Business Management Methods

Business Management vs. Leadership

Managing is not the same as leading. Leaders are more prone to create business models and grow businesses. A manager is more apt to oversee the created model and maintain the business’ growth. Effective management is key for maintaining future growth. Managers are the ones who keep the company running smoothly on a daily basis, as the leaders of the company are trying to take the business to a new level. Managers keep the company flowing to keep the cash flow, and in a lot of small business organizations, the leader and the manager are one in the same (autocratic). But as a business expands, in most cases, the leader must appoint a manager to keep all the other main important areas in compliance. It is the job of the leader to “lead” his manager and have an effective method in place for that manager to take and run with.

Business Management Methods

Each company possesses a certain type of style in regards to how they run their day to day operations. There are 5 well known business management methods. Today we will talk about the first of the 5 methods, Autocratic Management.

Autocratic Management

Of all the methods we will discuss, Autocratic Management is, by far, the most common methods for small businesses. With Autocratic Management, the business owner is not only the leader and the one that is responsible for the company, but also the President or CEO of the company; maintaining the role as manager. The business owner makes most, if not all, of the decisions and is ultimately the one driving and sustaining the business.

My Advice to Autocratic Managers: Autocratic business management should not be a long term type of method that you have in place. Autocratic methods can stunt growth if they stay in place too long. For increased growth, it’s key to find the best transitional type of management style that meets your businesses culture. But before transitioning to one of the methods we will be discussing in the weeks to come, make sure you have properly mastered Leadership Skills #4 & #5 (if you want to learn more about these leadership skills, visit my blog). Without the ability to duplicate yourself and delegate roles successfully, transitioning to a new type of business management method may lead your company towards failure.

Autocratic Business Management is only the first of 5 different business manag

The Role of an Online Business Manager

Many business owners are a little confused between an Online Business Manager and a Virtual Assistant – they think they’re one and the same. To some extent they are, but there is a role for both types of virtual support professional in your business. And it very much depends on where you’re at in your business.

To put simply, I equate an Online Business Manager with the traditional Office Manager/Executive Personal Assistant in the corporate world; and a virtual assistant with an administrative assistant. I think most people understand these concepts. So in an online business, the Online Business Manager and Virtual Assistant fulfill these same roles.

When you first start out in your business, you typically have very few clients; your marketing strategies are simple; and you have a limited budget. In this situation a Virtual Assistant can fully support you and take some of the basic day-to-day tasks off your plate, leaving you to build and grow your business.

But as you do your job in growing your business – you get more clients, your income increases, you start to offer products and programs – then typically you’ll find yourself not only growing the business and working with clients, but also managing a lot of the day-to-day activities that you shouldn’t really be managing. This shows up in ways such as:

Knowing that you don’t have enough systems in place, but not having the time to put them together.
There’s so much going on in your business that you don’t know what’s getting done and what isn’t.
Delegating work between your Virtual Assistant, your web designer, your graphic designer, or your affiliate manager, and having to constantly check in with them.
Not having the technical expertise (either yourself or your team) to get your Infusionsoft or 1ShoppingCart account set up properly.
And as a result you become frustrated and overwhelmed, and all the fun goes out of running your projects. A lot of those projects you want to implement, which you know will generate additional revenues for you, are getting put on the back burner because you’re spending most of your time putting out fires.

This is when you need… an Online Business Manager!

Visuzalize an organizational chart, the Online Business Manager will sit between you and your team members. They can see the Big Picture for your business (because they’re big thinker strategists), but they are also be able to break down that picture into step-by-step projects to delegate to your team.

Your Online Business Manager will take responsibility for:

Project Management – setting up that new online program or membership portal.
Operations Management – ensuring that your Infusionsoft or 1ShoppingCart account is set up correctly to deliver your automated marketing plan, programs, and products.
Metrics Management – tracking your stats so you know exactly what’s working in your business and what isn’t.
People Management – managing the day-to-day tasks of your team members so that you don’t have to.
And your time is freed up to focus on growing your business. The result… your Big Picture gets implemented and your goals are achieved!

Understanding how these various roles fit into an online business will help you determine the best needs for your business. You’ll be able to hire the right team member, at the right time.

And when you have this level of support – someone who understands both business strategy and is very detail oriented – you have a winning combination for growing your business from five figures into six figures and beyond.

(c) 2013 Tracey Lawton

Business Management Training Provides Tools For Modern Business

Since the turn of the 21st century, the world of business has become much more involved. With the complexities of rapidly expanding technology and economic globalization, it is essential for organizations to develop tools for strategic analysis to ensure their ability to compete as an industry leader. Professionals are increasingly looking towards business management training to develop those tools for the present and the future. Professionals must understand the nuances of technology and where the future of technology is taking businesses. Additionally, professionals should understand the role that globalization has on connecting all businesses around the world. Companies that do not understand globalization and technology will not be able to make an advantageous capital investment decision to sustain the success of a business.

To stay ahead of the curve, professionals looking for success are taking advantage of every opportunity to learn more about the changes in the business world. One opportunity is business management training, which provides managers with a tool kit to think strategically, assess the financial implications of their decisions, mobilize change within an organization, and communicate with other business leaders. The success of a company relies on managers mastering those capabilities. Managers cannot rely solely upon the ability to read and interpret income statements and balance sheets and cash flow statements. A manager that is properly trained should be able to take those spreadsheets and conduct advanced analysis of their firm’s financial performance. This includes timeline analysis to track cash flow and payments and establish the value of securities and investments, determining overall cost effectiveness. Business management training provides managers with the overall ability to chart the future of the company as well as manage for bottom-line performance.

Business forecasting is critical to the long term growth and survival of a business. The many economic, competitive, and global factors that influence how a manager conducts business are constantly changing. Despite the dynamic nature of business, in order to make a good capital investment decision, managers must determine the feasibility of new initiatives with thorough research and analysis using financial decision-making tools. The firm’s capital funds must be allocated in the most efficient manner in order to provide the business with the best return possible. The risk analysis must be tailored to the current and future market. With today’s delicate global market, it is imperative that managers make smart decisions about projects and initiative. To do so, managers must weigh costs versus future revenues and consider all possible outcomes. A capital investment decision can completely alter the face of a business. A manager that utilizes all the tools and training available will be able to make decisions that will sustain the success of a company for a long time.

The world is changing faster now than ever. Global economies are fully connected and decisions made across the world can affect the future revenues of any small business. Business management training prepares professionals to handle all the different variables that go into making a capital investment decision. Managers must utilize all of the tools at their disposal to maintain the bottom line of their business. With proper training and hard work, a manager can succeed in leading a business by using globalization and technology as tools for future success.

Selecting the Best Business Management School for a Good Degree

For many people who graduated from colleges with a plain Bachelor’s or Master’s degree feel undervalued compared to their peers & colleagues who opted for a Business Management degree from a reputed business school. It may not seem so big, but the top management of many of the biggest companies and organizations do value those who have a business management degree.

Excellent Management Training

Fortunately, it’s observed that it’s never too late to do a full-fledged business management course and there are hundreds of business schools which offer this course. However, it’s noted that getting this degree from any school may not help you in the long run; the name of the school and its ranking in the country play a very important part. This is why there is such a demand for seats at the top Indian Institute of Management schools all over the world. The training received by potential students in business management as well as other specialties dealing with business management gives you the best opportunity of moving up the corporate ladder or finding a more suitable and well-paid job.

Basic Admission Requirements

For admission in a top management Institute, one would have to apply through the different exams held in the country; these include Common Admission Test, the Management Aptitude Test, Xavier Aptitude Test, the Graduate Management Aptitude Test and the Common Management Aptitude Test. The cut-off percentage for students applying is above 50%, but students who are in the last year of graduation can also apply for admission along with the students who can get admission through the seat reserved for the management or by sponsorship from some of the big business houses. With the economic situation improving, there is a very huge need for well-trained management executives and this has led to the rise in the number of business schools in the country.

Matching Education Qualities

The industry requires well-qualified business management graduates and those who can afford it send their wards to the best business schools abroad, but you can get the same quality training from a good and reputed business school with excellent core faculty members as well as expert visiting professors. One of the reasons these institutions are doing well is that they are willing to invest a lot of money to get the best professors & build excellent research and development centers. Their curriculum matches with what they teach at international business schools to make sure that their students do not miss out on any of the latest developments in the business world.

One of the goals of business management schools is to make sure that their students receive the same quality of education as their foreign counterparts.

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