🔥🔥 Unlock your potential with a MasterStart SPONSORSHIP on selected courses this #MandelaMonth &
NOMINATE a future leader to stand a chance to WIN a course of their choice 🎓🎓 Find Out More: Nominate | View Course

Introduction to Business Management: What You Need to Know

Business management involves the supervision, organisation and coordination of business resources and operations to achieve specific objectives. A business manager has a wide range of responsibilities and daily duties that need to be performed to ensure the overall health of the business and its projects, cash flow and team members. In this, we explore the introduction to business management in full.

What is the introduction to business management?

The introduction to business management requires looking at the functions which are commonly regarded as the planning, organising, directing, leading and controlling. In simple words, it is the job of a business manager to ensure that employees and resources are effectively coordinated so that the necessary work may be completed and business objectives can be accomplished. Here we outline a brief introduction to business management, including skills needed and the daily responsibilities of a business manager.

Skills: The introduction to business management

In order to effectively manage an organisation and its resources, business managers need to possess both hard and soft skills in a number of different areas:

Finance 

At the end of the day, a business exists to make a profit through the sale of goods or services; which makes it essential that a business manager is equipped with the financial knowledge, skills and experience needed to make the right decisions for the organisation’s success. Business managers should have a solid understanding of and be skilled in budgeting, accounting, taxes, financial analysis and investment strategies. The combination of these skills allows you, as a manager, to effectively coordinate labour, resources and projects to ensure minimum losses and maximum profit.

Planning 

A large aspect of management is the ability to effectively allocate resources in order to capitalise on opportunities and mitigate risks; this cannot be done without careful and comprehensive planning. A business manager needs to be able to strategise and formulate plans and projects that will drive organisational growth, while also navigating potential risk factors.

This is especially important in times of political, economic and global instability, as managers need to analyse the allocation of funds and decide on the best areas to reduce spending in order to protect the business and its employees.

Leadership 

While the ultimate goal of a business is to make profit, an organisation cannot achieve its objectives without an empowered, passionate and well-functioning workforce. Mangers, therefore, need to have strong leadership skills in order to guide their team and effectively tackle risks and problems.

To be a good leader, a manager needs to have a working knowledge of business operations. More importantly, they need to be able to motivate their team, address interpersonal issues, work with the strengths and weaknesses of their employees, and know when to delegate tasks. All employees should be treated fairly and provided with the necessary support to ensure that they are equipped to successfully complete tasks and projects.

Get schooled in Strategic Leadership

Communication 

Business management relies on the realisation of ideas and plans seeking to further business objectives; for this, effective communication is absolutely essential. You need to ensure that you are able to clearly articulate the goals that need to be achieved, and properly explain what needs to be done by each department or team member. This reduces the chance of confusion and ensures that the company functions like a well-oiled machine.

Brush up on Business Writing

Risk Management

While many organisations have a dedicated risk manager, it is important that business managers are familiar with the principles and practices of risk management so that they can incorporate risk analysis and mitigation techniques into all operations and planning.

Business Development 

In order to stay ahead of the competition, a business needs to protect its value while simultaneously seeking out and pursuing opportunities for growth and expansion. A business manager needs to be able to identify gaps in the market and formulate strategies for investment, product development and restructuring.

The practical introduction to business management: A day in the life of…

A business manager has a jam-packed day that involves a wide variety of tasks including:

Meetings 

One of the most important daily responsibilities of a manager is to communicate with shareholders, employees and other executive personnel. Managers need to check in with their team frequently to ensure that projects are on track, budgets are being adhered to, stakeholders are satisfied with business progress, and to tackle any problems that require managerial intervention.

Project planning 

Business managers need to be involved in the development of projects that will aid in company growth; this comprises identifying expansion opportunities, reviewing available organisational resources, negotiating with various business stakeholders, and assessing the health of ongoing projects.

Human Resource management 

It is important that managers are active in the human and cultural factors of the business. This requires addressing interpersonal conflicts, restructuring teams and hierarchies, and playing a role in the recruitment of new talent. Furthermore, business managers should work to create an inclusive, supportive company culture in which employees are equipped with the resources and tools they need to perform their daily work, address problems and implement solutions.

So, what is business management in a nutshell?

Well, since business managers are the driving force of an organisation’s success, business management carries a vast amount of responsibility and those in the role are required to keep their finger on the pulse of all business operations. Business management may be hard work, but it is an incredibly rewarding and lucrative field that allows you to pursue opportunities in a wide range of industries and locations.

If you are interested in becoming a business manager, consider enrolling in training programmes and courses that will equip you with the necessary knowledge and skills, while allowing you to gain hands-on professional experience.

Enrol to better your business practices today

Related Stories

Asking your company to pay for your course

15th June 2021

Whether you are thinking about doing a course, browsing or finding your dream one, we know that oftentimes,…

Read More

Tackling South Africa’s Youth Unemployment Crisis With Online Learning

14th June 2021

The recent Quarterly Labour Force Survey made for sobering reading for those concerned with youth unemployment in South…

Read More

5 Ways companies can improve their inclusivity & diversity

8th March 2021

Recent news headlines, and frequent public faux pas, show that corporate South Africa has a long way to…

Read More

The era of feminine leadership has arrived

8th March 2021

COVID-19 has placed demands on people and organisations in almost all aspects of their daily lives. From going…

Read More

What are you doing for yourself?

24th February 2021

If you want something done, ask a busy woman. There’s reason to believe that reliability and busyness go…

Read More

Women in Leadership

27th January 2021

Have you ever been standing in line patiently waiting for the till, and your senses are suddenly bombarded…

Read More

Triple Crown accreditation and what it means

26th January 2021

“Triple Crown accreditation” is a term found in business school and reputable academic institutions of professional and career…

Read More

Project Management Skills: The Most Important

12th January 2021

Project management is the process of facilitating teams and coordinating resources to achieve a particular business objective; it…

Read More

The 7 Important Steps of Strategic Management Process

15th December 2020

The Strategic Management process is an approach to business which dictates everything from planning to execution and ensures…

Read More

What You Need to Know About the Project Management Process

15th December 2020

Project management as a process is not simply overseeing assignments or projects in place. Instead, the project management…

Read More

Have You Taken the 3 Tests for Success?

10th December 2020

We all know that knowledge is power, and one of the first steps to success is knowing yourself….

Read More

GIVE THE GIFT OF EDUCATION

9th December 2020

Finding the perfect festive gift for your loved ones is always a challenge. Luckily, we’ve got you covered…

Read More

Must-read Business Books for a Post-Covid World

9th December 2020

What will the business landscape look like in a post-COVID 2021? What changes will you need to continue…

Read More

WIN up to 100% OFF your USB-ED course!

25th November 2020

TERMS & CONDITIONS When does the promotion start and end? The promotion starts on 26/11/2020 and ends 30/11/2020…

Read More

Digital transformation – do we really need it?

30th March 2021

Digital transformation is crucial in the ability to stay relevant in any industry. As technology moves the world…

Read More

View More