Business Management and Strategy

What is business management?

Business management refers to the organization of people and resources to fulfill a company’s mandate and objectives.⁴ This includes directing tasks and objectives, leading people, overseeing operations, setting up the organizational structure, and planning for the future.⁵ Business management also involves the control of all the resources available to carry out a function or run a division of an organization. This includes communicating vision and strategy, managing changes in policies and objectives, setting up incentives to drive positive behavior, and defining and measuring goals and deliverables for individuals and teams.⁶

What is a business strategy?

A business strategy is the plan that facilitates the achievement of clearly defined company objectives and goals.⁷ It is the long-term course of action identified by the leadership of an organization and is used to inform all business decisions and actions. This includes the products and/or services on offer, who the target market is, how to achieve customer satisfaction, and how the organization should carry out its operations. The strategy also speaks to the ultimate goal of securing a competitive, favorable position in the market.⁸

Ultimately, a strategy specifies how an organization carries out its business in order to reach its desired goals.⁹

Studying business management and strategy can contribute to your business and career growth in many different ways. It can:

• Introduce you to business. Many graduates lack real world experience.¹⁰ Studying business management is an ideal introduction to the principles and mindsets that drive businesses, people, and the economy
• Increase your competitive advantage. Completing a course in business management and strategy can provide the essential skills needed to help organizations and individuals outperform the opposition¹¹
• Lead to effective change management. Change is the new constant. Research shows that a typical organization has initiated five major firm-wide changes in the past three years, with 50 percent of these initiatives ending in failure and only 34 percent deemed a success.¹² As nearly 75 percent of organizations plan to increase the types of major change initiatives they will undertake in the next three years.¹³ The ability to effectively implement change in an organization is a crucial skill to have
• Help you embrace digital transformation. A recent survey of C-suite executives revealed that digital transformation risk is a key focus point, yet only 30 percent cite fulfillment of their organization’s digital transformation goals.¹⁴ Completing a digital transformation course can mitigate potential risk and increase the likelihood of reaching your organization’s goals
• Assist your business in reaching long-term success. Fewer than 10 percent of all new companies survive the first five years of business.¹⁵ Studying entrepreneurship provides aspiring and existing business owners with the tools they need to succeed
• Improve your chances of succeeding in the sports industry. Globally, this industry is estimated to be worth around $500 billion.¹⁶ Joining a sports management online short course gives professionals the business skills they need to be part of this lucrative field

Careers in business management and strategy

Careers in business management span many functions, such as business administration, production, finance, marketing, and human resources.¹⁷ These typically involve the evaluation, management, and directing of operations in order to achieve greater efficiencies and yield more productive outcomes.¹⁸

Business management and strategy careers involve the management of people and operations, and include roles such as line managers, business consultants, chief executive officers, and vice presidents of operations. Typically, those following a business management and strategy career path are not confined to a single industry, as their interpersonal and strategic skills are applicable to most industries.

Skills needed for a career in business management and strategy

Business management functions typically include the sourcing, supervision, motivation, and assessment of talent. Planning and monitoring of activities, developing policies and procedures, measuring and documenting individual and team results, and problem-solving also form part of management’s responsibilities. Other functions include budget setting and expenditure management, an awareness of industry trends, collaboration with other departments and individuals, and leading and coaching employees.¹⁹

Additionally, most management skills encapsulate:

• Strategizing. This is the process of creating, facilitating, and realizing a vision for a company through measurable, achievable goals²⁰
• Delegating and organizing workflow. The ability to create structure and order within an organization or department, as well as prioritize, delegate, or cancel tasks in order to bolster productivity in line with business objectives is a key competency²¹
• Leadership. Business leaders must be able to motivate and serve a team.²² Apart from developing strong problem-solving skills, today’s leaders should have an inclusive leadership style and have the ability to foster a collaborative and agile mindset. They should also have connections with external resources, and ensure they’re up to date with business and industry trends and best practices²³
• Communication. Effective communication is vital to succeed for everyone in business, be it as an entrepreneur, manager, or employee. These capabilities include verbal and non-verbal communication, active listening, authenticity, and the ability to get your point across or call people to action²⁴
• Managing people. Often referred to as ‘soft skills’, these competencies are essential in people-centric roles and include managing conflict, emotional intelligence, storytelling, and critical and creative thinking²⁵
• Decision-making. The ability to make decisions is a skill that managers use every day, and include well-developed listening and communication skills, and the ability to access and process information in order to facilitate accurate decision-making²⁶

GetSmarter offers a wide range of business management courses to help you gain the knowledge and skills needed to make good business decisions that can lead to long-term success. GetSmarter’s flexible, personalized learning model allows you to receive a certificate from internationally recognized institutions at your own pace, while being fully supported by a team of experts.

If you want to improve your business management skills, or learn more about a specific business field, you could benefit from these business management courses.

Business management courses

Gain the fundamental principles and skills required for a successful career in business by learning concepts and practices that span the full management spectrum. This includes digital marketing, finance, market research, and competitive analysis.

Risk management courses

Acquiring strategic business management skills is necessary to ensure a competitive advantage in the marketplace. These new skills will help you anticipate, mitigate, and manage risk in an increasingly uncertain business environment. Enroll in a business and risk management course through GetSmarter to learn how to assess and successfully manage potential challenges, and safeguard the future of your organization.

MBA courses

An MBA enhances your management skills and is advantageous in fields such as finance, human resources, strategic management, traditional and digital marketing, , general and operations management, and entrepreneurship.²⁷ Studying for an MBA also exposes you to a wide and valuable business network, provides you with the know-how to start your own business, and has been shown to increase overall earning potential.²⁸ However, not everyone has the time or income to complete a full MBA program.

Innovation and strategy courses

Research shows that business leaders who can define and commit to their strategies see faster business growth, with greater profit than their competitors.²⁹ In a rapidly evolving business environment, organizations need to be more agile and innovative to remain relevant.³⁰ As digital disruption accelerates, companies across all industries need managers who can build and motivate creative teams, leverage emerging technologies, and innovate on demand.

Bring strategic insight and methodologies to your organization for greater resilience and innovation by taking a business innovation and strategy course through GetSmarter.

Entrepreneurship courses

From courageously making the first move to start a new business to exercising patience, entrepreneurs possess a unique set of skills.³¹ An entrepreneurship and small business management course will help guide you as you make business decisions that ensure longevity. Gain the theoretical and practical skills needed to start and grow your business, and make strategic decisions that positively impact its future.

Change management and digital transformation courses

As a result of the fourth industrial revolution and the technological disruptions that come with it, the workplace and workforce are evolving.³² Organizations that proactively anticipate, embrace, and address changes brought about by digital transformation are more likely to thrive.³³

Change management and digital transformation courses offer practical models, tools, and approaches to guide both internal and external change. Additionally, leading strategic development through digital transformation initiatives will be taught. Become an agent of change by enrolling in one of the courses on offer, and be empowered to facilitate and motivate positive change in your organization.

Sports management courses

Historically, the global sports industry tracks an ever-rising growth metric and is expected to continue in this upward vein for the future.³⁴ With expansion comes the increased need for business professionals who have a firm understanding of management and strategy to work within the industry.³⁵

Explore the unique selection of sports management online short courses on offer, which can provide you with the skills you need to start, secure, or advance your position in this field.

Whether you want to start your own business, gain the necessary leadership skills to be considered for a management position, or expand your business management knowledge in your area of expertise, there’s a GetSmarter business management and strategy online short course that will benefit your organization and advance your career.

Sources

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