Business management offers professionals with the right skills a number of rewarding career paths. Critical business management skills make it possible for them to provide leadership, add organizational value, and ultimately command higher salaries and better career opportunities. The best way to begin cultivating these skills is by enrolling in an undergraduate business program designed to provide a broad overview of administrative competencies.
The Importance of Business Management
Business management is a multifaceted field. Successful business managers are able to adroitly balance many competing demands, including oversight of business finances and sales and marketing channels. It’s not typical for any one person to have direct responsibility for so many undertakings, so business management roles usually hinge on delegation and the ability to guide and monitor different team members and departments.
Different Types of Leadership Positions
Those who develop business management skills can pursue a number of different roles to add value to an organization. Some of the most common business management positions include the following:
- Operations Manager. An operations manager ensures that the business has a well-equipped team in place to pursue organizational goals. Some of the specific duties include putting hiring and onboarding policies into place and ensuring a corporate infrastructure in which employees can thrive. It’s critical that operations managers have business management skills, in particular skills related to delegation and long-term planning
- Chief Executive Officer. The chief executive officer (CEO) is essentially responsible for everyone’s success. Duties might include assembling the right executive team, setting the company’s strategic plan, and making final decisions about how money and resources are allocated. Success in this position calls for a full command of management skills, as the CEO essentially oversees the entire organization.
- Administrative Director. An administrative director has responsibility over all administrative departments within the business, which might include maintenance and office staff, for example. The administrative director must employ business management skills to ensure that these departments are operating at optimal efficiency.
- Chief Operating Officer. The chief operating officer (COO) focuses not on big-picture strategy but rather on day-to-day logistics. This role helps ensure that team members can do their jobs and that the company can accomplish its daily goals. Management skills such as delegation, motivation and organization are essential for success as a COO.
- Marketing Manager. The marketing manager’s job is to provide guidance to all members of the marketing team, as well as hold that team accountable to the C-suite. The marketing manager is ultimately concerned with ensuring brand recognition and awareness. Core business management skills, such as knowing how to lead, motivate and delegate to a large team, are essential.
- Business Manager. A business manager’s role generally focuses on the sales team and on efforts to nurture leads and maintain important client relationships. These professionals need high-level management skills to balance the various needs of team members and accounts.
All of these roles contribute to a business’s success, and each one calls for a full portfolio of management competencies.
Business Management Skills
Those seeking a career in business management may begin by taking inventory of their business management skills. The following skills are crucial for career advancement and for bringing value to an organization.
- Leadership. Any kind of managerial role involves leading a team of employees. Business managers motivate employees and help them stay aligned with the company’s short- and long-term goals.
- Communication. Business managers should have excellent written and verbal communication skills. They routinely need to communicate value to customers, as well as goals and expectations to team members.
- Decision-making and planning. Business managers must have a firm understanding of their companies and fields to make educated decisions regarding the trajectory of a business. Often, final decision-making rests with a member of the business management team, including crucial choices about the use of company resources.
- Delegation. Business management often entails too many responsibilities for one person to handle them all directly. Professionals in business management roles must trust their team members to carry some of the load. Effective business leaders will be able to delegate tasks and projects to employees and hold them accountable for the outcomes.
- Problem-solving. From identifying problems to brainstorming solutions, business managers should be involved in their companies’ troubleshooting processes. This may involve analyzing metrics and data. It may also require delegation of new responsibilities to certain employees or departments.
- Technical skills and business acumen. Business managers should have a strong foundation in business and possess the technical skills necessary for managing operations. Often, business leaders need to have a basic sense of the company’s financial position, sales channels, etc.
Preparing for a Career in Business Management
Career opportunities abound for those who develop these business competencies. According to the U.S. Bureau of Labor Statistics, “Employment of management occupations is projected to grow 7% from 2018 to 2028, faster than the average for all occupations.” Business management professionals are often well compensated, as the median salary in the business management field is $104,240, according to the BLS.
But what’s the first step toward entering this promising field? A good place to begin is by seeking a bachelor’s degree in business administration. Students in this kind of program cultivate business management skills that are vital for career advancement.
Those who develop the requisite skills can make themselves attractive candidates for business management roles in companies of all kinds, including both startups and established businesses. Business management positions are available in virtually all industries, as any successful enterprise requires leaders who can provide vision, focus and accountability.
Develop Skills for a Career in Business Management
In Rider University’s online Bachelor of Science in Business Administration program, students can develop a robust foundation of business management skills, positioning themselves for career success. Learn more about the program and how honing core management competencies can be the first step toward becoming an invaluable member of a business organization.