The world of business is an ever-changing and certainly multi-faceted one and whether you are currently in a business management role, of either your own company or someone else’s, or else are looking to change careers to move into business management, then there is certainly a lot to consider.

So, in an effort to break down what business management is and indeed to provide effective ways to improve both your soft and hard skill sets should you want to improve your business management capabilities, then this guide can certainly help you to understand the core components of business management and how important they are.

·        Information Technology Management

One of the core components involved under the umbrella title of business management is that of information technology (IT) management, especially in the modern world where computing and computing technologies are integral to every single core business model.

Essentially, IT management involves the handling and overseeing of all technology and technological resources of a company and ensuring that all the business needs and priorities are being met each and every hour of the working day.

Additionally, IT management also focuses upon fulfilling the expectations of not only the employees who work for the company, but also the customers themselves. IT management can be divided into three core elements, which are:

1. IT Financial Management
2. IT Service
3. IT Configuration

·        Service & Administration Management

Administration and service management is one component of business management which is almost entirely dependent on the nature of the company and the industry in which it operates.

Business administration is an absolutely fascinating element of core business function and it would be exceedingly prudent, should you be committed to pursuing a role as a business manager, to enrol in an MBA online, which will provide you with a wealth of practical experience and knowledge on the subject.

Business administrators are tasked with the running and monitoring of a wide plethora of different core functions and such a job role usually encompasses the following duties:

• Copying, printing & binding important documents
• Providing feedback on improvements surrounding office efficiency
• Scheduling networking, business and companywide events and appointments
• Communicating with vendors and suppliers
• Ensuring all company files are updated and well organized at all times
• Connecting calls to the right people and taking messages for different departments
• Ordering office supplies and also supplies for remote workers
• Editing and indeed writing official correspondence from the company
• Educating customers and clients about the services or products which are on offer

·        Production Management

Basically, to summarize the huge component of business management which is referred to as production management, everything related to the core decision making processes and procedures to do with the manufacturing, developing and even distributing of the services or products your company offers.

In both the service and the manufacturing industry, production management is perhaps the most important component of all and essentially centers around the conversion of a raw material, or indeed service concept, into the finished product.

As the manager of such a business, it is absolutely essential to be as involved and aware of the production side of your company as to make proper decisions to drive the company forward.

·        Strategy Management

The area of strategic management refers to how and indeed, crucially, the strength of, proper business knowledge, experience and acumen is applied to the decision-making process within the upper echelons of senior management.

Strategy management is certainly an area which usually encompasses other area of business management, such as marketing, operations and finance and accounting to name but a few. Think of the area of strategy management as a way of looking at a company as the bigger picture, rather than getting proverbially bogged down with details and irrelevancies, such as the fundamental ethos and goals of the business.

Roles and responsibilities of a professional strategy manager include:

• The assessment of current market trends and rival companies
• Reporting on and monitoring of various different projects
• The supporting of creating, developing and improving long-term business organizational strategies
• Quickly identifying opportunities for the company as well as noticing potential threats and financial hazards

·        Other Important Components of Business Management

Aside from the four key components of business management discussed in detail above, there are also a multitude of other essential elements which come together to provide a business management system with all the tools and information necessary to properly function.

• Innovation Management

Innovation management is the coordination of leading managers within different departments and the coming together of new ideas and practices to help make the company more money.

• Risk Management

Risk management is the assessment of current business practices and procedures and the subsequent identifying of specific problem areas.

• Design Management

Design management is the organization of the journey from a new product concept to the actualization of the physical product, specifically focusing on the functionality and aesthetic appearance of the item.

• Research & Development Management

Research and development managers, more colloquially referred to as ‘R&D’s, concentrate on both the management of developers and researchers within a specific company as well as the conduction of development and research themselves.

• Supply Chain Management

Essentially, supply chain managers oversee how the raw materials used to make the products the company supplies transition from the manufacturing warehouses to the wholesalers.

• Knowledge Management

The role of a knowledge manager is to manage, distribute and initially create a company’s collective knowledge and does so by communicating and collaborating with a number of different department heads and other managers.

• Human Resource Management

Finally, but one of the most important components of business management of them all, human resources (HR) management centers solely around the recruitment, monitoring and managing of each and every employee of the company. It would also be worth noting that, contrary to popular belief, the welfare and development of an employee does not solely lie under the responsibility of HR and rather is essentially the professional and moral responsibility of every single department head.