Your Guide to a Business Management Degree

Job security, career advancement, entrepreneurship, and greater financial reward are all words that are tossed into conversations about pursuing a business education. There is no doubt that these are great but before getting to the benefits of pursuing a degree, let’s answer the question, “What is business management?”

Is a business management degree right for you? Where can having one lead you? Let’s take a look! 

What is Business Management?

Business management in simple terms is overseeing an organization and its activities. Scratch below this surface definition and the vast scope of this work becomes clear. 

A skilled business manager, who’s asked “What is business management?” will be excited to speak about how it involves planning, organizing, leading, and using resources to help a business grow and succeed. Good management draws out the best in the people and nurtures their skills.

Some will use the terms business management and business administration interchangeably but there are differences. An administrator’s focus is technical. They are concerned with areas like operation, marketing, and sales. Business administrators are usually quite strong in the hard, nitty-gritty skills needed to run a business. 

Business managers on the other hand lean towards the soft skills of managing and organizing the biggest resource a company has – people. Excellent communicators, innovators, and problem solvers are all trademarks of business managers. 

What are Examples of Business Management? 

We can best define “What is business in management?” by listing some areas that business managers can find themselves working in. Here are four of the more common ones.

1. Financial Management

If you have an aptitude for numbers, analysis, and assessing risk, financial management could be an excellent fit. Budgeting, cash flow projection, invoice processing, inventory management, and debtor oversight are all the responsibilities of financial managers.

2. Human Resource Management

Human resources are the heartbeat of a company. Human resource managers possess the ability to recruit the talent that will help an organization reach its goals while at the same time creating a healthy and positive work environment. In addition to recruiting, HR managers keep on top of training, compensation matters, safety, benefits, and wellness.

3. Sales Management

A business management degree can lead to a career in sales management. Sales managers oversee people who are good at going after leads and fostering relationships with prospects to secure deals. The marketing department works closely with the sales department and both develop the metrics to measure how successful particular campaigns or strategies are. 

4. Operations Management

If you are a big-picture type of thinker, operations management may be the perfect niche. Operations managers are delivery focused and concentrate on ensuring that the structures, practices, and processes of a business maximize efficiency and potential profits.

What is the Main Purpose of Business Management?

A manager is a leader who sets the tone of the work environment and who directs their team through challenges. A good manager knows how to cultivate skills and positively impact the lives of employees. They also understand that meeting goals rest on leadership. Bottom line is that good business management results in daily operations running smoothly. 

The Differences Between an MBA vs. Business Management

Sometimes when asked “What is business management?” people will think of the MBA program but the two are not the same. The MBA, or Masters of Business Administration, is an advanced degree that is generally pursued by those who have at least 3 to 5 years of professional experience in business management.

The MBA program also prepares students to advance their focus to the more technical aspects of the business. Think of MBA degree holders as school principals whose job it is to oversee all the people – teachers, students, and other staff – in their buildings. The Business Management graduate, on the other hand, is like the classroom teacher whose focus is more narrow. Their responsibility is compartmentalized.

 What are the Benefits of a Business Management Degree?

Pursuing a business management degree demands an investment of time and money so it’s good to be able to define why that investment is valuable. Here are just a few of the benefits:

• Employability

Employers today are seeking candidates with degrees, and having one guarantee you will earn more money over your working lifetime than your non-degree-holding colleagues. A business management degree tells potential employers that you learned the skills necessary to be an effective manager. 

• Knowledge of business

By holding this degree, you let employers know that you are credible and can easily explain “What is management in business?” In your studies, you receive a well-rounded business education and become adept in managing all areas. 

• Become an entrepreneur

If you possess an entrepreneurial spirit, a business management degree can help you to start a successful business and avoid some of the pitfalls less educated new business owners deal with. Knowledge is power and this degree aids in laying a solid foundation on which to build a business. 

• Networking

There is no better place to network with like-minded business people than in a business program! You’ll not only work with your fellow students, but you’ll have opportunities to learn from experienced instructors, apply for internships, find a mentor, and meet recruiters. 

• Wide-ranging job opportunities 

In the business management program, you’ll be required to complete certain core courses and after that, you’ll have the chance to specialize in one or two areas. Your employer can be confident that you have a strong overall business foundation and the training to be plugged into strategic areas where strong leaders are required. 

While it’s true that pursuing certificates in business topics is a terrific way to improve your skills and increase your knowledge, they can’t compare with pursuing higher education. The business management degree improves earnings, opens doors to career advancement, and increases business knowledge. Why wouldn’t you want all these things for yourself?

A Look at Business Management Jobs

Now that we’ve discussed the what and why of business management, let’s consider some of the jobs that you can find yourself in with this degree. 

• Bookkeeping and Accountancy 

If numbers are your strength, working in bookkeeping or accounting will be the perfect fit! You will be tasked with keeping track of a company’s financial records and recording and summarizing data for other department managers. The company will also look to you to problem solve in the event of any discrepancies or irregularities. 

• Administrative Assistant

Administrative assistants are vital to the smooth operation of a business. They help to keep people on track and productive by fielding and directing phone calls, scheduling meetings, managing mail, and preparing invoices. Administrative assistants are very detail-oriented people.

• Sales Associate

Sales associates enjoy being face-to-face with people. They like to chase leads and close deals on the products and services that they know inside and out. Many sales associates work on a base salary and increase their earnings through commissions. If you are good at connecting with people, sales could be your dream career.

• Marketing Manager

Marketing managers collect data and use it to determine the demand for a product or service. They have a handle on the demographics and spending habits of a consumer base and create campaigns that appeal to that base. A marketing manager can think critically and pivot quickly. 

• Financial Analyst 

Financial analysts create charts and graphics that help them to assess the current and future financial conditions of the company. They have their finger on the pulse of industry trends and help to advise business decisions. Their input about price points for products and services is valuable because it’s based on their careful research. 

Final Thoughts 

The answer to “What is business management?” is quite exciting when you scratch below the surface! It’s the opportunity to be a part of a business that is growing as a result of caring about people, helping them to cultivate their skills, and then leading them well. 

A career in business management is certainly never dull and has the type of job security and opportunities for career advancement that can be difficult to find in other workplaces. It’s worth starting this journey by studying for your business management degree!