Business management has the objective of efficiently allocating resources within an organization to maximize returns. Business management may involve any sub-field of business, including human resources, finance, information systems, etc. In for-profit organizations, managers typically strive to maximize shareholder value. For other companies, business managers are present to provide for the best long-term prospects for their company. As you can imagine, business managers have a plethora of tasks to handle. Here are just a few specific roles that business managers face every day.
A major responsibility of business managers is the planning of future projects that will help drive revenue for their organization. Planning may involve conducting market research to determine new product ideas, contacting suppliers to negotiate prices for raw materials, or conducting financial analysis on the expenses of new projects. Having managers who are able to plan for both booms and busts in the economy is important, as including flexibility in future planning will help reduce the risk incurred in running any business. Since planning is a key aspect for management, many business managers have a keen sense of innovation, which will help them to progress their company’s operations.
Staffing is another key aspect of management. Staffing involves many steps, including recruiting new hires, managing current employees, and noticing ways to further motivate employees to improve the company’s operations. As new projects are set up, managers may be needed to tailor new recruits to their new processes. For example, a technology company expanding their operations will require new engineers. In addition to selecting new employees, managers may also want to consistently bring in new talent with cutting edge experiences, which will allow their entire department to maintain current knowledge on new techniques. Since employees are arguably the most important aspect of an organization, effective staffing has continued to be valued as a key factor in successful businesses.
Directing is arguably the most important task for business managers. The peak organisation for business management in Australia is the Australian Institute of Company Directors.
Directing projects involves the day to day management of a company’s employees, tasks, and resources. As central figures of a company, managers are typically the ones who are able to effectively direct its overall operations. Directing may involve delegating individual projects, coordinating between departments or employees to create synergies, or motivating employees during difficult projects. Furthermore, managers are typically required to have a better understanding of the company’s goals, and therefore are responsible for finding ways to meet those goals while maintaining employee morale.
Career Options for Business Managers
A common misconception people have is that business managers tend to work for big corporations such as banks, multinationals, and hedge funds. Today, however, more and more organizations have incorporated business methods to improve operations. For example, not-for-profit organizations have become very similar to businesses today, as the core fundamentals of keeping an organization sustainable rely on more than profit motives. With so many possibilities for employment with a good business management degree, here are some popular examples to help you narrow down your choices.
While many people with a business degree will typically focus on a specific field of study, the field of management tends to be neglected in the business community. For many business majors looking for future employment opportunities, focusing on management techniques instead of specialized business methods such as accounting or information systems will allow them to find higher, more lucrative management positions after graduation. The demand for managers of all experience levels stems from the continued growth of businesses today. Gone are the days of a single manager delegating all aspects of a company’s operations. Instead, business managers today are employed to delegate tasks within individual departments, while others act in higher executive positions.
Consultancy has become increasingly popular for business graduates as a career path. The field of consultancy constitutes the business of understanding effective business methods and applying them to improve the deficiencies of other businesses. Consultants typically work with either contracted projects or long term projects. Contracted projects can require the consulting firm to implement a particular solution to a broad issue, or to present a variety of solutions for a specific problem. For example, a clothing retailer may have great designers and clothing, but is deficient in its marketing and outreach. The clothing retailer might then hire an online marketing writer as a consultant to help devise a marketing scheme which will be able to advertise its clothing line. Long term consulting projects, like short term consultancy projects, also have specific goals. The difference between long term and short term projects is that long term projects typically involve the consulting company’s constant and prolonged involvement in a specific aspect of operations. For example, an insurance company may hire a consultancy to implement and manage an electronic database system. Instead of the consultancy only coming in to install the new system, the consultancy would actively manage the new system and act as almost a department of the insurance company.