What Is Business Management?

Business management is a wholistic leadership effort that encompasses overseeing organizational business activities from start to finish. This involves strategic planning, allocating resources to meet goals and supervising team members to execute vision-centric tasks and projects. Effective business management is critical to organizational growth and optimum operation. If you have a passion for business and a knack for efficiency, becoming a business manager may be a great fit.

It’s often said that making a list of pros and cons can aid in decision-making. Here’s a quick look at potential pros and cons of business management careers. In this unique business manager career guide, we’ll dive deeper to help you determine if it’s the right career for you.

Pros and Cons of a Career in Business Management

What Do Business Managers Do?

Business managers primarily oversee operations, manage teams and projects, and perform financial planning and budgeting. This is to ensure productivity, quality and efficiency of business activities. It is sometimes divided into specialized management areas like operations management, financial management, human resource management and more. On a given day, business managers typically:

• Develop a strategic plan
• Oversee a hiring process
• Create a budget and financial plan
• Ensure a project is completed
• Manage a team of employees
• Implement efficiency practices

There are undoubtedly additional expectations that cross their desks, but essentially, their day-to-day responsibilities differ based on needs as they arise. A career as a business manager is ideal for an individual who embraces a variety of responsibilities with an interest in all aspects of business.

Skills Needed for Business Management

No matter the type of business you work for, all business managers need to be knowledgeable and skilled to successfully oversee day-to-day operations and business strategies. This entails a wide array of skillsets, but it’s of the utmost importance to have the following:

• Leadership and Decision-Making: As a manager, you’re responsible for people and strategic decisions that move an organization toward its goals and profitability. You’ll want to be equipped to manage conflict, inspire critical thinking and delegate tasks to appropriate employees.
• Financial Management and Budgeting: Managing a budget is an integral skill as you’re managing funds and resources to effectively and efficiently complete projects and generate a profit.
• Communication and Interpersonal Skills: Anytime you’re in a leadership role, you must have effective communication and interpersonal skills. You should be ready to motivate and direct teams in a way that generates a healthy and productive work culture.
• Problem-Solving Skills and Strategic Thinking: Finding successful solutions requires the ability to respond to problems with curiosity and confidence. You’ll want to be readily available to address issues with a solution-based perspective.

What Education Level is Required?

Education and meaningful experience are two key components to becoming a successful business manager. When you complete business degree programs, you develop a strong ability to conduct market research, an integral component to business management that can drive your success. You also contribute to your long-term career advancement goals.

If you’ve already been on the hunt for a business management role, you’ve likely seen the infamous requirement: a degree in business management or related field, plus relevant experience.

What does that mean specifically? While it may differ from role to role, the great news is that there are options for how you can meet this requirement. Additionally, there are circumstances where you can gain both at the same time.

Let’s walk through an ideal education pathway and how business management degrees are worthwhile. At the end of the day, these programs prepare you for diverse opportunities in business that can cultivate a unique and fulfilling career path.

Business Management Salary and Job Outlook

Business management has been a part of the American workforce for centuries, and the dire need for such leaders has not changed. In general, business management roles are projected to continuously grow at a faster rate than the average for all occupations.

Business Manager Roles

Because business managers are so versatile, there are a variety of salary expectations and job outlooks to consider based on specific roles. Even though these roles specialize in an area of management, they are applicable to an extensive array of sectors. Here are some examples.

¹Bureau of Labor Statistics