“You only have to do a few things right in your life so long as you don’t do too many things wrong.” – Warren Buffett
Picking a career is like choosing your adventure route – some paths may lead you to scenic viewpoints and others to endless detours. Similarly, Business Management is not the sun-drenched beach path. It is a journey with many interesting places to explore. It is about overseeing and coordinating all aspects of a business to achieve its goals. You will ensure all the instruments (departments and resources) play together harmoniously to create beautiful music (organisational success).
One of the articles published in Forbes says that individuals having a business management degree are more in demand. The U.S. Bureau of Labor Statistics has also published similar reports stating that jobs in the business management sector will be increasing faster than usual between 2022 to 2032.
This is just the start of 2024! You can leverage these opportunities.
First things First: What is Business Management?
Business management is like overseeing the company’s money, materials, and its staff. A CEO of the company might not be aware of the names of his sales team but a Business Manager knows everyone in his department. They should know where their team needs help and what they are good at. Managing a business means looking after profits and also caring about the people who work there.
Scope of Jobs in Business Management
As per the U.S. Bureau of Labor Statistics, careers in the management domain will reach new heights as it is projected to grow faster than the average for all occupations between 2022 to 2032. As per the prediction, there will be around 1.1 million job opportunities every year in these fields. This indicates the future career scope with plenty of opportunities in the Business Management field.
Essential Skills Every Business Manager Needs to Thrive
|You must possess the ability to inspire, guide, and lead teams effectively. Effective leadership involves setting clear goals & providing guidance.
|You need strong verbal and written communication skills for effective interaction. Effective communication is crucial for conveying ideas, instructions, and feedback in a clear and accurate manner.
|You must have the capacity to identify, analyse, and solve complex problems. It involves critical thinking, creativity, and the ability to adapt to different situations.
|You will need to make informed and timely decisions. It involves a mix of analytical thinking and intuition. You also need to be confident to make fast decisions.
|You should have a clear understanding of budgets, financial analysis, and forecasting. Thus, you must be well-acquainted with accounting principles, financial markets, and strategic financial planning.
|You should have the capability to develop and execute long-term business plans. You should be able to keep up with market trends & identify opportunities. It requires a broad perspective, creativity, and adaptation to changes in the business environment.
|You should be aware of the efficient allocation of time to meet deadlines and goals. It requires organisation, planning, and the ability to balance competing demands to achieve optimal productivity.
|You must have the ability to work in collaboration with diverse teams. To effectively work in a collaborative environment, you need communication, cooperation, and mutual respect among team members. It requires active participation and the ability to achieve common goals.
Job Roles with Salaries After Business Management
|Advertising and Promotions Manager
|INR 9.2 LPA
|INR 16.8 LPA
|INR 6.8 LPA
|Operations Research Analyst
|INR 6 LPA
|Administrative Services Manager
|INR 7.8 LPA
1. Advertising and Promotions Manager
An Advertising and Promotions Manager wears two hats: Strategist and Storyteller. You will take care of marketing campaigns and researching target audiences. You will craft compelling messages and select the right social media channels (think print, digital, social media).
You will have to keep a close eye on budgets and analyse data to measure campaign effectiveness.
2. Financial Manager
A Financial Manager takes care of budgets and analyses financial reports to gain valuable insights which can be used to advise leadership on strategic decisions. You will be taking care of financial health by managing cash flow, minimising costs and raising capital.
In essence, you will be the architect of financial stability and profitability, driving the organisation’s success through informed financial stewardship.
3. Sales Manager
As a Sales Manager, you will be the quarterback of your sales team. You will drive them towards achieving revenue goals and building strong customer relationships. Your responsibilities can be summarised into four key areas:
- Leading the Team
- Managing the Sales Process
- Building Customer Relationships
- Analysing and Reporting
4. Operations Research Analyst
An Operations Research Analyst uses mathematical prowess to tackle complex operational challenges.
Your responsibilities will include identifying issues in logistics and supply chains. You will also build simulation models to analyse scenarios and recommendations for improved efficiency. You will share your findings with the leaders through reports and presentations.
5. Administrative Services Manager
As an Administrative Services Manager, you will set up the process so that the organisation runs smoothly. You will oversee the hiring and training to performance reviews. You will be in charge of regulations and compliance, which will make sure everything ticks the right boxes.
Business management is all about using your skills and passion to make business operations smooth. You will be a problem solver, a leader, and a team player.
Pursuing a career in Business Management is like building something, watching it grow, and getting satisfaction from your work.
If you are prepared to pursue your career in this field then roll up your sleeves and get your hands dirty, the world of business management is waiting for you.
Jagpreet is a Digital Marketing Expert and EdTech enthusiast. Having a total experience of over 11 years, he has been working in the Education industry for the past 6 years. Over the years, Jagpreet has mastered multiple trades such as Web Development, SEO, IT, Content Writing, Graphic Designing, etc. He is an extremely tech-savvy individual who loves gaming.