The Importance of Business Management

Recently, we wrote about what business management is and why a Bachelor’s Degree in Business Management is worth acquiring. Today, we’re going to explore what makes business management so important. 

As part of our discussion, we’ll go over what business management includes, what roles business managers play in an organization, and why you should consider starting a career in this field. 

After you’ve discovered what makes business management so important, fill out our information request form to receive more information about CSU Global’s 100% online Bachelor’s of Science Degree in Business Management or our online Master’s of Science Degree in Management. 

If you’re ready to get started, submit your application today! 

What is Business Management and Why is it So Important?

Business management is the act of overseeing the organization, coordination, and execution of various business activities. This may include managing different aspects of the business, like sales, marketing, and accounting. 

Essentially, business managers are responsible for ensuring that the day-to-day operations function smoothly. 

Business management is a crucial part of an organization’s success, and every organization in any industry can benefit from a great business manager who has expertise in best practices and relevant processes. 

The core responsibility of a business manager is to ensure that a business remains both operational and profitable, which is what makes business management such an important position.

What Do Business Managers Actually Do? 

Business managers are responsible for overseeing a business’ finances and operations. 

The specific details of any given business manager’s duties will depend on their organization and industry, but here are some of their typical responsibilities and tasks:

• Overseeing different departments, including marketing, sales, HR, accounting, and others
• Preparing and managing budgets, payments, and other financial aspects of the business
• Advising stakeholders and leaders on matters of compliance
• Responding to communications from upper management or employees. 
• Planning and conducting staff meetings
• Interpreting sales data, customer reviews, and other factors to determine areas for improvement
• Applying critical analysis in decision-making to help increase the organization’s value
• Integrating appropriate technology
• Interviewing and observing employees to mitigate problems and come up with innovative solutions

As you might imagine, these responsibilities can apply to individuals working in nearly any industry or field, which is one of the best reasons to consider a career in business management.

Where Do Business Managers Work? 

Business managers can find positions in virtually any organization or industry. 

While it’s common to assume that business managers may only be found in large corporations, they can find work in a much more extensive range of environments. 

Below are some of the most common places of work for business managers: 

• Banks
• Hospitals
• Restaurants
• Hotels
• Schools
• Non-profit Organizations
• Construction
• Retailers

While the typical business manager works in-house within an organization, many others serve as independent consultants. 

One thing to consider is that getting your Bachelor’s Degree in Business Management doesn’t mean it’s the only potential career for you.

The skills and abilities you’d develop during a B.S. in Business Management Program would lend themselves to many other careers, including roles like:

• Actuarial analyst
• Arbitrator
• Corporate investment banker
• Data analyst
• Forensic accountant
• Insurance underwriter
• Project manager
• Stockbroker

And should you decide to complete a Master’s Degree in Management, you’d be suited for more senior-level, leadership roles, including jobs like:

• Healthcare administrator
• Information systems manager
• Marketing executive
• Chartered management accountant
• Supply chain manager
• Strategy manager

If you’re interested in helping organizations improve their operations and ensure profitability, then business management could be the perfect field for you.

Should You Pursue a Career in Business Management?

Deciding to pursue a career in business management depends on what you enjoy, what you are good at, and what you want to accomplish in terms of your professional goals.

If you have enjoyed successful leadership roles in the past, or if you’re simply interested in learning how to become an effective leader, then business management could be the right choice for you. 

Virtually every organization or company needs a business manager, and many of them need several to run different units, departments, or divisions of the company. That means you can find employment as a business manager in pretty much any industry you are interested in, like hospitality, technology, or healthcare. 

One compelling reason to study this field is that the skills you learn during your degree program are incredibly transferable. In other words, you’ll learn about concepts related to finance, statistics, economics, and even psychology that will make you a manager capable of solving real-world problems.

Accordingly, pursuing an education in business management should lead to developing a versatile set of knowledge and skills that provides you with a range of professional opportunities. 

Demand for Business Managers is Projected to Continue Growing

According to the Bureau of Labor Statistics, employment in management occupations, including the types of roles that are perfect for business management graduates, is expected to grow around 8% by 2031, resulting in nearly a million new jobs. These management positions will be available across a wide range of industries. 

Below are the projected growth rates for four of the fastest-growing, relevant positions: 

Knowing that the demand for business managers will continue to grow over the coming decade means that your skills should be incredibly relevant to a wide range of jobs, providing you with lots of potential career opportunities.

Business Managers Are Critical to Organizational Success

Business managers play a critical role in ensuring the success of their organization. These professionals monitor and manage everything from budgets to human resources, so their importance cannot be overstated. 

Regardless of the industry or organization type, a business manager is most likely involved in running things behind the scenes, planning projects, overseeing budgets, and making the strategic day-to-day decisions that lead to real business success. 

Some of the most critical daily tasks that business managers are asked to handle include: 

• Ensuring compliance with laws and industry regulations
• Maintaining high standards of operation
• Designing and implementing innovative solutions
• Overseeing budgeting and purchases

Without a capable business manager at the helm of day-to-day operations, organizations are at risk of failing to preserve their operational capacity and profitability. 

In this way, the business manager plays a significant role in the process of ensuring an organization’s success, which is what makes this such a great role for anyone looking to have a significant impact on their work. 

Business Managers Have Excellent Earnings Potential

Highly skilled business managers are a valuable addition to any organization, and earnings tend to reflect that. Business managers often out-earn other members of an organization, thanks to their critical position. 

Recent BLS statistics indicate that the salary expectations for managers in a variety of industries are quite high. The median annual wage for occupations in management as of May 2021 is $123,370 – the highest salary recorded in the BLS database of major occupational groups. 

The top-earning positions within management are: 

Other management positions in different industries see similarly high wages, so don’t feel like you have to choose one of these areas when it comes time to choose a career specialty.

Once you’ve developed the skills needed to succeed in business management, your knowledge and abilities will transfer easily to a role in nearly any industry, so you can feel free to pursue a career in whatever field is of particular interest to you.

Keep in mind that higher wages come with more experience and education, and that to maximize your earnings potential, you might want to consider completing a Master’s of Science Degree in Management. 

How to Launch Your Career in Business Management

The best way to start a career in business management begins with earning your degree in the field. 

A good business manager is expected to be well-rounded and capable of directing multiple departments within an organization. They should have a solid understanding of economics, statistics, and marketing.

The reason it’s so important to develop your abilities in all these different areas is that business managers are often expected to oversee the work of several people, teams, or departments while maintaining the profitability of the organization. 

These concepts – and how they interact in business – are significant areas of study which you’ll focus on during courses in business management. Obtaining your degree proves to potential employers that you have spent the time required to develop your abilities and knowledge in these areas, proving that you’re prepared to take on the difficult role of a business manager. 

To increase the odds of launching a successful career in business management, consider enrolling in CSU Global’s 100% online Bachelor’s Degree in Business Management or our online Master’s of Science Degree in Management. 

These programs will provide you with everything you need to jumpstart a successful, lifelong career in the exciting and challenging field.

Should You Get Your Business Management Degree Online? 

Yes, you should consider getting your business management degree online with CSU Global. 

Our accelerated programs are delivered 100% online, so you’ve got more freedom and flexibility than you would with a traditional on-campus program. 

Juggling family and work responsibilities while pursuing a degree can be challenging, but our online courses provide you the freedom to study when it’s convenient for you. 

Here are a few other advantages you can look forward to if you choose to enroll in one of our online programs: 

• Accelerated 8-week courses
• Monthly class start dates
• The freedom to attend your virtual classes from anywhere in the world

If you’re ready to get your degree, but require flexibility, then our 100% online programs are the perfect way to complete your educational goals. 

Why Should You Pick CSU Global’s Online Business Management Program? 

Our online business management degree programs are designed to provide you with all the knowledge, skills, and abilities you need to launch or advance your career as a successful business manager.

You can count on your degree being respected in the workforce, as both programs are regionally accredited by the Higher Learning Commission and ACBSP Accredited by the Council of Business Schools and Programs.

In short, if you’re serious about becoming a professional business manager, you’d be hard-pressed to find better options than the programs provided by CSU Global.
 

Reasons to Choose our B.S. in Business Management program

Our Bachelor’s of Science Degree in Business Management program will provide you with the foundational knowledge you need to drive organizational success by training you to become an effective, skilled, and analytical manager in a professional setting.

This program currently holds several excellent rankings, including:

• A #3 ranking on The Best Online Bachelor’s in Business Intelligence from The Best Schools.
• A #10 ranking on 50 Best Online Business Administration Degrees from Online Schools Report.
• A #10 ranking on Top 15 Online Bachelor’s in Business Administration Programs 2021 from Best College Reviews.
   

Reasons to Choose our M.S. in Management program

Our Master’s of Science Degree in Management program will train you to become a business leader by providing you with the abilities to analyze, communicate, and make effective and strategic business decisions.

This program holds several impressive rankings too, including:

• A #1 ranking on Top 25 Best Online Master’s in Management for 2020 from Best Masters Programs.
• A #1 ranking on Top 25 Best Value Online Master’s in Management Degrees for 2020 from Value Colleges.
• A #6 ranking on 15 Online Master’s in Management (MIM) Degrees for 2020 from Great Business Schools.

Obtaining your Master’s Degree in Management will ensure that you’re prepared to move into upper management and executive-level positions.

Furthermore, your degree from CSU Global is sure to impress potential employers since we’re regarded as an expert in higher education, and because we hold several excellent rankings, including:

• A #1 ranking for Best Online Colleges & Schools in Colorado from Best Accredited Colleges.
• A #1 ranking for Best Online Colleges in Colorado from Best Colleges.
• A #10 ranking for Best Online Colleges for ROI from OnlineU.

Finally, to help reduce your costs, we offer competitive tuition rates and a Tuition Guarantee that ensures your affordable tuition rate won’t increase for as long as you remain enrolled as a student with us.

To get additional details about our fully-accredited, online Bachelor’s and Master’s Degrees in Business Management, please give us a call at (800) 462-7845, or fill out our Information Request Form.

Ready to get started right away? Apply now!