Learn the secrets of good management and what sets good managers apart from a business degree in management.
A business management degree involves a comprehensive curriculum that tackles the basics of running a business, from financing to production to marketing. It sheds light on pertinent competencies and skills needed, including leadership, communication and control. Most importantly, it looks into the state and management of real businesses, including successes, failures and everything in between.
The kind of knowledge that can be gained from analyzing real business scenarios are of greater value than memorizing management concepts and theories. Managers themselves have strong and well-formed opinions about the art and science of management, which are not only informative, but very interesting for students taking up business management degrees. Real-life management experiences and decisions that have led to positive or negative outcomes are deep sources of insights and ideas, which at times more than outweighs the theoretical inferences being taught by books and class lectures.
What are the secrets to good management? Who are considered good managers? One can easily glance at sales figures and books of accounts, but are these accurate measures of good management?
Business is business, and good business means huge profits and returns. By and large, a successful manager is one who is able to steer the business and company to financial heights. Increasing stock prices, earnings per share, investment returns and sales figures are fair measures of managerial capacities, but these should not be all.
Figures are not solely influenced by management, but by a host of other external factors such as macroeconomics or consumer behavior. Hence, the relevance of financial performance is fundamentally short-term. But the future of a company, above and beyond its income, is determined over the long term, and under the direct control of a competent manager.
The longevity and success of a business organization depends overwhelmingly on the strength of its management. By management, one does not only refer to the GM or CEO, but to the collective of managers at all levels and functions. Strong management thus means competent and high-performing managers mobilizing their staff to deliver maximum performance, under the guidance of their equally, if not exceedingly, competent CEO.
One of the best ways to spot a good manager is by judging the performance of his successor management. A good manager is critical in developing a top tier of able second-liners, who shall be able to build upon the gains of his management reign. Because a manager who brings a company to great heights only to let it fall flat on its face when he leaves office, is just as good as an incompetent manager.
Good managers are aware of the cyclical nature of business, and are wise enough to realize that outstanding business performance happen with a deadline. They will not remain complacent when financials skyrocket, but seek to make the most of business upturns, knowing fully well that tough times will follow soon enough. Good managers are courageous enough to look for mistakes, correct them, and adjust to new circumstances, maximizing gains, and minimizing the damage should they happen.
The ability to turn around deplorable business performance is one of the toughest tests of good management. Turnarounds does not only mean registering positive growth, but a great leap forward for companies that are in a terrible shape. Turnarounds require creative management skill and strong decision-making and accountability, as it often involves making sharp staff and business cutbacks, and dealing with the repercussions that come afterward.
Running a company whose people love working there is probably one of the best rewards of good management. Becoming a good manager can be a long and exhaustive process, and does not even end with earning the title. An online business management degree may give aspiring managers a good head start, but the rest will depend on the length of experience, and the ability to bounce back and learn from mistakes, if and when they happen.