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What is Business Management? And Why It May Be a Great Career Choice

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What is Business Management?

Business management is the process of planning, organizing, directing, and controlling the activities of a
business or organization to achieve its goals and objectives. It involves overseeing all aspects of a
business, from finance and operations to marketing and human resources. Business managers must be
skilled in leadership, communication, and problem-solving, and must be able to make strategic decisions
that drive the success of the organization.

Every Organization Needs Leaders

Not everyone can be a leader or manager at work, and many people don’t want the responsibilities of
overseeing employees and processes. Fortunately, others feel called to work in management roles and
want to make a meaningful impact on their teams and their employers.

Some managers go through company training to learn the skills they need. Others who are new to
management “learn by doing,” having to figure things out as they go. Some entry-level managers start
the job with formal management education under their belts, which helps them be more confident in
their supervisory roles.

Associate Degree in Business Management

If a rewarding career in management is on your life’s bucket list, here’s something that can help you
conquer that goal: Get a degree in business management.

The University of Cincinnati Online offers an Associate of Business Management Technology (BMTN)
degree program that’s focused, flexible, and designed for today’s modern students.
Our BMTN program prepares you to move into an entry-level supervisory or management position in a
wide variety of business settings, with a format that allows you to:

Study part or full-time. If you attend full-time, you’ll get your associate degree in two years. Your time in
the program will move quickly, and you’ll have your degree before you know it.

Earn a degree online. 100% of the courses are offered online, and there are no campus visits required —
a big time-saver for you.

Learn on your schedule. If you want to study on weeknights or prefer the weekend, the program gives
you the flexibility you need to balance your studies with work and family obligations.

Get the support you need. Our program is 100% engineered for your success. You learn from
experienced educators and get access to helpful tools and technical support. We pair you with a Student
Success Coordinator who’s with you from enrollment to graduation — they’ll be your biggest champion.

Business Management Curriculum

Our program curriculum is expertly designed to help you excel in the business world. You’ll complete a
minimum of 60 credit hours to graduate, studying subjects that include Entrepreneurship, Financial
Accounting, Introduction to Marketing, Personal Selling and Sales Management, and Fundamentals of
Human Resources.

Completing UC Online’s business management degree equips you with skills that are highly sought after
by employers, such as:

Effectively communicating in a business setting

Analyzing scenarios and drawing suitable conclusions

Demonstrating effective team management skills

Executing the four functions of management: planning, organizing, leading, and controlling

Using critical thinking skills to solve problems and make decisions based on accepted business principles

Managers Are in Demand Today

The Bureau of Labor Statistics (BLS) expects employment in management occupations to grow 8%
between 2021 to 2031, faster than the average for all occupations. With a projected 883,900 new
positions opening up, the opportunities for you to work in management are broad.

If you do some research online, you’ll see a variety of entry-level manager positions, including jobs like
these:

Assistant store manager

Sales support manager

Assistant office manager

Customer relationship manager

Shift manager

Ready to Grow Your Management Expertise?

A career in business management can offer a range of opportunities for personal and professional
growth. With the right education and experience, individuals can develop the skills needed to succeed in
this challenging and rewarding field. From leading teams and making strategic decisions to navigating
complex business environments, business management requires a diverse set of skills and a
commitment to lifelong learning.

Pursuing a degree in business management can be a great way to kickstart your career or take your next
step in leadership. Whether you aspire to be an entrepreneur, a corporate executive, or a community
leader, an associate degree in business management can help you achieve your goals and make a
positive impact on the world around you.

The UC Online staff is ready to answer your questions about the Associate of Business Management
Technology program. You can connect online with an advisor, or call our associate degree specialists’
team at 833-556-7877.

We look forward to helping you manage and lead!

birds eye view of students working at a round table with laptops and study materials

Need additional student resources?

Already an online student? UC Online has additional tips and tricks to ensure you are on the path to
success. Check out our Student Resources section for what you need to maximize your learning.

Learn More

Corporate Taxation professionals having a meeting

Helping You Build a Better Business Through Continuing Education

Employee recruitment and retention is crucial for the growth and profitability of an organization and
should be a high priority for every business. At the University of Cincinnati Online, we want to help
develop and retain your employees through our Business Partnership offering.

Learn More

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ProofHub

What is Business Management – Everything You Need to Know

Project Management

Sandeep Kashyap

August 3, 2023

Business Management

Managing a business is no cakewalk for any entrepreneur. Not everyone has a natural talent to
understand the various responsibilities that come under the ambit of business management.

Don’t worry! This guide to What is Business Management will help you understand what it takes to help
an organization grow and prosper.

First, let’s get clear with the basics.

Table of Contents [show]

What is business management?

Business management is the practice of overseeing and coordinating various activities within an
organization to achieve goals efficiently, including planning, organizing, leading, and controlling
resources and processes.

Who is a business manager?

The end goal of every business is to generate profit. The person who has to ensure this happens to be
none other than a business manager.

The business manager is a professional who oversees an organization’s employees and day-to-day
operations. Their primary responsibility is ensuring that all business activities remain streamlined at all
times.

Business Managers ensure this by executing relevant operational strategies, conducting employee
performance reviews, and keeping a tab on everyday activities. They also have to search for
opportunities to grow the business and achieve its objective.

Apart from this, Business managers keep an eye on all ongoing projects to determine any area of
improvement and identify potential roadblocks.

Still, there is a certain set of skills that all business managers need to possess. Let us see what these are.

ProofHub is the best Business Management Tool! Book Your Demo Now!

Skills every business manager should possess

Business Manager Skills

A business manager has to supervise different teams to help them achieve the desired business goal.

Therefore, anyone looking to get into one of the many business management jobs should definitely
possess the skills mentioned below;

#1. Communication skills

A business manager has to communicate with project team managers, stakeholders, and higher
management. Business managers have to form a positive and trustable relationship with the employees,
management, and business owners.
They need to remain connected with the organization’s employees and stakeholders through phone,
email & chat. But, for this to happen, they must possess excellent command over verbal and written
communication.

Stat Fact: 71% of employees feel productive when they are well-connected to their colleagues – The
Connected Culture Report

#2. Financial skills

A business manager has to set a budget for a project and ensure it gets completed within that budget.
They have to ensure the project teams work according to the allocated budget. There are many business
management tools that can help them perform this task with ease.

Being able to manage the project budget ensures the team completes it within the deadline and it is
delivered to the client on time.

#3. Leadership skills

A big responsibility on the shoulders of every business manager is boosting the morale of the workforce
in the organization. Motivated employee will always give their best in comparison to undervalued
employees.

Business managers can do this by interacting with every team socially, providing opportunities for career
advancement, and recognizing high-performance team members.

#4. Interpersonal skills

Business managers have to communicate regularly with different departments in an organization.

Sometimes, they have to be the mediator between two departments that don’t see eye to eye on a
project.

It is essential the departments have trust in the business manager. For this, business managers should
organize team-building activities and social events. This helps them know the employees on a personal
level.
#5. Planning skills

Business managers play a vital role in handling day-to-day tasks for a business. However, at the same
time, they also need to focus on the bigger picture.

They need to ensure that every task completed by a team helps bring the organization closer to its
business goal.

A business manager must have a vision of how the decisions made today would impact the business’s
future in the coming years.

#6. Organizational skills

Business managers have to don many different hats at the same time. For this, they have to effectively
organize and prioritize time to ensure every task is completed on time.

A capable business manager must be able to delegate tasks to different team members with ease. It
requires them to know the individual skills of every team member before assigning tasks.

#7. Problem-solving skills

Business managers have to make decisions that have a huge impact on an organization’s future. This
includes making quick decisions regarding a project or completing a task without spending too much
time on it. They have to think quickly about the pros and cons of a decision.

For this, business managers need to develop a keen eye regarding what is happening in the company.
This helps them detect any problems and take corrective measures before it is late.

These are the essential skills that a business manager should have to excel at what they do. But, there is
one more which can help them cover a long journey with the organization.
Business manager vs business administrator

Business Administrator Business Manager

Definition A business Administrator is responsible for running a business’s day-to-day operations.

The business manager focuses more on overall leadership to help an organization grow.

Skills Analytical, Strategic planner, detail-oriented, Organized A motivator, Creative and innovative
thinker, Ability to see the bigger picture, Able to delegate tasks

Career Options Staff accountant, Business analyst, Marketing specialist, and HR administrator
Operations manager, Financial reporting manager, and management analyst

Still, there are business owners who think that business management is just a single industry. That is not
so.

So, knowing about its various types will help you understand what is business management especially if
you are just starting out as a business manager.

“Assigning and Managing Day-to-Day Tasks is a Breeze With ProofHub! Start you free trial!”

What types of business management are there?

Types of Business Management

Although, there are many types of business management; given below are some of the major ones.

1. Financial management

Financial management strives to create a balance between profit and risk to ensure profit for the
business. It requires business managers to plan, direct, and coordinate with investing, banking,
insurance, and other financial aspects of the business. There are three key elements of financial
management – planning, control, and decision-making.

2. HR management

HR (Human Resource) management deals with a business’s hiring, training, and retention of an
employee. It is not the sole responsibility of the HR department to hire, retain and recruit new
employees. The managers of every department are equally responsible for these as it impacts the future
growth of an organization.

3. Operations management

Operations management requires business managers to ensure that all departments of an organization
are functioning efficiently. For this, they have to deal with numerous departments and formulate the
best business strategies and processes. The operations teams have to ensure proper acquisition,
development, and utilization of resources the business needs.

4. Marketing management

Marketing management takes into consideration the practical application of a business’s marketing
resources. There are four core areas of marketing management – Company, Collaborator, Customer,
and Competitor analysis.

Brand management, Marketing strategy, and pricing are also three core components of effective
marketing management.

5. Strategic management

The success of every business depends on its marketing, financial, and operational strategies. This is
where strategic marketing comes into the picture. Strategic management refers to the application of
strategic thinking to leading an organization.

This type of business management relies on questions like – Where does a business want to reach and
how can it reach there?

To succeed in any type of business management described above, business managers have to be aware
of a few practices.

What are some of the best business management tactics?

Best Business Management Tactics

Given below are 5 of the best business management tactics every business manager should use to help
an organization grow.

1. Engage the workforce

No business has ever reached its goal without active and hardworking team members. Business
managers have to engage with team members from every department.

A motivated and enthusiastic team member is more likely to help the organization achieve its business
goal as opposed to an alienated worker who is more interested in a paycheck.

2. Reward the winners

Some business managers feel that connecting or praising team members on a personal level undermines
their authority, but this is not so.

Nothing can replace the motivation an employee feels after being praised for a job well done. Rewarding
employees who help a business grow has a positive impact on others.

3. Be vulnerable

Many business managers believe that getting to know the employees makes them look weak, which is
absolutely wrong.

Without the ability to be open and share their ideas regarding how a business should go, some business
managers lose the trust of the team. This has a negative impact on the project’s and company’s future,
not to forget it also impacts employee morale.

4. Embrace technology

Business managers need to be quick when it comes to adapting to the latest technology. It sends a
positive message to the customers as well as company employees.
For example, in today’s world, it is vital for every business to not only have a website with smooth
navigation and valuable content. Business managers need to ensure that customers can connect with
them from anywhere and at any time.

In the long run, if a business wants to stay ahead of the competition then managers have to take up the
mantle of adapting to the latest technology in their industry.

5. Have clarity

Many businesses are not able to meet their goals due to a lack of clarity amongst managers who either
don’t understand the organization’s vision or are confused about how to achieve it.

To counter this issue, organizations should help them understand a few key concepts;

Why do we exist?

What do we do?

What is most important at the moment?

Who must do what?

Answering these questions gives business managers a clear idea about the company’s vision, mission,
and its values.

There are different ways through which a business manager can help an organization grow and achieve
its goal.

Let us now take a look at the different management styles.

“ProofHub makes handling multiple projects easy! Sign Up Now!”

Different business management styles

Whether a business manager leads a department, team, or entire organization, it is vital to get familiar
with the different management styles.

Knowing about these is an important part of understanding what is business management at its core.

Different Business Management Styles

That said, given below are 8 business management types a business manager can adapt to.

1. Democratic management style

The democratic management style helps create a bond of trust and mutual understanding between an
organization’s employees and the upper management.

The leaders usually seek input from the employees before making a business decision. Business
managers who follow this management style are open to experimenting with new ideas.

2. Laissez-faire management style

Business managers who adopt the Laissez Faire management style do not believe in micromanaging
employees.

Employees have complete freedom when working on a given task. It is the best management style when
it comes to managing a team of highly experienced professionals.

3. Autocratic management style

Autocratic business managers believe in focusing on results and efficiency. They micromanage the
workforce to ensure that everyone follows the organization’s policy.

This management style comes in handy when there are inexperienced employees who need clear and
strict instructions regarding a task.
4. Collaborative management style

The collaborative management style requires coordination between managers, supervisors, and
employees to attain a common objective.

In this management style, all the employees from different departments work together to ensure the
organization achieves its business objectives.

5. Coach management style

Business managers who possess the qualities of a sports team coach can adapt to the coach
management style. They have to focus on an employee’s development and know what motivates every
team member.

Coach management style helps managers identify the strengths and weaknesses of every team member.
It helps push an employee to perform beyond their limitations and improve their chances of growth.

6. Transformational management style

A transformational management style is an approach that business managers use to help an

organization move in the right direction.

A transformational business manager not only supervises the various changes taking place in an
organization. They also help in managing employee morale which might go low during such times.

7. Bureaucratic management style

The bureaucratic management style requires business managers to assign tasks to employees within a
well-defined hierarchy.

This management style requires a focus on rules and procedures rather than collaboration. It is quite
successful in heavily regulated industries but not so much in creative industries.
8. Transactional management style

Managers following a transactional management style believe in improving employee performance

through bonuses and incentives.

They act as mentors and provide explicit instructions to increase performance and help employees meet
the business’ expectations.

It has become easier for business managers to handle small as well as large teams within an organization
with the help of various Business Management Systems available.

What is a business management system?

Whether you own a small online store or multiple ventures, there is a lot you need to do to handle both.
It is here that having a well-defined business management system can help manage difficult tasks easily.

By definition, a Business Management System refers to a set of tools for planning and implementing the
various policies, guidelines, and procedures of an organization to execute its business plan.

Having a Business Management system lays down a solid foundation for the successful implementation
of strategic and tactical business decisions to meet its objectives.

“In 2020, 54% of enterprises agreed that cloud-based Business Intelligence was vital to their current and
future initiatives”. – Forbes

One of the best and most exceptional business management systems that are utilized by leading
businesses like Taco Bell and NASA is ProofHub. It helps business managers handle project tasks, and
ensure task deadlines are met by every team in the organization.

How ProofHub can help manage businesses

ProofHub is a cloud-based business management system that helps businesses keep everything
organized in one place.

It is one of the best tools for business managers to streamline daily business operations and assign tasks
effortlessly.

That is not all! Given below is how ProofHub can help manage businesses with ease.

1. Task management

ProofHub lets project and business managers create, manage, and track assigned tasks with ease. The
Kanban boards and Gantt charts help plan and lay down every task in a visually appealing manner.

It lets you set task deadlines, get instant notifications regarding a task, and check out the overall project
workflow.

2. Project collaboration

ProofHub keeps every project team member on the same page with its effortless collaboration
capabilities.

It also offers Live Chat and Discussions to let project managers connect with team members round-the-
clock.

Notes in ProofHub lets managers jot down vital information in one place and share it with the team
members.

3. Time management

ProofHub timer tool lets managers keep track of the time spent by a team member on a particular task.
The time logging, monitoring, and reporting feature help increase employee accountability. The
Timesheets in ProofHub help display time logged in by a project team member.

ProofHub comes with many advanced features like Time Tracking to help you keep track of every task in
a project.

4. File management

ProofHub comes with smart file storage, versioning, and sorting capabilities. Its file management system
offers 100 GB of file storage space for all projects.

This business management tool lets managers upload files, and divide them into separate folders.
ProofHub also provides the option of attaching files in team chat and discussions.

5. Progress tracking

The Project Reports feature in ProofHub lets managers know if a project is completed on time or lagging
behind.

It gives them enough time to take the appropriate action before things go out of hand.

ProofHub’s Activity Tracker makes it easier to keep track of any modifications or changes done to a
project file.

“Looking for the Top Business Management Tool? Try ProofHub!”

Conclusion

To be a business manager requires an entrepreneur to develop many skills apart from being a business
owner. With the right business management system by your side, handling day-to-day business
operations are way easier than imagined.
Business Management FAQs

What are the most important components of effective business management?

There are six vital components that contribute to effective business management. These include
strategy, marketing, finance, human resources, technology, and operations.

What skills do I need to learn to become a business manager?

To become a proficient business manager, there are 7 skills you need to learn:

* Sound decision-making

* Self-Awareness

* Building Trust

* Becoming a good communicator

* Regular Check-Ins

* Self-Reflection

* Business Management Training

Are there alternative careers in the field of business management?

Yes! Like every profession, business management is a skill required to succeed not only in the corporate
world but also other industries like:
* Non-Profits

* Public Service

* Entrepreneurship

* Private Consultancy

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Sandeep Kashyap

Sandeep Kashyap is a visionary leader and CEO of ProofHub, a top-rated project management and team
collaboration software trusted by over 90,000 teams globally. With 25+ years of IT industry experience,
Sandeep played an instrumental role in making ProofHub one of the most sought-after project
management software in the market. He advocates for innovation, creativity, work culture, employee
engagement, and agility at the workplace, which reflects his philosophy of “don’t stop, keep growing”.
Sandeep’s passion for these values is evident in his writings on leadership.

Apart from his professional pursuits, Sandeep is an avid trekker and outdoor enthusiast. He loves to
explore the beauty of nature and challenge himself by venturing into new territories. He also enjoys
playing his guitar and sharing his valuable insights to inspire others to reach their full potential.
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