Business Management Skills For A Manager

When you have reached the level of a manager, you will find that specialized knowledge of your job is not enough.

You need to acquire important business management skills in order to perform well in your capacity as a section manager.

Your superior always tells you to look at the big picture, and that means you need the business management skills to understand the whole business.

What are the business management skills you needed?

1. Finance

You need to read the balance sheet and the financial report. All bosses think in term of balance sheet and financial report.

Every decision you make in your capacity has

an impact on the balance sheet.

If you intend to hire two more persons for your section, you can imagine the increase in the expenses column.

You need to justify the increase in headcount in term of future revenue.

2. Processes

You need to have a basic understanding of the different processes in place in the company.

It is not just about how your team works, you need to know how the process flow of the other department as well.

If you are heading the sales team, you need to pay attention to the capacity of the production. There is no point taking in too many orders, so much so that the production cannot cope with the order.

There is a limit to the production capacity.

3. Motivation

You will find that you are less and less involved in hands-on work. Your role as a manager is to motivate your staff to perform.

You need to solve personality conflict problem, so that the team does not compromise in work quality.

You need to provide motivation even when you know that you cannot promote every good worker in your team.

4. Planning

A good manager acts, and not reacts. If the manager reacts most of the times, that means he does not know how to plan.

You are involved in departmental budget planning. You are involved in production planning. You


need to plan the work for your employees.

You need to plan for expected and unexpected occurrences. If your employees are going on maternity leave, you need to get in a replacement or to distribute the workload among the rest of the team.

5. Strategic and tactical consideration

You need to think in term of strategic planning. At the same time, you need to have a tactical approach so that you can translate the strategic plan to workable plan.

Strategic plan is often very board in nature. Tactical plan is the actual workable plan to achieve the target.

If the management decides to outsource non core functions, you need to consider what is non core function, and the financial advantages or disadvantages of outsourcing.

Many people are very skillful in technical aspects. However, they are a bad manager since they lack the important business management skills.

If you are not up to the task of financial analysis and managing emotions, you need to acquire business management skills. You can go for training courses.

About me:

Scheng1 is a passionate blogger from Singapore. Rich in every sense reveals my deep desire in enjoying life, and be rich in every possible ways. Personal Finance is about money, from making money to investing money.  Retirement in Asia contains resources on retirement planning.



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