Although, there are many types of business management; given below are some of the major ones.
1. Financial management
Financial management strives to create a balance between profit and risk to ensure profit for the business. It requires business managers to plan, direct, and coordinate with investing, banking, insurance, and other financial aspects of the business. There are three key elements of financial management – planning, control, and decision-making.
2. HR management
HR (Human Resource) management deals with a business’s hiring, training, and retention of an employee. It is not the sole responsibility of the HR department to hire, retain and recruit new employees. The managers of every department are equally responsible for these as it impacts the future growth of an organization
3. Operations management
Operations management requires business managers to ensure that all departments of an organization are functioning efficiently. For this, they have to deal with numerous departments and formulate the best business strategies and processes. The operations teams have to ensure proper acquisition, development, and utilization of resources the business needs.
4. Marketing management
Marketing management takes into consideration the practical application of a business’s marketing resources. There are four core areas of marketing management – Company, Collaborator, Customer, and Competitor analysis.
Brand management, Marketing strategy, and pricing are also three core components of effective marketing management.
5. Strategic management
The success of every business depends on its marketing, financial, and operational strategies. This is where strategic marketing comes into the picture. Strategic management refers to the application of strategic thinking to leading an organization.
This type of business management relies on questions like – Where does a business want to reach and how can it reach there?
To succeed in any type of business management described above, business managers have to be aware of a few practices.
