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.
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.
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.
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.
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.
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.
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:
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- Complete a bachelor’s degree in business management or a relevant field. We offer a BA in Business Administration & Management at BAU, which will teach comprehensive knowledge in management, marketing, accounting, finance, and law.
- Get work experience in business and leadership roles.
- Get professional credentials like the CFA (Chartered Financial Analyst) or the CPSM (Certified Professional in Supply Management) certification, which can open more job opportunities for you.
- Build your network of individuals with similar career interests. To widen your network, you can attend work functions, conferences, or online groups for professionals in the industry.
- You should also consider getting an MBA to open more opportunities and move up the ladder. You’ll also gain advanced knowledge and skills, making you a better business manager.
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% from 2021 to 2031 (faster than average) for all management occupations, which is expected to result in 883,900 new jobs.
While the salary of a business manager depends on factors such as education, additional skills, certification, and years of experience, these different sources state:
- ZipRecruiter reports an average salary of $61,600 per year or $30 per hour.
- Indeed details an average wage of $63,679.
- On PayScale, the average base salary for business managers is $64,051 or $20.46 per hour.
- Glassdoor reports an average base pay of $65,799.
- 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, etc.
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.