A Business Manager is a professional who is entrusted with the job of managing a business firm or a corporate enterprise or a private enterprise on behalf of a company or individual with the outcome of earning profits and revenues. There are several areas where a Business Manager can use his or her knowledge and expertise to serve – accounting, auditing, budgeting and taxes, data processing and analysis, finance, HR and personnel, marketing and public relations, operations analysis, purchasing and so on. Besides there are also specific technical areas in which a Business Manager can have specialized knowledge and skills like computer programming, e-commerce, law, science etc.
Even small businesses or home businesses sometimes typically have Managers doing multiple roles that focus on the company’s marketability and reach. In such a scenario, the Business Manager shares much of the owner’s duties and responsibilities in running the business successfully and in some cases, earning a share of the profits.
There is no doubt that the role of a Manager is very essential and crucial to a business. As we have seen in the modern era, even artists and private individuals like musicians, dancers, painters, writers, sportspersons etc. have Managers who manager their business affairs, professional commitments and financial matters. Hence, the role of a Manager cannot be taken lightly. In the context of a governmental agency or a military agency, the position of Business Manager would be equivalent to that of an Executive Officer or a Chief of Staff.
Functions or Role
Overseeing the operations in small, large or private enterprises involves many specific functions. Generally, the duties of a Business Manager extend to:
• Developing and implementing budgets
• Fixing business goals and targets
• Hiring, training and evaluating employees
• Supervising and overseeing duties of support staff
• Handling payments and contracts
• Managing business commitments, travel schedules etc.
Most Managers require a basic qualification of a bachelor’s degree in Business Management which has many in-built modules in tandem with the duties listed above. They also need to have excellent communication skills, great inter-personal relations, be adept in promotional and marketing abilities and have contacts with media agencies and networks. In many businesses, salespersons who have worked through the company for many years handling several responsibilities are promoted to Managers levels and entrusted with greater responsibility.
In a private enterprise such as a Manager handling the portfolio of an artist or sportsperson, the role of a Business Manager is very much in the public eye. Several past business managers have been caught in financial and personal scandals ranging from negligence of professional commitments to fraudulent practices in financial matters, illegal and unethical management of assets, swindling of revenues etc. which can be a serious setback to professional enterprise.