Not everyone is cut out for analyzing the highs and lows of a business. Business management encompasses the fields of accounting, marketing, operations, and human resources, to name a few — the field is enormous, to begin with. It also offers a lucrative career path for anyone willing to go down this road. But it’s this same enormity that even complicates the field, making it relatively complex and intricate to pursue.
But, if you are determined to make a career out of business management, here is everything you need to know about the field.
What is Business Management?
Business management sheds light on the planning, execution, analysis, and supervision of a business establishment. The business productions, establishments, functionalities, finance, administration, and sales — all come under the purview of business management.
Here are the rules and responsibilities of a business manager:
- They supervise several departments in a company.
- They implement strategies to drive company growth.
- They shouldered with the responsibility of improving employee productivity and making operational changes in favor of the organization.
- They extend all possible resources and tools for employees to work efficiently.
- They closely monitor and track the working strategies and styles of employees.
- They develop business relations and close business deals.
- They keep track of the company expenses and limit them to the range of business budgets.
- They need to plot graphs and charts to forecast sales and scheme strategies to avert any potential losses.
These activities encompass the day-to-day roles of a business manager. They are subject to change when referencing specific job requirements. Companies usually formulate customized skill sets for business managers, depending upon their marketing needs.
Business Management Salary in India
The statistics on business management salary in India can be understood in terms of experience and skills. Although the experience will land you the best salary bidding, your skillset also plays an important role in deciding your salary band.
Depending on these factors, a business manager can earn anywhere between Rs 307k and Rs 2 million per annum.
According to the salary data collected by Payscale, the salary of a business manager at various levels is as follows:
- Entry-Level: Freshers; newly graduated business students, diploma holders, all of whom hold less than 1 year of experience in the field fall into the entry-level category. On average, their base income amounts to Rs 356,853 per annum.
- Early-Career: Business managers with experience of up to 4 years can expect an average pay scale of Rs 522k per annum.
- Mid-Career: If you have 5 to 9 years of experience under your belt, you can easily earn Rs 771k per year on average.
- Experienced: As you complete a decade in a certain field, you are considered relatively experienced. And this reflects in your salary benefits. Anyone with an experience scale of 10 to 19 years can expect up to Rs 1.2 million per annum.
- Late-Career: Business managers who have spent more than 20 years in the field can earn Rs 1.3 million every year.
Top Careers in Business Management
Career opportunities in the business management scenario are limitless. There is a wide range of disciplines to include which are: Entrepreneurship, Advertising, Operations Management, Sales Management, Finance, Supply chain, Marketing, to name a few.
However, some career windows remain wide open and are of utility in India. Depending on the Indian domain, the top business management careers are:
1. Marketing Executive (avg. salary: ₹290k per year)
As the name suggests, a marketing executive is a person that oversees the marketing trends and devises schemes to use them for the company’s benefits. The job profile of a marketing executive generally includes:
- To plan strategies to maximize company sales.
- To set up promotional campaigns.
- To maximize the brand reach in the market.
2. Sales Representative (avg. salary: ₹437k per year)
The job profile of a sales representative includes:
- To take care of sales-related goods and services.
- To maintain customer and client records.
- To create corporate and customer relations.
- To expand sales prospects.
- To bring in new leads and prospective customers.
3. Business Analyst (avg. salary: ₹700k per year)
A business analyst’s job is basically to provide statistical insights into the company’s growth to the management team. Apart from that, their job profile includes:
- To deliver data-based business suggestions to the stakeholders and executives.
- To generate sales and growth reports using analytics.
- To forecast how changes in market/customer trends can affect the company’s position in the market.
- To provide feasible ideas that could impact a company’s growth.
- To identify and outline problems that inhibit a company’s development.
4. Operations Manager (avg. salary: ₹770k per year)
An operations manager is required to implement immediate solutions targeting the company’s stability and efficiency. The responsibilities of an operations manager are:
- To implement effective policies, strategies, and plans.
- To develop and review a company’s operational plans.
- To monitor company reports, budgets, and audits.
5. Business Manager (avg. salary: ₹860k per year)
If you are a beginner in this field, you will be introduced as a business trainee. A trainee’s primary tasks include following the orders of his supervisors, learning different business operations, and turning in tasks before the deadlines. On advancing to a business manager’s position, the job role includes:
- To lead a team of salespeople.
- To monitor team performance using effective performance metrics.
- To implement schemes to increase the company’s revenue and productivity.
- To meet marketing targets; hitting business and sales quotas.
- To implement strategies without overstepping the budget of the company.
6. Business Application Manager (avg. salary: ₹2,701k per year)
A business application manager is responsible for a variety of tasks. These include:
- To monitor the everyday activities and operations of the app development team.
- To provide feedback and corrective measures wherever necessary.
- To establish professional relationships and finding effective solutions to meet business requirements
- To analyze business requirements and preparing designs
- To define maintenance costs for various business app development processes.
7. Development Manager (avg. salary: ₹2,630k per year)
A development manager serves as a contact point between the upper management team and the clients. Their responsibilities include:
- To set, analyze, and meet project goals
- To oversee daily tasks within the company
- To work towards increasing the company’s reach
- To hold fundraisers and other events for transacting company’s initiatives.
- To acknowledge customer concerns and reviews regarding the product or the service that the company provides.
The opportunities in the field of business management are endless and will always remain in demand. This is because the skills acquired through a business management program are highly pragmatic and flexible, and can be moulded to serve almost any industry.
There is lucrative growth in the field with increased job demands as businesses join hands with technology. So, if you are headed in this direction, you have a rewarding road ahead of you.
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Q1. What skills do you need to become a good manager?
To be an efficient and good manager, you will need a set of finely tuned skills. Experts say that a good manager is usually a multi-skilled professional, and you can always start developing or honing your skills and competencies pretty easily. First and foremost, you will need to sharpen your interpersonal skills since managerial roles are all about dealing with people. Then, you must have excellent communication and convincing skills. You should be good at organizing and delegating since you have to handle multiple responsibilities. Strategic thinking abilities along with planning, problem-solving and decision-making and having a sharp business acumen will also be of great help.
Q2. Is hotel management the same as hospitality management?
When we hear about hotel management and hospital management, most of us think that they are the same. However, there are stark differences between them, though both are concerned with the service sector. Hotel management entirely focuses on all aspects of the hotel industry and how a hotel functions. This includes hotel administration, housekeeping, maintenance, marketing, catering, etc. But hospitality management deals entirely with people – it is not confined to hotels alone. Hospitality is an umbrella term and includes tourism and travel, food and beverages, event management and many other sectors. The employment scope of hospitality management students is far broader than hotel management students.
Q3. How much maths is needed for studying management?
The anxiety surrounding mathematics often makes us think more than twice if we should study management or not. But the truth is that you do not need a lot of maths to study management. But do not assume that you can skip maths at all, because that is not true; even if you do not have to study mathematics per se, there will be subjects where you will have to go through a lot of numbers crunching. Management studies include subjects like economics, accounting and finance, which involve dealing with numbers. However, there is nothing to panic or worry about.