What Does A Business Manager Do?
Business managers are needed in almost all industries. They may work in banks, manufacturing firms, insurance companies, hospitals, restaurants, hotels and even in well-funded startups. As one of the leaders of any organization, their primary role is to ensure that the company is on stable financial footing so that it will achieve long-term success.
The specific tasks of business managers will depend on the industry or company where they are working in. Hospital business managers, for example, may devise ways to reach more clients so that the healthcare facility may increase its profits. Those who are working in manufacturing companies may be tasked with ensuring that production goals are met. Business managers affiliated with banks and other financial institutions may be tasked with reviewing the company’s finances to determine how to maximize revenues. They may even work in the motion picture and music industries as representatives of actors and musicians. In this role, they work to help the artists they represent to be paid fairly and guide them in investing their income.
The general responsibilities of business managers center on making certain that the firm’s day-to-day operations run smoothly. This does not mean that they should do the specific tasks themselves. Rather, they see to it that the departments or units that they are supervising are delivering results. In order to carry this out, they don’t necessarily have to meet the company’s rank-and-file employees all the time. They do make their orders known to the section or department supervisors who will then relay what needs to be done to the workers. The business manager will simply make regular evaluations to ensure that milestones are being met and work proceeds efficiently.
One of the more common roles of business managers is ensuring that the company meets its sales and marketing goals. In this role, they help prepare the company budget and give their approval on the expenses requested by the various departments. They also spend a lot of time scrutinizing sales statistics and making projections on sales of new or existing products. If they feel that the company needs to offer special discounts to products that aren’t selling well, business managers try to determine what the best price range is and the strategy by which this can be carried out. They also come up with ways by which the company can draw more customers to patronize their products or services.
In small firms, a business owner will often hire a business manager in order to help with the tasks that a growing company naturally faces. For example, the owner might want to focus only on expanding the firm’s reach to more customers and will delegate other tasks like budgeting, business planning and even hiring to the business manager.
For larger firms, the role of business managers is more specialized. They may be assigned to focus on marketing, advertising, public relations or other aspects of their operations. They may be asked to oversee the production process in a large manufacturing firm to ensure that waste is minimized and the production deadlines are met. They may also focus on training employees, planning their work schedules and reviewing their performance. The performance evaluation is an integral part of their work because the efficacy of department heads and the employees under them will determine the company’s success or failure. The findings of the review of the business manager will be the basis for recommendations made about a particular employee—whether he will receive commendation, bonus or if the milestones have not been met, a reprimand.
A typical workday will see business managers reviewing reports, analyzing data and crafting business plans. They will also meet section supervisors, department heads and the company’s top executives to discuss various concerns or evaluate financial reports. They may also attend the launching of new products or give interviews to members of the media. Business managers who work for large corporations may need to travel to the company’s offices or manufacturing facilities abroad to check on their progress or review performance.
Business managers can expect to spend their workday attending to various problems faced by the company and coming up with solutions to them. It is an occupation that requires quick thinking and the ability to forecast events. It is also highly demanding but at the same time quite rewarding for the individual who loves the challenges that come with running a business.