are also broader degree programs available for aspiring managers in administration and management that focus on leadership, administration, and management skills.
Skills and Competencies required in Business Management
In today's competitive market, employers are looking for more in their business managers, working toward building important skills such as :
- Budget Management
- Business Management
- Conflict Management
- Interpretation of Financial Data
- Interpretation of Legal Statutes Relevant to Business
- Potential Process Improvements
- Understanding and Creating Financial Reports
- Understanding Financial Statements
- Communication skills
- Organizational skills
- Project management
- Microsoft Excel
- Problem solving
- Supervisory abilities
- Building effective relationships
- Multi-tasking. A manager must be able to oversee all the employees, keeping their abilities and weaknesses in mind while prioritising multiple projects.
- Business Development Skills.
- Communication. Being able to communicate your own 'vision' to the team is so vital for any manager.
- Motivating Others.
- Task Management.
- Patience. ...
- Building Effective Teams.
Career Opportunities for Business Management Graduates
There are lots of careers one can pursue in business management, its down to choice and where your passion is focused on
Jobs directly related to your degree include:
Sales representative: contact new and existing customers, explain product features, answer any questions that customers may have. Some sell directly to consumers, and some to businesses and other organisations.
Marketing manager: estimate the demand for products and services that an organisation, and its competitors, offer. They identify potential markets for the organisation’s products and oversee a team that develops strategies to maximise profits.
Management analyst: propose ways to improve an organisation’s efficiency. They advise managers on how to make organisations more profitable through reduced costs and increased revenues.
Sales managers: direct an organisation’s sales teams—setting goals, analysing data, and developing training programs for organisations’ sales representatives.
General and operations managers: review performance data to measure productivity or goal achievement and identify areas that may need cost reduction or program improvement.
Financial analysts: provide guidance to businesses and individuals making investment decisions. They assess the performance of stocks, bonds and other types of investments.
Financial managers: oversee the financial health of an organisation. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organisation.
Other roles include:
- Actuarial analyst
- Business adviser
- Business analyst
- Business development manager
- Chartered management accountant
- Corporate investment banker
- Data analyst
- Data scientist
- Forensic accountant
- Insurance underwriter
- Management consultant
- Project manager
- Risk manager
- Supply chain manager
Jobs where your Business Management degree would be useful include:
- Construction manager
- Costs lawyer
- Environmental engineer
- External auditor
- Human resources officer
- Logistics and distribution manager
- Marketing executive
- Mortgage adviser
- Retail manager
- Sales executive
- Systems analyst
- Urban designer