Business Management Skills: Definition and Examples

For those looking to enter the business world, a background in business management is an important asset. Professionals with a strong set of business management skills will be well-positioned to take on a variety of roles within an organization, and possess critical competencies that will help businesses of all sizes and sectors to grow.

If youre interested in pursuing a career in this thriving field, take a look at our top business management skills list to find out if you have what it takes.

Management skills | 10 Management skills every manager should have.

Examples of business management skills

Many business management skills will help you impress employers when you are searching for a job. Here are a few that are especially important for becoming a productive and effective employee:

Communication

Communication is a crucial skill to have when seeking a business management job. You should be able to communicate clearly and efficiently to employees, peers, bosses, clients, business owners, media and suppliers. Both verbal and written communication skills are vital for internal and external communication, such as during negotiations and in meetings with clients or coworkers.

There are many ways to practice good communication skills. You should be respectful when speaking to others, be patient and listen when you are spoken to, use body language and be clear and concise.

Leadership

Business managers are leaders by profession. If you are applying for a business management position, you should know the leadership responsibilities that may be required of you. Business managers handle multiple issues in their companies every day and keeping track of them can be challenging for one person. However, a business manager’s leadership skills can help them efficiently complete their tasks.

Leadership skills help teach you when to address issues yourself and when to delegate authority and responsibilities to subordinates. Delegation allows for the company’s business continuity in the short and long-term. It also boosts employees’ morale, as they feel like a part of the team when placed in decision-making roles.

Business managers with leadership skills also understand the need to train and coach their employees periodically to boost their skills. It has been found that companies investing in employees’ training typically have high staff retention. Leadership skills also enable business managers to know how to tactfully and positively give constructive criticism to their employees.

Budget management

If you are being hired as a business manager, it will be your responsibility to handle your company’s internal spending with care. As a business manager, ensure employees stick to the budget when using the company’s money to accomplish their assigned tasks. You should know how to plan budgets and have knowledge of financial software that tracks how money is spent in the company.

Business managers can authorize extra spending to hire outside consultants if the company’s goals are not met within a certain timeframe. Successfully managing the company budget will ensure that goods and services are delivered to clients are on time.

Motivation

To be an effective business manager, you must be a motivator and boost staff morale. Motivated employees feel like valued members of the team. The following are practical ways you can motivate employees in your new business manager position:

What are business management skills?

Business management skills, such as communication, problem-solving and decision-making, are abilities that will help you become more successful in your career. They equip job seekers with skills that improve their likelihood of being hired and employees with skills to be more productive in the workplace.

Employers seek to hire job applicants with business management skills because they have a broad knowledge of the various business disciplines, such as accounting, marketing, insurance, finance, administration, management science and human resource management. Job applicants with business management skills can oversee the operations of many different departments in a company because they have a good understanding of how each function. Business managers also observe market trends and advise their companies on how to respond to remain competitive.

How to improve business management skills

As a job seeker in a competitive and growing market, it is vital to improving your business management skills to adapt to growth. The best way to do that is by assessing which of your skills need strengthening and working on them in the following ways:

1. Pursue education

There are many learning opportunities available that can help improve your business management skills, such as pursuing a certificate, degree or master’s program. Today, higher education learning institutions offer online and offline courses in business management skills. You can study these courses on a short- or long-term basis depending on which business management skills you want to improve and how much time you have.

2. Attend workshops or training sessions

Online and offline workshops and training sessions offer you opportunities to grow your business management skills in a short period of time. Such programs can last from a few hours to a week. These workshops and training sessions are tailored to tackle specific topics on business management skills due to time constraints.

3. Mentorship

When you are applying for jobs, it’s helpful to seek individuals from within your field who are experienced and adept in the business management skills you want to improve. Such mentors can offer you insights on business management based on the experience they have accumulated over the years while working in competitive business environments.

4. Practice

Find opportunities in your life to practice the business management skills that you have learned. For example, you can practice communicating more productively on your friends, family or coworkers. It’s helpful to ask for constructive feedback to ensure you are successfully improving your skills. Also, it may be beneficial to take on unfamiliar roles and responsibilities in your workplace to practice some business management skills you want to strengthen.

Business management skills in the workplace

In the workplace, there are several ways you can apply business management skills to be a more productive and effective employee:

Be organized

As a business manager, your organizational skills ensure that the company’s business goals are met. Being organized will help you prepare a plan to track company projects and which employees are overseeing them. This allows you to easily follow up with specific employees if you need to know a project’s progress. Such organizational skills will also help you gauge your employees’ productivity to make sure everyone is performing their essential job tasks efficiently.

Plan and prioritize

Time is an asset to a company, and as a business manager, you make sure that all deadlines are met. You should ensure that the company’s most vital tasks are accomplished first in the shortest time possible. As a business manager, communicate clearly to employees which tasks to prioritize so that immediate goals are met.

Be open to ideas

Within any company, it is important to be open and approachable to employees offering operational suggestions. This openness can create an innovative environment and introduce better business processes. These new processes may positively impact the company’s productivity, improve service delivery and lower operational costs.

Address conflicts quickly

For a company to meet its goals, harmony among employees is important. When conflicts arise, as a business manager, address them quickly before they affect team collaboration and productivity. You can address workplace conflicts by meeting with the employees involved and hearing their sides of the story. To positively resolve conflicts, you should be fair to all sides and remain calm during the process. During the conclusion of the conflict resolution meeting, encourage the employees to apologize if necessary and communicate more effectively in the future.

How to highlight business management skills

To have a higher chance of impressing employers during the job application process, it is important to show them how your business management skills can be an asset to their companies. You can do this with your resume, cover letter and during an interview. For each of the three stages, here is how you can positively portray your business management skills:

Business management skills on a resume

The resume you send to potential employers should highlight how the business management skills you learned in school or acquired through experience can be applied to their companies. The goal is to show them how you can benefit their business operations. If you have previous experience in a business management position, list it on your resume. You can also briefly outline how you used your business management skills positively and effectively in your previous position.

Business management skills on a cover letter

A cover letter allows you to elaborate on how you intend to apply your business management skills to the company offering the job. Make sure you highlight achievements from past jobs and describe how you used business management skills to positively impact the companies. For instance, you can say: “In my previous position, I minimized operational costs of processing by 25% after encouraging the CEO to mechanize our body painting unit, which increased our minivan production by 15%.”

Before you send in your application, read through your cover letter one last time to ensure it has no spelling mistakes or grammar errors.

Business management skills for the job interview

When you are being interviewed, listen to the questions first without interjecting, and then answer them. Use the interview opportunity to cite examples of when you successfully used your business management skills with your previous employer. Before attending the interview, thoroughly research the company operations. This can help you discuss specific ways your skills can be useful to the company to impress the employer.

FAQ

What skills do business managers need?

Management skills are a collection of abilities that include things such as business planning, decision-making, problem-solving, communication, delegation, and time management.

What are the five main management skills?

Top Skills Needed for Business Management
  • Communication. Communication skills in business management are key. …
  • Management & Leadership. …
  • Financial Intelligence. …
  • Information Technology. …
  • Critical Thinking & Problem-Solving. …
  • Creativity and Innovation.

What are the 3 basic management skills?

  • What are Management Skills? …
  • Management Skills #1: Relationship Management. …
  • Management Skills #2: Planning. …
  • Management Skills #3: Prioritisation. …
  • Management Skills #4: Critical Thinking. …
  • Management Skills #5: Industry Knowledge.

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