There are certain career pathways that are constantly evolving and changing as the years and even months go by, and from medical professionals to teaching professors and tutors, it is essential for them to keep consistently abreast of new developments and changes in their practice.
Another such industry is that of the world of business, which is just as rewarding as it is exceedingly challenging, especially in the post-pandemic world. So, with this in mind, here for your information and, of course, for reading pleasure, is a beginner’s guide to business management and its different components within.
Business Management: A Definition
Although there are many, sometimes even contradictory, definitions of the term ‘business management, one thing everyone appears to agree on is that business management is the very act of planning and organizing resources and people to best accomplish the overarching targets and goals of a particular company.
The Key Functions of Business Management
As the vast area of business management is just that; vast, it is hard to pinpoint the clear and defined separate areas within. Should an individual want to pursue a career in business management, it would be extremely beneficial to embark upon a masters in business management from a renowned online university. However, it can be said that business management can indeed be broken down into the following basic functions:
The area of business management under the heading ‘staffing’ deals with the analysis and recruitment of potential applicants for every single job within the company, ‘leadership’, also referred to as ‘directing’, is all about determining the business needs in the current climate and choosing the right employees for the job and ‘planning’ is all about planning for the future.
The field of ‘control’ focuses on the monitoring of the progress of plans and projects, ‘organizing’ centers around using the resources available to the business, and ‘motivation’ is the basic function used to maximize and improve the overall productivity and efficiency of the workforce.
Business Process Management
A business process is essentially either a group of activities or indeed a single activity that an organization uses to achieve the overarching company goal. The following are four basic but entirely accurate examples of a business process:
• The fulfillment of a single product or service order
• The assimilation of a new starter
• The management of customer service and customer satisfaction levels
• The creation and development of a new product or service
Business process management is one of the most popular and ever-increasing in popularity amongst businesses across the length and breadth of the country and beyond, which looks to approach the field of business management from the point of the view of business clients. It is for this reason that, in the world of business, business process management is often described as a wholly holistic approach to management.
BPM, however, is also an exceedingly structured approach to business management that strives to continually and thoroughly improve each and every core business function and process.
Specializations Within Business Management
As previously discussed, the world of business is a field in which, although not entirely mandatory, it is exceedingly advisable to have at least an undergraduate degree behind you before you even consider applying for a role within the business management of a company.
Specialisms during your studies and first few years of working in a company with a view to moving into business management include the following fields:
- Sales & Marketing
- Human Resources
- International Business
- Public Administration
- Accounting & Finance
- Health Care Management & Administration
There is a wide plethora of fantastic benefits to studying business management, including the following:
- A possible increase in annual salary
- A simpler pathway to transition into another career
- A way to develop extremely specialized and unique skillsets
- A huge potential for promotion
- A much better understanding and comprehension of operations and strategy
Top Careers Involving Business Management
1. Human Resource Manager
A human resources manager is solely responsible for the organizing and overseeing of everything to do with recruitment, payroll, and training and development. HR managers are usually also responsible for the coordination of interviews, onboarding, and sourcing of new hires.
The national average salary for a human resources manager ranges between $67,000 and $70,000 per year.
2. Logistics Manager
Logistics managers are responsible for the correct and timely organization of both storing and distributing the goods a company produces. Another substantial part of the role of a logistics manager involves the coordination and insurance that each and every health and safety protocol being consistently adhered to.
The national average salary for a logistics manager ranges between $59,000 and $62,000 per year.
3. Development Director
The primary roles and responsibilities of a development director, regardless of the industry in which the particular country operates, is to create innovative funding plans, on a large scale, to raise substantial funds for the business. Development directors not only oversee the fundraising itself but also spend time forging professional connections with helpful business partners.
The national average salary for a development director ranges between $81,000 and $84,500 a year.
4. Project Manager
Project managers, nearly always abbreviated to ‘PMs’, plan direct, coordinate companywide projects, and are essentially responsible for the smooth running of each and every business project. Project managers usually have a number of people working directly underneath them and work towards troubleshooting and problem solving with any queries and issues their employees bring to their attention.
The national average salary for a project manager ranges between $73,500 a year and $77,000.
5. Sales & Marketing Manager
Marketing and sales is an exceedingly fast-paced, exciting department of any company to manage and involved a plethora of different duties, including analyzing data and information from past sales drives, striving to predict and subsequently prepare for future industry trends, and supervising the sales team who are ‘on the ground’.
The national average salary for a sales and marketing manager ranges between $58,000 and $62,000 a year.