What is Business Management?

Introduction to Business Management

You must have heard - ‘Too many cooks spoil the broth.’ But what if all the cooks start working as a team and understand the concept of broth? The broth might taste good, and the phrase would stand wrong. An organisation has many departments and has to research a lot but to run all the departments successfully, they need a business manager who has outshined themself by pursuing a BBA course. 

Business and management are two different terms, but they are both interdependent. A business needs good management, and management needs a profitable business to work in. A business generates lucrative revenues only if they have skilled managers holding the resources wisely. This impacts the brand value and creates a positive environment in the market.

Introduction to business management is not as easy as you might think because there are many small details and thriving challenges that one needs to be aware of. Hence, scroll down the article to understand the meaning of management in business and what are the key features a manager should have.

What is Business Management?

Often people ask, ‘what is business management?’ Well, in simple terms, business management is the study of coordinating and managing tasks, business activities and resources. It includes the training of staff and overseeing the core operations taken out in the business. According to the experts, the business management definition includes - to earn respect, an individual should acquire soft skills. This area of expertise is a balance between managing talent and work and nurturing meaningful work relationships. Business management demands consistency, empathy, communication, task management and the ability to think innovative.

The Difference Between Business Management and Business Administration

There are subtle differences between business management and business administration, which are mentioned below in a tabular form.

Differentiation Points	Business Management	Business Administration
Definition	It is more people-centric and sharply focuses on managing people and the organisation’s resources wisely.	It is deeply involved in the technical aspects of the business like marketing, finance, sales and operations.
Degree Program	Bachelor of Business Management/Bachelor of Business Administration	Bachelor of Business Administration
Work Environment	They start working in positions where they have developed their skills and lead a department.	They often start working in a department they have done their specialisation.
Career Outlook	You can be: Sales Manager Marketing Manager, Finance Manager, Management Analyst, Operations Manager	You can be: Marketing Specialist, Human Resource Specialist, Business Analyst, Accountant
Average Salary	₹ 7.7 Lakh per year	₹ 6.23 Lakh per year

5 Important Skills You Need To Have To Be A Good Manager

To be a good business manager, along with completing the BBA course or MBA program, you need to have a certain skill set that helps you to have a successful management career.

• Accountability

  
  A manager must learn to take accountability for the tasks and team he is handling. If you constantly blame others for the work you have done, you’ll lose people around you, and this will create a negative atmosphere at the workplace. You need to analyse and hold accountable for the mistakes employees have done but in the right manner.
  
  

• Problem-Solving and Decision-Making Ability
  

  A good manager needs to know that problems can come anytime in an organisation but he cannot keep stretching the problem for long. He needs to make a quick decision in favour of everyone, ensuring the workflow remains smooth. He needs to have excellent attention to detail and keeps calm under pressure.
  
  

• Empathy
  

  Business management is not just about assembling and handling the team, it is the art of managing people empathetically. A manager needs to understand that every human in his team is different and has a completely different background from each other. Once you accept this fact, you won’t just help your team to work productively but you’ll become an important part of their life.
  
  

• Conflict Resolution
  

  If you are looking forward to being a good manager, you need to learn to resolve conflicts without getting personally involved in them. There is no organisation where conflicts don’t occur, but respectfully by sharing the same goal, the manager has to come to a point where resolving things is possible.
  
  

• Strategic Thinker and Good at Communicating
  

  A business manager have to communicate with seniors and other team members, and for that, he needs to be good at communicating. He should know how to and when to keep the points before people. He should be able to think strategically about how to encourage innovation and bring profit to the organisation.

5 Key Responsibilities of A Business Manager

By now the concept of business management must be clear, and you know that persistent skills are required to grow in that field. But, there are five key responsibilities that a business manager has to take care of.

• Goal-setting responsibilities
  

  A business manager should be aware of the final objective of the organisation and should work in the same direction by setting small goals for the team. Setting up the goals is the crucial responsibility that will take the team the extra mile.
  

• Administrative task
  

  As the manager take hold of the different teams and departments, it is their key responsibility to handle administration task. They typically had to monitor plans, document the goals and organise the planner for the smooth working of the team. Administration task is required in every organisation, and only managers can take care of them.
  

• Leadership
  

  A business manager should follow leadership values and should know when he needs to take charge of it. A leader guides their team when needed and stands by their side when required. This is one of the most critical responsibilities that they carry out.
  

• Organising and Delegation work
  

  The manager has to organise and delegate the work according to the capabilities of the team members. Their work is to ensure that the task delegated are delivered on time and to maintain cohesion between all the departments.
  

• Training and Development
  

  While the business manager has to work on the final goal, he meets new people from either his team or the internal team whom he has to train and motivate to work better. It’s his everyday task to provide constructive criticism or appreciation to improve the team’s performance.

This sums up what is business management and how a business manager should be. These are the defined responsibilities, but there are many undefined responsibilities that a business manager should be aware of.

Future Scope for Business Managers

As businesses are increasing at high growth, it is predicted that the management positions will grow at a CAGR OF 14.3%. Not just in India, but business management offers a high-paying job to people, which means the average salary is estimated to be INR 11,70,000, and it can be as high as INR 27,00,000. In every field, there is a position open for the manager because leaders who can help achieve the final goal in an organised manner are needed everywhere. One can do BBA Operations Management and then pursue MBA in the same area. Even, from Marketing Manager to Human Resource Manager, Management Consultant, Finance Manager, and many more options are available for which a candidate can opt. 

Conclusion

If you are also keen to become a successful business manager and looking for jobs in the same area, then pursuing BBA in entrepreneurship or different fields will be highly appreciated. Once you have availed BBA degree, you can continue with MBA and take up leadership roles in top brands in India. There is a lucrative career in business management which you can pursue from colleges powered by Sunstone. You’ll also get sessions from industry experts and top recruiters that help you achieve your goal. Apart from that, Sunstone helps you in building a professional portfolio of your work to get hired by the top recruiters.

FAQ - Business Management

Is MBA different from business management?

MBA prepares students to take up the leadership role in an organisation where business management is the art of leading people. Hence, the topics covered in business management leans more towards the human resource, personnel operations, management and human resource.