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Business managers drive the work of others (if any) in order to operate efficiently and (in the case of for-profit companies) to make a profit. They should have working knowledge of the following areas, and may be a specialist in one or more: finance, marketing and public relations. Other technical areas in which a business manager may have expertise include law, science, and computer programming. In some circumstances, business managers even have oversight over human resources.
In many businesses, the role may be established to relieve the owner of responsibility, in order to focus on specific aspects of company expansion. Typically, the business manager and the owner work may work in synergy to ensure successful running of business. Having a specialization in a particular field, such as sales, marketing, public relations or finance aids in efficiency, yet despite the usual academic qualities of a business manager, business managers also develop personal qualities that are helpful in performing the role efficiently.
A social skill of a business manager is the ability to understand and know what each of their subordinate employee's tasks are and how to work with each employee in working toward successful completion of such tasks.
A business manager should be willing to accept constructive criticism from employees, develop social skills, be organized, honest and able to take good decisions. A good business manager should be willing to work along his or her employees in order to create a better work environment.
Examples in industryEdit
In the music industry, a business manager is a representative of musicians or recording artists or both, whose main job is to supervise their business affairs and financial matters. The role largely originated from Allen Klein, who represented numerous performers, helping them to both invest their incomes wisely and to recover unpaid (or underpaid) royalties and fees.
Business managers commonly have an overlapping presence in both the entertainment and sports industries, as illustrated by business manager Barry Klarberg, who represents entertainer Justin Timberlake as well professional athletes C. J. Wilson, Mark Messier and Anna Kournikova.
- "business manager". Oxford English Dictionary (Online ed.). Oxford University Press. (Subscription or participating institution membership required.)
Sivagnanam, K. Jothi; Srinivasan, R. (2010). "Business Economics: Definition, Nature, Scope and Concepts". Business Economics. New Delhi: Tata McGraw-Hill Education. p. 18. ISBN 9780070682153. Retrieved 16 October 2019.
The economic theories and methods help business manager [sic] to make efficient choices that give optimum results in business problems using techniques such as profit maximisation, demand forecasting, optimum price determination, cost minimisation, revenue forecasting and revenue maximisation.
Hilliard, Robert L.; Keith, Michael C. (1999). "See LPTV Run: Its Organization and Structure". The Hidden Screen: Low-power Television in America. Therapy - Or Terror and Political Coercion. Armonk, New York: M.E. Sharpe. p. 50. ISBN 9780765604194. Retrieved 16 October 2019.
Any work or personnel in the categories of accountants, bookkeepers, human resources personnel, or billing clerks usually report to the business manager.
- Sun, Daowei; Hyland, Paul; Cui, Haiyang (25 June 2014). "A Designed Framework for Delivering Systems Thinking Skills to Small Business Managers". Systems. 2 (3): 297–312. doi:10.3390/systems2030297.
- Sports Business Journal. "Athlete advisors Klarberg, Furst Close to Deal", April 9, 2012.