What Does a Business Manager Do?

Business managers are responsible for overseeing the day-to-day operations of an organization. They commonly play a central role in managing all aspects of a business, from its finances to its human resources and everything in between.

Business managers may also be tasked with developing and implementing long-term strategies for growing their company’s profits or market share. This might involve identifying new markets to enter, creating new products or services to offer, or finding ways to streamline internal processes to make the business more efficient.

Business Manager Job Duties

A business manager typically has a wide range of responsibilities, which can include:

• Ensuring that the company complies with federal, state, and local laws, regulations, and codes, including accounting practices and rules related to ethics and conflict of interest issues
• Managing the company’s finances and ensuring that the company is able to pay all bills on time
• Estimating budgets, generating financial reports, and analyzing data to track progress toward goals
• Assisting in the hiring and supervision of an organization’s employees, including hiring new staff or terminating current staff members
• Making recommendations to upper management regarding staffing needs based on workload requirements
• Preparing financial reports and forecasts to assist upper management in making strategic decisions
• Coordinating with other departments to ensure that financial records are accurate and up to date
• Overseeing human resources activities such as hiring new employees, providing employee training, managing employee benefits, and conducting performance evaluations
• Developing and implementing policies and procedures for managing an organization’s finances and operations

Business Manager Salary & Outlook

Business managers’ salaries vary depending on their level of education, years of experience, and the size and industry of the company. They may also earn additional compensation in the form of bonuses or commissions.

• Median Annual Salary: $72,500 ($34.86/hour)
• Top 10% Annual Salary: $132,000 ($63.46/hour)

The employment of business managers is expected to grow at an average rate over the next decade.

Employment growth will be driven by the need for business managers to oversee the operations of larger companies. As firms expand, they will need more managers to organize and direct their activities. However, employment growth will be limited by the increasing automation of some tasks that business managers currently perform.

Related: 25 Business Manager Interview Questions and Answers

Business Manager Job Requirements

A business manager typically needs to have the following qualifications:

Education: Employers typically require a minimum of a bachelor’s degree in business administration or a related field. Some employers may also require a candidate to have a master’s degree in business administration (MBA). An MBA can help a candidate qualify for a senior business management position or assist them in advancing their current role.

Training & Experience: Many employers will require candidates to have at least five years of experience in a managerial role. Some employers may prefer candidates who have at least 10 years of experience in a managerial role.

On-the-job training is often minimal for this role. Business managers are expected to have a strong understanding of business operations and management. They will often have extensive experience in a managerial role before advancing to a business manager position.

Certifications & Licenses: Though not typically required for the role, a certification could help an individual improve their earning potential and set themselves apart from other candidates.

Business Manager Skills

Business managers need the following skills in order to be successful:

Leadership: Managers often have to lead their teams to success, so business managers need to have strong leadership skills. Leadership skills can include being able to motivate your team, delegate tasks and inspire your team to work hard. You can also use your leadership skills to help your team develop their own leadership skills.

Communication: Communication is the act of conveying information to others. Business managers communicate with employees, clients, suppliers and other stakeholders on a daily basis. Effective communication is an essential skill for business managers because it allows them to convey information clearly and in a way that others can understand. Strong communication skills can also help business managers build trust with others and foster positive relationships.

Analysis: Business managers use analytical skills to make informed decisions about company operations. They may analyze data to determine the best course of action for a business strategy, marketing campaign or production process. Effective business managers can analyze a situation and determine the best course of action.

Problem-solving: Managers often need to solve problems and challenges that arise in the workplace. Your problem-solving skills can help you find solutions to issues that affect productivity, increase costs or cause other problems. You can use your problem-solving skills to identify the cause of a problem, develop solutions and evaluate the success of your solutions.

Organization: Organization is another skill that business managers use on a daily basis. This is because they often oversee multiple projects at once. Having good organizational skills can help you keep track of all the details of your projects and ensure that your team is meeting its goals.

Business Manager Work Environment

Business managers typically work in an office environment, although they may travel to attend meetings or to visit other branches of their company. They usually work a standard 40-hour week, although they may have to work longer hours to meet deadlines or to deal with unexpected problems. Business managers may experience a high level of stress due to the pressure of meeting deadlines, dealing with difficult customers or clients, or managing a large staff. They must be able to handle stress and be able to make quick decisions. Business managers must also be able to work well under pressure and be able to handle multiple tasks simultaneously.

Business Manager Trends

Here are three trends influencing how business managers work. Business managers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for a More Agile Workforce

The need for a more agile workforce is becoming increasingly important as businesses become more global and competitive. In order to stay ahead of the competition, businesses need to be able to quickly adapt to changing market conditions and make quick decisions.

Business managers can utilize this trend by developing a more flexible work environment that allows employees to work remotely or on a part-time basis. They can also encourage employees to take on new challenges and responsibilities in order to keep them engaged and motivated.

More Focus on Employee Engagement

Employee engagement is becoming an increasingly important focus for businesses, as they realize the importance of having employees who are passionate about their work.

Business managers can capitalize on this trend by creating a workplace culture that encourages employee engagement. This can include things like offering rewards and incentives for high performers, providing opportunities for professional development, and creating a positive work environment.

Greater Use of Data Analytics

As data analytics becomes more popular, business managers will need to learn how to use it to make better decisions.

Data analytics can be used to track customer behavior, predict trends, and identify potential problems before they occur. By using data analytics, business managers can make better decisions about where to invest their resources and what products to sell.

How to Become a Business Manager

A business manager career can be a great way to start your professional life. It offers the opportunity to learn about a variety of industries and businesses, as well as develop skills in project management, team leadership, and strategic planning.

As you progress in your career, you may want to specialize in a particular area, such as human resources, finance, or marketing. You could also choose to become a generalist and work across multiple areas of business. No matter which path you choose, it’s important to stay up-to-date on the latest industry trends and developments.

Advancement Prospects

There are many different paths to advancement for business managers. Some may move up within their current organization, while others may start their own business or take on a more senior role in another company. The most common path to advancement for business managers is to take on increasingly responsible positions within their current organization. As they gain experience and demonstrate their abilities, they may be promoted to positions such as director or vice president.

Those who start their own businesses may find themselves in a variety of different roles, depending on the size and nature of their business. They may start out as the sole proprietor, responsible for all aspects of the business. As the business grows, they may hire employees and take on a more traditional managerial role. Those who take on a more senior role in another company may find themselves responsible for a specific department or division.

Business Manager Job Description Example

As the business manager of [CompanyX], you will be responsible for the day-to-day operations of the company. This includes overseeing the accounting, human resources, and customer service departments. You will also be in charge of developing and implementing strategies to improve efficiency and profitability. To be successful in this role, you must have excellent leadership, problem-solving, and communication skills. You must also be able to work independently and be highly organized.

Duties & Responsibilities

• Understand the business’s products, services, and customers
• Develop and implement marketing plans and strategies to promote the business and its products or services
• Conduct market research to identify new business opportunities and understand customer needs
• Manage budgets and financial planning for the business
• Oversee the daily operations of the business and ensure that all employees are meeting their objectives
• Handle customer inquiries and complaints in a professional and efficient manner
• Supervise and train new employees
• Maintain relationships with existing clients and develop new ones
• Prepare reports on the performance of the business and present them to upper management
• Identify areas of improvement and make recommendations to senior management
• Stay up-to-date with industry trends and developments
• Attend trade shows and networking events on behalf of the business

Required Skills and Qualifications

• Bachelor’s degree in business, management, or related field
• 5+ years experience in a business management role
• Proven track record of successful project management
• Strong understanding of financial analysis and reporting
• Excellent interpersonal, communication, and presentation skills
• Highly organized with superb time-management skills

Preferred Skills and Qualifications

• MBA or other advanced degree
• Experience managing a team of employees
• Industry-specific knowledge and expertise
• Certification in project management (e.g., PMP)
• Familiarity with CRM software