Business management is simply the process of carrying out administrative roles for a business or a group of businesses. However, it may sometimes involve basic marketing activities, budget analysis and other managerial responsibilities such as reviewing contracts and mentoring employees to get to their top productivity levels. In addition, a Business Manager may be required to assume supervisory roles, act as a trainer for new employees and organize some specific events for an organization. This implies that experts in the field are expected to possess good levels of competencies in areas such as accounting and finance as these qualities would be handy whenever the need arises. More so, it is expected that a business manager would soak up the pressure and cope with high-stress levels once such situations occur. Nonetheless, Business Management positions in all sectors are largely competitive, making the field an increasingly lucrative one.
Rudiments of a Career in Business Management
Originally, a business management degree covers subject areas whose origins can be traced to Business and Industry. Therefore, a graduate in the field must have been groomed to have relevant and applicable knowledge of many careers in the business sector. Then, upon the completion of a bachelor’s degree program, graduates subsequently become Business Executives, Management Analysts or Risk Managers.
Since a degree in the field encompasses relevant studies in finance, sales, administration, hospitality, marketing and operations, relentless pursuit of an outstanding career in Business Management ultimately preps Business managers to take up leadership roles in their respective organizations.
Furthermore, beyond a secondary level of education and a university/college degree, there are other levels of Business Management degrees available. A good instance is the Masters of Business Administration degree. This program basically provides multiple areas of concentration and specializations such as operations management, human resource management, among others. Again, there are well-structured Ph.D. programs in Business management that are geared towards grooming students for relevant positions in academic and research fields.
Prominent Fields of Specialization in Business Management
Management Analysts: This category of experts assist organizations in figuring out different ways to resolve organizational challenges, improve efficiency levels and structure operations. On many occasions, management analysts are recruited as consultants, especially when a company is going through a restructuring or an expansion phase. More importantly, they are specialists in human resources and general operations.
The United States Bureau of Labor Statistics has stipulated that job opportunities for Management Analysts are set to rise by fourteen percent before 2024. Equally, the institution has announced that the median income of Management Analysts on a yearly basis is $81,320. Since they are charged with increasing the overall efficiency of organizations, a continuous job growth in the field cannot be ruled out.
Risk Managers: These are professional Business managers whose responsibilities are examining, predicting, circumventing or reducing financial risks to the barest minimum in a company. Risk managers strictly proffer solutions to financial risks by carrying out various activities, in a bid to cut down the loss of asset, curb excessive liabilities, minimize property damage and reduce theft. From time to time, these experts liaise with government officers and legal practitioners so as to understand the laws that are applicable to a firm in relation to its finances. In turn, Risk Managers put the laws in use and enforce compliance in such firms.
An analysis by Salary.com shows that the median income for Risk Managers on a yearly basis is about $106,000.
Business Executives: This level of specialization is mostly coveted by experts with multiple and advanced degrees in Business management. However, adequate and traceable corporate experience is another required quality. Business Executives are experts who take up roles such as operations manager, chief information manager, chief financial officer, chief executive officer and other related top administrative positions. They are directly responsible for carrying out different organizational plans with the aim of achieving the set goals of a firm. Business Executives also depend on other high-ranking personnel to act upon proposed plans and communicate them to other departments with the firm. The United States Bureau of Labor Statistics has reported that this particular level of specialization is crucially competitive. However, the intensity is usually relative as it is determined by the size of the firm.
On a yearly basis, the median salary of Business Executives has been estimated to be $103,000 while that of Chief Executive Officers (CEO) is about $176,000. A statistics by the Bureau of Labor Statistics has also shown that a six percent increment in job rates is set to occur for Business Executives before 2024. Although, the same cannot be said about CEOs; only about one percent increment has been determined.
Business Managers: These are entry-level managers whose basic responsibility is to help organizations fit into the constantly evolving online commercial activities. Precisely, a good knowledge of online sales and financial transactions is crucial for Business managers as organizations continue to find ways to blend and operate smoothly within the cyberspace. More importantly, having an accounting background provides an edge for individuals seeking gainful employment in the field.
NB: Ensure you digest the content of “Success Templates in Business Management” to have a comprehensive idea on how not to go wrong in your Business Management career.