Did you know that 63% of employees who work at a company with poor business management are thinking about leaving their position within the next 12 months?
Given their importance, it is not surprising that business management professionals occupy the top positions in the most in-demand job profiles year after year. What’s more, over the course of this decade, the global economy will need 25 million project management experts, according to the Project Management Institute’s Talent Gap report.
Do you want to know more about business management, what its functions are, and why this role is so important within the company? Below, you will be able to discover what this activity consists of and what you need to develop it in the workplace.
- You may also be interested in reading: Online MBA vs Executive MBA: Choose the Better
What is business management?
Business management or management is defined as the process that directs and guides the operations of an organization to make established objectives a reality. That is, this area of action is responsible for organizing all existing resources to design and implement actions that allow the company’s goals to be achieved.
Therefore, it is the heart of any business, and therein lies its importance; Every company, regardless of its size or sector of activity, needs to apply business management to be competitive and achieve success. In this sense, business management would be like the captain of a ship, the conductor of an orchestra, or the coach of a soccer team. Without them, the ship would float, but would not reach port; the instruments would sound, but out of rhythm and without melody; The ball would roll down the field, but it would be difficult for it to enter the goal.
Contact with IBAS: +201000498154
What is management for?
If business management is responsible for laying the foundations of organizations, what is a manager in charge of? We present its four main functions:
- Planning: If you are in charge of the business management of a company, you must be able to establish the company’s objectives and goals and define the precise strategies to achieve them.
- Organization: to achieve this purpose, you have a certain set of resources, both human and material. Therefore, another of the main functions of management consists of the distribution and assignment of said resources to objectives, the organization and structuring of human capital, the establishment of coordination guidelines between different employees and teams, and the specification of the criteria that will govern decision-making.
- Management: another of the basic roles that you must undertake as a manager is the guidance and supervision of the company’s staff to guarantee that the entire workforce executes its functions competently. To do this, you have to develop your leadership skills and serve as an inspirational guide so that you encourage the motivation and involvement of all employees.
- Control: throughout the process, you are also the person responsible for ensuring that the plans are developing as planned. To do this, you must monitor the activities, analyze the results, and correct possible deviations from the objectives as soon as possible.
- You may also be interested in reading: Online MBA vs Executive MBA: Choose the Better
Why is business management so important?
As you can see, the proper functioning of a company or an entrepreneurial project will depend on correct business management. For example, a company can have millions of dollars in capital, but go bankrupt because it has been squandered, or it may have the best job profiles, but be surpassed by the competition because management has not known how to take advantage of its talent. Likewise, a startup may have an innovative idea but fail because it does not know how to identify the most appropriate lines of action.
Without going any further, the most frequent causes of company failure are linked to poor business management: lack of planning, budget errors, ineffective financial management, lack of human resources strategy, or absence of investment in R&D&I.
In this way, business management allows, on the one hand, to design goals and establish strategies that promote the adequate development and growth of the company in its different areas in a transversal way, at the same time that resources are allocated efficiently., with the minimum waste and the lowest possible cost, so that the objectives are met with excellence. And it does all this in a changing environment, adapting plans to the new needs of the organization.
Contact with IBAS: +201000498154
Where is management headed?
Business management must adapt to new times. And, like any other area of activity, management must also take into account the context in which it acts and thus integrate market trends.
In this sense, the digitalization and automation of processes has become the greatest challenge for all organizations. In fact, according to surveys by the Project Management Institute, 81% of professionals say that technological transformation is affecting all levels of companies directly. Hence, as a manager, you must be able to integrate artificial intelligence within the company to make processes more efficient and stand out from competitors.
Likewise, business management in the 21st century needs to know how to analyze the enormous amounts of data to which they have access and do so in real-time to be able to reorient strategies in the shortest time possible. Without a doubt, this is something very important, taking into account the current context of change, where flexibility and the ability to adapt must be part of the DNA of any organization.
This means that the old linear models have been left behind and must become agile and iterative methodologies, where the review is constant so that errors can be corrected or projects adjusted on the fly, without giving time for errors or changes in market direction are noticed too late.
On the other hand, the human factor is another of the axes on which the business management of the future must revolve. At a time when there is talk of the ‘Great Resignation’, a phenomenon that is generating the voluntary resignations of millions of workers from their jobs, the attraction, and retention of talent becomes one of the challenges of management. It is human resources management that must be characterized by emotional intelligence to be able to connect and empathize with employees and thus ensure that they exploit their full potential within the company.
What is an MBA
MBA (Master in Business Administration or Master in Business Administration), is the most prominent postgraduate degree in relation to business and administration.
In general terms, a master’s degree or MBA program provides in-depth knowledge of business administration, offering a holistic vision of business in areas such as marketing, finance, and strategic management, while allowing the development of soft, interpersonal, and leadership skills in a digital.
- You may also be interested in reading: Online MBA vs Executive MBA: Choose the Better
What is the importance of MBA?
If, in addition to knowing what it is, you also want to know what an MBA is for, you should continue reading this post.
It is worth noting that the benefits it provides for specialization in business areas are diverse. For example, in the areas of sales, finance, marketing, human resources, and logistics.
This multidisciplinary combine very well with the fact that an MBA prepares professionals to hold executive positions effectively and contribute strategic decisions to a company.
However, there are other benefits that MBAs provide and among them we can mention:
- Better employment and business opportunities
Having an MBA master’s degree on the resume for any professional is clearly an added value to their profile. This allows the graduate of said program to obtain better job opportunities.
This qualification is especially useful if you intend to obtain senior management positions in large business corporations. Perhaps the limiting factor is years of experience.
- A broader view of the corporate world
An MBA also helps broaden the horizons and vision of professionals. Thanks to its practical approach, it prepares each participant to face the challenges of the business world and successfully excel in each of them.
- Network of contacts
Being aimed at business management professionals, the MBA allows you to create a network of contacts that can enrich the projects developed by the participants.
Business opportunities or strategic alliances can be generated that facilitate access to multiple possibilities for professional growth.
As you can see, understanding what an MBA is and what it is for is key to entering this type of specialization. The competitive advantage it provides in the labor market, as well as the opportunity for professional growth, are two of the greatest attributes that this program can provide.
If you are interested in learning more about this topic, we invite you to Contact VERN and IBAS which specialize in business administration studies where you can be part of our master’s and DBA.
Contact with IBAS: +201000498154
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