The business sector has seen significant advancements over the past few years, including digital transformation, diverse employment, remote working, and more. At the forefront of running all business operations are business managers. MANCOSA offers an Advanced Diploma in Business Management that’ll equip you with all the business management knowledge and skills you need to gain high-paying management positions at local and international businesses.
But what is Business Management? And is it a good option for you?
This article will discuss business management and its importance and clearly indicate whether this career suits you.
Overview of Business Management
Business management is the process of planning, coordinating, and controlling business activities to ensure goals and objectives are achieved. This way, the business can reach higher levels of productivity and profitability. To achieve this, business managers must oversee all aspects of the business, from marketing, finances, human resources, operations, and customer service. They must ensure that all these business departments run smoothly at all times so the business can keep running. Managing a business effectively requires managers to have hard and soft skills, including technical skills, communication and listening skills, and leadership abilities. Depending on the type of business, managers may also need additional skills specific to the industry. For example, retail managers will need additional retail knowledge and abilities, such as negotiation skills.
Emerging trends in Business Management
While the foundational skills of business management remain the same, several emerging trends influence how businesses should manage their operations and people. Below is a list of some top emerging trends that influence business management.
Digital transformation South Africa is one of the few African countries that has embraced digital transformation in its government, businesses, and society. Thus, SA business managers must incorporate new technologies to enhance efficiency and productivity. For example, businesses in the supply chain industry have started to lean heavily on artificial intelligence and machine learning for predictive maintenance and better collaboration between companies.
Remote, hybrid, and flexible working models
Covid indefinitely changed the way many South African and international businesses function. Before Covid, many workers were expected to work in-office full time. However, more workers are working remotely after the pandemic than ever before.
According to a survey by Norstat Group, many South African workers plan on relocating to a different city while still working remotely for the same company. This means business managers are required to learn to manage remote, hybrid, and in-office workers at the same time. They must ensure all employees are engaged and have the necessary equipment, software, and support to complete their work.
Developing soft skills
As business teams continue to become more diverse and inclusive, businesses must focus on developing employees’ soft skills to foster good working relationships. Soft skills include communication, emotional intelligence, empathy, creativity, teamwork, and adaptability. While the primary focus was on hard skills in the past, businesses are starting to invest in soft skills training. Business managers are ultimately responsible for ensuring this training goes according to plan and builds up the company culture.
3 strategic Business Management tactics for success
With several changes to the business environment, managers must adopt unique strategies to set their company up for success.
1. Foster employee engagement and relationships
Employees are at the centre of any company. Thus, when employees are happier and more engaged, they’re more likely to perform well and be more productive. They’re also more loyal to the business and aren’t there for the sole reason to earn a paycheck.
Business managers must incorporate employee engagement strategies into their weekly and monthly activities. Some examples include hosting employee functions or promoting team-building activities and get-togethers. These activities will allow employees to interact with one another outside of the workplace — allowing them to build stronger relationships.
2. Provide employee training
Business managers must ensure employees have all the skills and knowledge to complete company projects. They must also allow employees to advance their abilities with additional training (paid for by the company).
For example, since companies are becoming more diverse, business managers need to build their employees’ soft skills, such as emotional intelligence, to communicate better with coworkers from different backgrounds. The same goes for hard skills. If the company requires a worker to work with a new type of software, they must provide software training to the employee.
3. Incorporate agile management practices
Agile project management is mainly used in technical business industries, such as software development. It focuses on continuously releasing new software and incorporating customer feedback with every repetition. It helps teams increase productivity and development speed, creates better collaboration, and allows companies to respond better to market demand and trends.
Why you need to adapt to new Business Management models
As time progresses, business processes change and quickly become outdated and ineffective. With digital transformation and changing customer expectations, businesses must incorporate new business management models to remain competitive. Furthermore, with these changes, new challenges and opportunities arise. That’s why businesses must keep investing in managers who’ve completed business management courses that’ll transform their companies’ operations.
Studying a Business Management course part-time or full-time can provide you with the most effective and up-to-date tactics.
MANCOSA’s Advanced Diploma in Business Management is the ideal option, providing you with the skills and competencies in the critical functional areas of business management.
After completing an advanced business management course , you’ll be able to manage businesses in the commercial environment, including, but not limited to, retail, software, supply chain, corporate, and more. With its blend of theoretical and practical coursework, you’ll gain the knowledge, expertise, and confidence to pursue management roles within numerous companies.
Register for Advanced Diploma in Business Management with MANCOSA
Now you should clearly understand how vital business management is to all businesses — big or small. If you’re ready to go after a career in business management, MANCOSA’s Advanced Diploma in Business Management is perfect for you. Do you want to talk to a consultant about your options?