No matter your career goals or aspirations, business management is one of the most desirable professions. A bachelor’s degree in business management allows you to explore rewarding and diverse job opportunities across industries.
Business management encompasses organizing, planning, staffing and directing an organization towards meeting its desired goal or objective. It is an intricate yet challenging field requiring both technical expertise and soft skills such as consistency, communication empathy and the formation and nurturing of relationships to successfully complete this crucial and complex process.
Human Resources
Human resources (HR) play an integral part of any business, as they help recruit, hire, train and retain employees to meet organizational goals.
HR professionals are responsible for all aspects of hiring processes, from compensation and benefits to employee training and regulatory compliance.
Personnel functions were once solely administrative in nature; today they play an increasingly crucial role. Executive leadership teams collaborate with human resources experts to set complementary goals for both their business and its people.
This combination of strategies impacts how budgets are allocated and workforce plans need to be created, as well as how HR information systems support recruitment, selection and performance management processes.
Marketing
Marketing is an integral component of business management. It involves drawing in new customers, promoting products or services offered by an organization, and cultivating its image of quality service delivery.
An effective customer retention strategy is an absolute must for any business and should aim to build long-term customer relationships and promote brand loyalty.
Marketing strategies should encompass everything from social media posts and email blasts, to search engine optimization (SEO), which increases content visibility on searches using specific keywords.
Marketing can also help increase customer retention by spreading the word about your product or service, which is especially valuable for small businesses that cannot invest in expensive advertising campaigns.
Finance
Business financing refers to the practice of raising and conserving funds for an organization, which is essential for its successful operation.
Finance managers are accountable for overseeing a company’s financial planning, analysis, and control. Common duties for finance managers include creating cash budgets and assessing borrowing options.
Financial advisors also monitor a company’s profitability by making sure expenses align with its profit plan and expenses remain within budget. When deviations arise, they must recalculate or correct the plan accordingly.
Financial managers must have the skill to strike a balance between risk and profitability in order to make sound decisions for their companies. They need to know when taking on debt is beneficial or when increasing capital is the better path forward.
Businesses have various sources of financing available to them, including investors’ own funds, venture capital funding and loans from financial institutions. Each can help the business expand.
Operations
Operations refers to the processes undertaken by organizations for creating and providing goods or services, including production, sales, marketing, accounting & finance and customer service.
An operations manager’s primary job responsibility is overseeing all aspects of these operations to ensure they run efficiently, productively, and effectively in order to help their businesses meet their goals and objectives while offering superior customer experiences.
Operational management places great emphasis on lowering operating costs while upholding high quality products and services levels, to achieve the greatest net operating profit and fuel its growth.
An operations manager’s responsibilities depend on their industry and company of employment; for instance, one working in pharmaceutical firms typically manages product manufacturing for delivery to pharmacies and hospitals.