Business management is an interesting and varied field that includes a wide range of roles, responsibilities, and career opportunities. What is business management? Business management focuses on the organizing, planning, and analyzing of business activities that are required to efficiently run a business – whether for yourself or for someone else. Business Managers are responsible for overseeing operations, helping employees reach their top productivity levels, and ensuring a business reaches its financial objectives.
A successful Business Manager understands each area of business management and how to utilize them in order to optimize success. Let’s take a closer look at these business management basics:
1. Human Resources
Human resource management refers to managing the employee life cycle; from recruiting to hiring to training and, at times, firing employees.
Managers must possess the skills necessary to appropriately influence employees, so they develop into successful additions to the company. With a staggering 79% of employees claiming that they would quit after receiving inadequate appreciation from their managers, this is one of the trickiest areas of business management as everyone is unique and has different needs.
2. Accounting & Finance
Knowing how to manage the day-to-day accounting and finances of a business is critical as it informs many important decisions, such as how much you can spend on marketing, or whether you have the ability to secure a loan from a bank.
As a Business Manager, by understanding profit margins, cash flow, and managing debts and expenses, you are equipping yourself with the knowledge to ensure that your business stays profitable and continues to grow.
3. Marketing
A successful Business Manager will use marketing fundamentals to gain insight into who the customers are, and which marketing channels need to be utilized in order to build a strong and recognizable brand and reach their target audience. Without proper marketing, most businesses will struggle to survive.
4. Strategy
A business strategy is a clear set of plans, actions, and goals that outlines how a business will compete in a particular market and with a particular product. A good business strategy should give a Business Manager a clear vision of the target audience and help the business identify opportunities and stay ahead of the competition and changing consumer demand.
5. Operations
Business operations refers to everything that happens within a company to keep it running smoothly and earning money. Although the operations of a business look different depending on the industry, it is necessary for a Business Manager to understand what business operations are and how vitally important they are to the overall planning, productivity, and profits of a company.
6. Data Analytics
In 2022, businesses have more data than ever before. This data can and should be used by a Business Manager to inform the business model in order to optimize performance, influence decision making, and, ideally, increase the business’s ROI (return on investment).
Is a Diploma in Business Management Right for You?
Perhaps you are an aspiring entrepreneur or a natural-born leader. Or maybe you dream of working in the high-powered world of business but are unsure as to how to enter the field. A Business Management Diploma prepares you for a career in the world of business, which stretches across every sector and industry all over the world.
You may be wondering, “is business management in demand in Canada?”. The short answer is, yes! And earning your Business Management Diploma is a great way to gain highly transferable skills and strong business knowledge that will make you a valuable asset to any organization. Employers looking to hire new business graduates can be found in private, public, and voluntary sectors including education, technology, fashion, health, and construction.
Now that you’ve read about the basics of Business Management, you may have found that there are one or more specific aspects of it that appeal to you, such as Digital Marketing or Accounting and Finance. For more information on these professions check out:
Start Your Career Path to Business Management with Sundance College
At Sundance College, we provide an accelerated Commerce: General Business Management Diploma program that provides students with the fundamental knowledge of organizational behaviour and human resources, supervision, financial planning, account management, and more.
Once the comprehensive classroom portion is completed, students go on to complete a workplace practicum which further prepares them for a smooth transition into a variety of jobs in Business Management. Graduating students also receive a full range of professional Career Services covering resume and marketing materials preparation, interview skills, and job search techniques.
Visit our website to find out more about the admission requirements for our Business Management course or fill out the Request Info form. One of our Admissions Advisors will be in contact to answer your questions and get you started on your journey to becoming a Business Manager!