What is Business Management?

It's no surprise that entering 'what is business management' into a search engine can leave you with pages upon pages of results. That’s because management is a necessary part of every business. Regardless of the industry you work in, there may be a wide array of opportunities you can pursue with the right skillset and credentials. In addition, the U.S. Bureau of Labor Statistics forecasts job growth increasing by 6% from 2019 to 2029.¹

To learn more about this growing field, let's get started by understanding the business management definition.

Business management encompasses many fundamental tasks involved in the administration and operation of an organization. As virtually every company and industry requires some degree of business management, it’s no surprise that the opportunities in this field can be broad and varied.

However, the goal of business management is generally the same: to ensure that an organization operates in a way that is efficient, profitable and sustainable.

In most cases, business management involves:

• Strong leadership capabilities
• Ensuring projects and tasks are completed effectively and efficiently
• Effective communication with leaders and colleagues
• High attention to detail
• Solving problems to help the business run more smoothly
• Planning, budgeting and analyzing results
• Managing teams or departments

Depending on the industry, type of business and size of the company, the skills and functions needed for business management jobs can vary. However, most business management professionals carry out some adaptation in these core areas: planning, organizing, leading and controlling.

As a business management professional, you will be responsible for understanding the organization's key objectives and developing a plan to accomplish them. This can include identifying key tasks, delegating to employees, allocating resources and setting budgets and timelines.

While much of this planning could be independent, regular communication with employees is necessary to help you understand progress and challenges. Although your plan may have made sense at the start of the project, it is important to be prepared to adapt to any unforeseen challenges that come up. By keeping a close eye on all aspects of your plan and staying in tune with the ongoing progress you can do your part to assure your business' success in achieving its goals.

When it comes to business management, organization comes in many shapes and sizes. This can involve organizing employee schedules to ensure adequate staffing levels and proper skill coverage across all areas of the business or establishing processes and structures to better help employees do their jobs. Understanding what organizational measures will have the biggest impact on achieving the business's short and long-term goals will be key in determining where to make changes. A strong business management professional will prioritize the organizational methods that will have the biggest impact on their employees to ensure high engagement and effectiveness.

While some are born with natural leadership skills, everyone has the ability to learn to be a great leader. As a business management professional, strong leadership skills can play a big part in shaping your career.

Leadership doesn't just mean being able to communicate to your team the tasks and goals that need to be accomplished. It can also mean knowing when teammates need extra help or could be better suited in another role. If you pay attention to your team and develop strong professional relationships, you'll be better equipped to position them for success. In fact, a recent study showed that employees who have a good relationship with their supervisor and understand job expectations are typically more engaged at work.

Controlling means leading in a way that ensures high quality work and effectively assessing the results of projects. This involves setting standards for work that employees can clearly understand and checking in regularly to see how they're performing. A talented business management professional identifies where employees are excelling and positions them for success in alignment with their abilities.

Controlling operations starts at the beginning of a project or goal, throughout its duration and into the retrospective. Setting standards for quality from start to finish helps you and your team learn throughout the project and understand what to do differently next time.

If the world of business interests you, earning a business management degree can be a great place to start. As a business management major, you’ll gain exposure to many of the core fundamentals of business such as:

• Management
• Finance
• Human Resources
• Marketing
• Operations
• Leadership
• Communication

These skills translate across many industries and can give you a well-rounded platform to prepare to launch your career in business management.

Here are a few of the many roles that business management students may pursue upon completing a business management degree:

• Accountant
• Business Analyst
• Securities and Commodities
• Financial Planner
• Manager
• Marketer
• Data Analyst

Of course, the opportunities that are available to you can vary based on your education, skills and the area in which you live. If you’re curious about what positions you may qualify for, try conducting a preliminary job search on LinkedIn.