Career Development

Business Manager Job Description: Salary, Duties, & More

Business managers work in every industry imaginable, from finance to healthcare to technology. While many business managers are focused on operational tasks, nearly all of their job is geared towards the overall health of the company for which they work.

Business managers work in every industry imaginable, from finance to healthcare to technology. While many business managers are focused on operational tasks, nearly all of their job is geared towards the overall health of the company for which they work.

What does this mean in practice? It means that business managers work with a variety of people from different departments, levels, and job roles to create efficient, effective workflows. They might also need to speak up when a process isn’t working properly or when a problem arises that needs to be addressed.

Read on to learn more about what it’s like to be a business manager and what it takes to become one yourself.

Business Manager Job Duties

A business manager is responsible for the following:

  • Reviewing and analyzing financial statements to determine whether company objectives have been met
  • Overseeing the production of financial reports such as profit and loss statements, cash flow analyses, and budgets for departments within the company
  • Establishing pricing strategies to ensure that products or services compete effectively in the marketplace while generating a profit for the company
  • Managing operations to reduce costs while increasing productivity and efficiency, including implementing new technologies or processes where appropriate
  • Managing human resources functions such as employee recruitment, hiring, training, compensation, benefits administration, performance management, succession planning, and exit interviews
  • Developing organizational structure of departments based on job duties and training requirements
  • Creating policies that reflect laws governing employment practices including discrimination or harassment in the workplace

Business Manager Salary & Outlook

The median annual wage for business managers is $65,455. Those earning higher wages tend to work in the financial services industry. The highest earners are making over $134,000 per year.

The employment of business managers is projected to grow much faster than average over the next decade. This is due to the increasing demand for business strategy analysis and consulting services as well as changes in organizational structure and increased use of technology.

Business Manager Job Requirements

The requirements for business managers are as follows:

Education: Business managers should have a bachelor’s degree in business administration, management, finance or a related field. This degree allows candidates to learn the fundamentals of business management. They will study topics like cost accounting, financial management and marketing.

Training: Business managers typically receive their training through on-the-job experience. They may spend several years working under a senior manager before taking on their own responsibilities. During this time, they can learn how to develop new strategies for the company and integrate them into the team.

Certifications & Licenses: Most employers do not require a certification for this job, but they can be useful to demonstrate the applicant’s ability to handle multiple responsibilities and can help them advance in their career. Some of these certifications include Project Management Professional (PMP) and Certified Management Accountant (CMA).

Business Manager Skills

The following skills are required for this job:

Analytical skills: The ability to analyze financial data and interpret it into actionable information is crucial.

Interpersonal skills: A good business manager must be able to communicate effectively with employees, customers, vendors, suppliers, and other stakeholders.

Customer service skills: Excellent customer service skills are necessary in order to handle the needs of clients.

Decision making: You must be able to make decisions on your own, but also know when to consult with others.

Organizational skills: The ability to maintain files and records in an organized manner is important.

Writing skills: Strong writing skills are needed to communicate clearly in memos, letters, reports, and other documents.

Business Manager Work Environment

Business managers are generally office-based, but they could work in a variety of settings depending on the type of business and industry. Business managers spend most of their time interacting with coworkers, vendors, and clients, making interpersonal and organizational skills crucial for this position.

The job can be stressful; deadlines can be tight, and business managers typically need to make quick decisions. Business managers may have to travel for business purposes from time to time.

Business Manager Career Advancement

If you’re looking to advance your career as a business manager, you’ll need to prove yourself. You’ll need to show you can build and maintain relationships with customers, colleagues, vendors, and suppliers. Business managers work closely with the owner, the managers, and the supervisors to manage the business and execute strategies.

Once you’ve established yourself as an effective leader, you might consider opportunities for positions such as the Director of Operations, Sales, or Marketing. Ultimately, a General Manager (GM) position is the level of advancement that you can work yourself up to.

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.

Collaborative Sales

The practice of selling products or services together is a growing trend that is expected to increase in the coming years. This strategy is becoming more common as companies look for ways to increase their margins by adding value to clients’ purchases, while also providing convenience for consumers who might not be interested in paying extra fees or waiting longer for an item if they don’t have to.

The collaborative sales model has been widely successful so far, and could become a cornerstone of the retail industry going forward. 

Importance of Business Analytics

While business analytics have been an important part of the business world for years, there is now a much greater emphasis on understanding the data that businesses collect to improve performance.

In particular, many companies are seeking help from outside experts to use data analysis to develop solutions to their most pressing problems. For example, a recent study found that 40% of small businesses plan to outsource business analytics in order to make sure they can stay competitive in their field.

Importance of Adaptability

Business managers will need to be able to adapt to a variety of situations and conditions in order to succeed in the modern business world.

For example, the increased importance of cloud-based storage and collaboration platforms has led many businesses to adopt new approaches towards employee management that require greater flexibility and efficiency than before.

These shifts are likely to continue into the future as technology continues to advance, requiring greater flexibility from business managers in order for them to stay ahead of the curve.

How to Become a Business Manager

1. Planning Your Career Path

If you’re interested in becoming a business manager, it’s important to think about the industries that interest you most. Many businesses have managers who specialize in specific areas of operation, such as marketing or finance. If you are passionate about real estate, for example, consider applying for an internship at a commercial real estate firm.

Business managers are often responsible for overseeing multiple projects at once, so strong organizational skills are essential. Businesses also tend to be fast-paced environments with lots of meetings and deadlines; it is important to be comfortable with these types of demands.

It can be helpful to take on some entry-level work experience to get a feel for what business management entails before pursuing this career path full time. A great way to do this is by getting involved in organizations related to your area of interest.

2. Writing a Resume

The best resumes for business managers should highlight their ability to delegate tasks, provide mentorship and leadership, and demonstrate a strong analytical skillset. When describing your past work experience, include examples of situations where you provided direction or mentorship to others.

To demonstrate your analytical skills, be sure to list any systems or processes you have put in place at past jobs. For example, maybe you implemented a new tracking system for employee attendance. 

It is also important to highlight any additional certifications that you may have received since they are proof of your hard work and dedication to professional development. These may include project management certification, Lean Six Sigma certification, etc.

3. Applying for Jobs

Many organizations look for potential hires through their networks. So, don’t neglect platforms like LinkedIn or Facebook groups; if your target company isn’t recruiting online, it may still be worth making an impression on a member of the hiring team by getting involved with conversations and posting your thoughts on industry trends. 

4. Ace the Interview

When you’re interviewing for a business-manager position, be ready to discuss relevant trends in the industry and how you can use them to help the company. For example, when interviewing for a Retail Manager position, discuss how you can help your client handle new technologies that are reshaping the landscape of retail.

Business managers must be able to demonstrate that they understand certain functions or processes. You will likely be asked about what you have done when your extensive planning efforts were not effective. How did you solve the issue? Be honest with yourself about your skills and experience level. If there is something you don’t know how to do, admit it—but explain how you would find someone else to handle that particular task.

As with many other positions, showing up early to the interview is a good idea. This shows that you are dependable and conscientious. When answering questions during the interview, make sure to speak clearly and avoid speaking too quickly.

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