When you run a business, you have to have your finger on a lot of aspects of it at once. You are the CEO, CFO, COO, and so much more. If you’re like me, you’ve often asked the question, what is business management? Can it help me run my business better? Turn a better profit?
But first: What is business management?
What Is Business Management?
At first glance, business management is simple: it’s the act of managing a business. But when you dive deeper into the topic, you’ll quickly realize that there’s a lot more to it.
Business managers understand a business to its core and then figure out how to help it achieve its goals. And many corporate business managers specialize in one area. For instance, one may specialize in finances while another specializes in marketing.
But as a business owner, you don’t have that luxury.
If you’re asking "What is business management and how can this skill help me run my company more efficiently?" you should know that to be successful, you need to be a jack of all trades.
Why You Need Business Management Skills To Grow Your Business
If you ask a business owner their number one complaint, you’ll likely hear that it’s when employees don’t do their job. They may miss an important deadline, calculate an investment possibility wrong, or make a mistake with business processes. And all those mistakes can quickly deteriorate your profits.
But when you act as a business manager for your company, you can eliminate many of those mistakes. Why? Because you have your finger on the pulse of every vital department.
What’s more, when you oversee your business as a whole, it makes it easier and more feasible to reach all those lofty goals you have.
Are you ready to obtain all the skills you need to scale or maximize your business?
What Kind Of Skills Does A Business Manager Have? Meet The Top 10
After asking the question, what is a business manager, are you convinced that you need to develop this skill to run your company more efficiently? If so, here are 10 skills you will need to grow as a business manager.
1. Pump Them Up
Those employees we talked about earlier? They want to do their jobs — really, they do. But sometimes they need someone to motivate them and tell them why it’s so important they do just that.
When determining what is business management, the first thing you need to understand is that you need to have the ability to motivate your employees. When they’re motivated, they work better and achieve higher productivity.
And that can help take your business to the next level.
Here are a few strategies you can use to motivate your employees:
2. Develop A Bird’s Eye View
What is business management? At its core, it is the ability to look at things in a big picture way and then hone in on the details to formulate an effective plan or strategy. And that’s one of the ways you’ll act as a business manager in your company.
For instance, you may need to organize employee schedules, project management, or plan for outsourcing needs. You may also manage live events such as staff meetings, workshops, and conferences. You will manage finances, including your annual and monthly reports.
In other words, when asking what is business management, one of the answers you’ll hear is that the role includes microscopic management of every department in your business.
And even if you’re not that hands-on and have managers heading up each of these departments, you still need to manage them.
3. Get R.E.S.P.E.C.T.
If you want your employees to follow your lead, they need to view you as someone they respect. If they don’t, you won’t be successful in your business management duties.
And the best way to earn employee respect is by becoming a great communicator.
When you can effectively communicate with your employees, you will not only gain their respect, but you will also convey your needs more effectively and present yourself as a leader.
Here are a few ways to become an effective communicator:
4. Think On Your Feet
Another answer to the question, what is a business manager, is the ability to make quick decisions. When running a business, you will sometimes have to instantly make a decision about important events — even if it would be better to take some time to think about it.
For instance, you may have to decide whether or not to fire an employee, close down an entire department, move locations, or add a supplier to your offerings.
But making quick decisions isn’t enough. You will also need to develop an instinct that allows you to make the right decisions quickly.
5. Use What’s Available
When learning what is business management, you will have to add tech know-how to the mix. Good managers know how to quickly pull together a Skype meeting, use project management software, or equip employees with the tech gear that makes them more effective.
6. Make Bean Counting A Habit
You know that finances are one of the most critical aspects of your business success. And that’s why when asking, what is a business manager, you will always hear about finances in the answer.
A good business manager not only understands business finances, but can use them to help grow, pivot, or scale a company.
For example, managing sales projections is an essential aspect of launching a new product or service. And cost estimations and budgets are vital in determining whether or not to move locations.
A good business manager knows how to look at a company’s finances and use that information to inform themselves about significant decisions.
7. Tell Them You’re Here
Another important skill set to understand when learning what is business management, is the art of getting the word out about your company. Even if you have marketing experts on staff, you will need the ability to look at the company as a whole and use marketing to help reach its goals.
Marketing a company has changed a lot in the past few years, and that’s why business managers need to understand basic marketing principles as well as the ins and outs of social media.
8. Be The Boss
When figuring out what is business management, it's important to know how to lead people. Your employees want a leader. They want someone they can look to in times of trouble and celebrate within times of abundance.
And when you run the company, that person is you.
A good leader knows how to gain the confidence of employees, do what’s in the best interest of the company, and make micro-decisions while looking at the big picture.
9. Hand It Out
An important consideration when learning what is business management is the art of delegation. No one can do it all, and a good business manager knows that.
While it may seem wise to do everything yourself, the truth is that doing everything yourself opens you up to making mistakes. But a competent business manager delegates some tasks to ensure that everything gets done right and on time.
If you’re prone to trying to do everything yourself, know that you may be holding your business back. Instead, give some of the tasks to trusted employees. It will free up valuable time that you can use to grow your business.
10. It’s Like A Rubik’s Cube
Any company has a lot of moving parts. They typically have finance, marketing, human resources, sales, customer service, and inventory and stocking departments. Even a small business has some iteration of each of these departments.
And that’s why a proper business manager is a pro at problem-solving.
It’s only natural that problems arise every day in business. And the sooner and more effectively those problems are addressed, the faster the business can go on to earning a profit.
A good business manager is an expert at solving problems, and that’s why it’s an essential answer to the question: What is business management?
Answered: What Is Business Management?
If you run a business, you can make it run more smoothly and profitably if you gain some business management skills. That’s why so many people are asking, "What is business management?" and then getting and putting the new skills to work in their companies.
Are you currently acting as a business manager in your company? If so, we would love to hear about how the transition helped your company grow.