What Does a Business Manager Do?

A company’s success depends on many factors, such as marketing, finances, operations, people, and, most importantly, strategic focus, which includes management, leadership, and planning. Business managers confine the strategic focus elements and ensure all factors run smoothly towards a common goal.

If you’re interested in becoming a business manager and want to know more about what a business manager does, what skills you need to be a business manager, what a business manager’s responsibilities are, and more, stay with us.

Business Management: Overview

Business management consists of managing a commercial enterprise through planning, organizing, coordinating, and controlling resources toward achieving goals and turning a profit.

It focuses on areas such as human resource management, finance, leadership, industrial distribution, entrepreneurship, global management, supply chain and operations management, merchandising, marketing, etc.

Smaller companies have one or a few business managers. They share their responsibilities, although their specific roles depend on skills, experience, and knowledge. Home-based companies usually don’t have layers of management, and most business management duties are done by business owners.

On the other hand, bigger companies have clear layers of management, which include:

• Human resources managers who deal with hiring, firing, personal conflicts, etc.
• Senior management who are responsible for creating the company’s objectives and vision.
• Middle management who oversee divisions of the company and report to the upper management.
• Department heads who oversee employees and report to the middle management.

What Does a Business Manager Do?

A business manager is a professional whose job is to develop business management goals that lead to the growth and prosperity of a company. They are responsible for overseeing all business operations, from hiring new team members to making strategies that improve productivity.

Some of the most common duties of a business manager include the following:

• Arranging schedules
• Developing and achieving goals that improve the company
• Implementing business plans
• Monitoring company resources
• Analyzing data
• Motivating employees to achieve and exceed goals
• Building long-term relationships with clients and coworkers
• Researching industry and marketing trends, etc.

What Skills Does a Business Manager Need?

Suppose you’re looking to become a business manager. In that case, you should remember that possessing and developing a strong set of business management skills will help you take various roles in an establishment and make businesses thrive.

Below you’ll find the most important skills you’ll need to become an exceptional business manager.

1. Leadership

As a manager, you’ll have to administer and lead a team of professionals, which is why leadership skills are crucial in creating a safe and positive work environment where all employees can thrive. Leadership skills encompass flexibility, honesty, creative thinking, and conflict resolution abilities.

2. Communication

Communication is a key skill that all professionals need in the work field, especially business managers, as they need to convey information and intention to their teams on a daily basis in a verbal or written manner.

Communicating effectively and professionally with clients, company shareholders, and other team members is the foundation of a healthy work environment where all parties are valued.

3. Problem-solving

The work environment of businesses is often unpredictable, and you may have to face complex challenges. This is where problem-solving skills come into play, as you’ll have to identify the problem and, through deep analysis and observation, come to a solution.

4. Strategic thinking

As a business manager, you must be able to predict how today’s decisions will affect the company’s future, for which you need to have and display strategic thinking skills. These skills will help you make the best long-term decisions for the company and ensure success.

5. Interpersonal

Being a business manager is all about working with people, which is why you must display high levels of interpersonal skills. Interpersonal skills include active listening, teamwork, dependability, motivation, patience, empathy, and others, which will help you immensely in the work environment. These skills will also help you interact with your team members positively and productively.

6. Financial

While most skills mentioned focus on building a healthy work environment, you’ll also have to display high financial intelligence skills in your day-to-day tasks. So you must have a moderate knowledge of financial concepts and know how to utilize them in your business decision-making.

How Do You Become a Business Manager?

Here is how you can become a business manager in a few steps:

1. Complete a bachelor’s degree in business management or a relevant field.
2. Get work experience in business and leadership roles.
3. Get professional credentials like the CFA (Chartered Financial Analyst) or the CPSM (Certified Professional in Supply Management) certification.
4. Build your network of individuals with similar career interests.
5. Consider getting an MBA.
6. Gain advanced knowledge and skills.

Business Manager: Salary and Job Outlook

Becoming a business manager can be a good choice for you as the U.S. Bureau of Labor Statistics (BLS) reports a job outlook increase of 8% (faster than average) for all management occupations, which is expected to result in 1.2 million new jobs.

While the salary of a business manager depends on factors such as education, additional skills, certification, and years of experience, the average business manager salary is expected to be around $77,274 per year.

The Bottom Line

Pursuing a career in business management has a lot of benefits, including the following:

• Having higher pay,
• Influencing the company in a positive way,
• Hiring the best people for the job,
• Helping employees develop and improve,
• Growing and developing as a leader,
• Creating a better work environment,
• Advancing in your career.

After reviewing what becoming a business manager entails, how to become one, and what the benefits of becoming one are, we can conclude that a career as a business manager is worth it. If becoming a business manager aligns with your life goals and abilities, you can start your journey today.  We offer a BA in Business Administration & Management at BAU, which will teach comprehensive knowledge in management, marketing, accounting, finance, and law.

Frequently Asked Questions (FAQs)

What are the primary responsibilities of a business manager?

A business manager oversees daily operations, manages staff, develops strategic plans, and ensures financial performance. They also handle budgeting, marketing, and customer relations.

What skills are essential for a business manager?

Key skills include leadership, communication, problem-solving, financial acumen, and strategic planning. Adaptability and teamwork are also important.

How does a business manager differ from other managerial roles?

Business managers typically focus on the overall operation and strategy of a business, while other managers may concentrate on specific departments or functions, like HR or marketing.

What industries employ business managers?

Business managers can work in various sectors, including finance, retail, healthcare, technology, and non-profit organizations.

What qualifications are needed to become a business manager?

Most positions require a bachelor’s degree in business administration or a related field. Advanced degrees like an MBA can enhance career prospects.

What does a typical day look like for a business manager?

A typical day may include meetings with staff, analyzing financial reports, strategizing for growth, and resolving operational issues.

How can a business manager contribute to a company’s success?

By implementing effective strategies, optimizing resources, fostering a positive work environment, and aligning team efforts with company goals, a business manager plays a crucial role in driving success.

What challenges do business managers face?

Common challenges include managing change, navigating financial constraints, balancing competing priorities, and maintaining team morale.