Regarding what business managers do day-to-day, there are 4 classic functions in brief:
• Planning - After determining what the goals of your business are (profit, service to humanity, build better bicycles, etc.), you need to put together a plan with resources of how to accomplish this on time and within budget.
• Organizing - Using personnel and other resources, you have to establish the relationships among the parts of your plan: who does what, when and how do they interact.
• Leading - As a manager, you’ll have to inspire folks to accomplish your business goals in a successful manner. This takes many skills, like persuasion and setting an example of integrity and dedication.
• Controlling You’ll need to have periodic reporting and meetings to measure and ensure the tasks are going well. And you’ll need to be able to quickly fix the constant problems that will occur.
You can find many good books and articles with details about these big four functions.
Something I wish someone would have told me sooner is to find a mentor. Pick someone who is successful and ask them if they’d offer you ongoing advice. And remember, many different management styles can be effective. Find one that works well for you.
Being a manager will certainly affect your personal life. The main key is BALANCE. Always put family and friends in your personal schedule. Sure, things will sometimes get busy, but explain that to the ones you care about and set some time soon to have fun together. I personally started meditating.
Here’s a management tip that has worked for me in business and home. Do new things on a trial or temporary basis, if possible. Most people are not comfortable with change, so see if you can ease into it. For example, if you must implement a new way of doing something, ask everyone for their feedback after a short period. Maybe the new change can be tweaked a bit to make it more acceptable.
Start Early: Business managers often start their day early, arriving at the office or logging in remotely.
Review Emails: They begin by checking and responding to emails, prioritizing tasks for the day.
Team Meetings: Attend or lead team meetings to discuss project updates, goals, and strategies.
Data Analysis: Analyze sales reports, financial data, and performance metrics to identify trends and areas for improvement.
5. Strategy Planning: Collaborate with department heads to develop and refine business strategies and objectives.
Client Interactions: Depending on the role, business managers may have client meetings to address concerns or present proposals.
Budget Management: Review and adjust budgets, allocate resources, and ensure cost-effectiveness.
8. Networking: Use lunchtime for networking, connecting with industry peers, or attending business events.
9. Project Oversight: Continue overseeing ongoing projects, ensuring they are on track and meeting deadlines.
Problem Solving: Address any issues or obstacles that arise during the day, providing guidance and solutions to the team.
Employee Development: Conduct performance reviews, mentorship sessions, or training programs for staff.
Strategic Planning: Dedicate time to long-term planning, such as expanding the business, launching new products, or entering new markets.
13. Email and Communication: Wrap up the day by responding to final emails and ensuring open communication with international clients or remote team members.
Reflection: Reflect on the day's accomplishments and challenges, and prepare a to-do list for the next day.
Pros of Being a Business Manager:
High Earning Potential: Business managers often enjoy competitive salaries and bonuses.
Leadership Opportunities: You can lead and influence a team, making critical decisions that shape the company's direction.
Diverse Skill Set: It offers exposure to various aspects of business, including finance, marketing, operations, and strategy.
Job Security: Businesses always need effective managers to drive success.
Networking: Opportunities to connect with industry leaders and expand your professional network.
Cons of Being a Business Manager:
High Responsibility: Business managers bear the weight of making important decisions that can impact the company's success or failure.
Long Hours: The job often requires working long hours, especially during critical projects or deadlines.
Stressful: The pressure to meet targets and handle crises can be stressful.
Challenging Decisions: You may have to make tough decisions, including layoffs or budget cuts.
Continuous Learning: The business landscape evolves rapidly, requiring continuous learning and adaptation.
Education and Work Experience Requirements:
Education: A bachelor's degree in business administration, management, finance, or a related field is typically required. Many business managers pursue master's degrees (MBA) for advanced knowledge.
Work Experience: Entry-level positions may require a few years of experience in roles like sales, marketing, or finance. To become a business manager, you typically need 5-10 years of progressive experience in various aspects of business.
Skills: Develop skills in leadership, problem-solving, communication, financial analysis, and strategic planning.
Certifications: Some business managers pursue certifications like Certified Business Manager (CBM) or Project Management Professional (PMP) to enhance their credentials.
In conclusion, being a business manager can be a rewarding career, but it comes with its share of challenges. It demands a strong educational foundation, significant work experience, and the ability to adapt to a dynamic business environment. It offers leadership opportunities, financial rewards, and the chance to shape a company's future, but it also requires dedication, resilience, and continuous learning to succeed in this role.
As part of a business manager's morning routine, it's time to dive into the administrative tasks. A typical day for a business manager often involves these organizational activities: Examining and assessing sales data statistics, and giving the green light to business expense reports.
Indeed, the role of a "business manager" can vary significantly based on the industry and specific workplace. For instance, in the realm of Information Technology, a business manager might oversee a multitude of accounts, ensuring customer satisfaction and equipping their team with the necessary resources to excel in their tasks.
Alternatively, a business manager could focus on product management, striving to ensure that their products are delivered efficiently, function properly, and meet customer expectations. In this role, they could also be responsible for the financial aspects of product pricing, profitability, and future pricing strategies to accommodate customer budgets while ensuring profitable margins for the company.
In essence, the daily responsibilities of a business manager are diverse and multifaceted. Pursuing a business degree can often be beneficial in preparing for such a role, as it provides a robust foundation to handle requests and navigate workplace challenges.
Best of luck on your journey!