What is Business Management? Understanding Skills That Can Make You Rich!

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Most of us were trained by our parents on how to be good employees. We were advised to pursue college education, so that we can create impressive résumés. We were told to obey our superiors at work, so that we can rely on their good graces for a raise or promotion.
But very rarely do parents equip their kids in the art of business management — which is such a shame! Everyone has the potential to be a business owner — in charge of one’s destiny, and able to pursue dreams as big as one’s imagination. Nobody is born an entrepreneur; it’s something that you can learn, perfect through practice and eventually excel at.
Are you a female business owner with dreams of making it big in the world of commerce? If yes, well you can do with some business smarts! Understanding what business management is can make you stand out from the hundreds who started their business with much idealism, but ended up concluding that lucrative endeavors are nothing but pure hype.
Which begs the question: what is business management?
As the term implies, business management is the deliberate effort to create a vision for a business, and guide this vision to successful completion. It entails work at 4 important management functions: planning, organizing, leading and controlling.
Let’s take a look at each one further.
It may be said that planning is the most important of all business management functions. If you’re a female business owner interested in saving yourself time, effort, money and frustration, you want to invest time crafting well-thought out plans. Planning means identifying from the onset the goals and objectives of your business, short-term and long-term strategies for success, areas of innovation, and basically where you see your business going in the immediate and far-off future.
Good business plans are those that are realistic and attainable, and is based on not just a great vision, but also on a careful study of information available at the moment. All entrepreneurs, including female business owners, must remember: not all great visionaries make good business managers! You want to have both feet planted firmly on the ground — while not losing your potential to be creative and resourceful!
The second key function of business management is organizing. As the term implies, organizing means putting together resources (human and material) in order to transform your business into a well-oiled machine. Do you have employees? In what way should they perform their work so that you can get the best output every time? Do you need to procure specific materials and facilities? How do you work around budget constraints?
The organizing function is challenging, because so much in a business can change before you can say “business management.” Sometimes you get the best talent out of list of applicants, at times you need to think of ways to maximize your employees’ strengths and manage their weaknesses. Consumer tastes and preferences may change in an instant, especially today when finding options is as easy as typing a few words on the computer. Resources that are cheap and almost free one minute, can cost like gold the next. Strategic female business owners must know how to stay alive in a rapidly changing market, one that can render something you worked years for obsolete in a few seconds.
The ability to manage people is one of the key elements of business management. Today’s business is not just product-based, it’s also about quality customer service and an engaged workforce. Whether you have a team of 3 people or a company of 15 doesn’t matter. You want to make the most of both individual employees and group synergy.
Emotional intelligence is a term often touted on self-help books, but it’s a valuable resource every business manager must have. Good leaders are self-aware; they know that they have to always act rationally instead of merely reacting to their emotions. They must also be able to effectively respond to the human element of business. A good business team has more than technical skills; they also live out positive business values.
Lastly, business management involves the task of controlling. Controlling means monitoring your business’ progress to ensure that you’re meeting your goals and objectives. Managers must strive to maintain a high level of quality for their products and services. This means constant checking and follow-up on the effectiveness of each nut and bolt. It means responding to crisis promptly — good business managers don’t sleep when a fire is raging! It also means being able to recognize limitations, and work around such limitations.
This article on what is business management may make you feel intimidated when it comes to running a successful business. Don’t be! For sure, some of the skills required to effectively execute each of these four functions, you already have. It’s just a matter of sharpening the saw and fine-tuning. Just don’t neglect learning as much as you can about business management! Doing so might spell the difference between success and failure.


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