A Bright Guide to: Business Management

What is Business Management?

Business management, sometimes labelled general management, is a specialism for generalists. The exact job role will vary from business to business, but graduates are normally training up to lead teams and deliver projects.

The department's primary goal is to work out how the company will make money and grow, and to that end they will liaise with the other departments to make this happen. Learn what's the difference between management in business and management consultancy. 

Key firms and opportunities in this sector 

1. Deutsche Bank

If you’re someone who thinks beyond the obvious, a fulfilling, fast-paced career could be yours at Deutsche Bank. They want original, collaborative, passionate people ready to challenge and adapt.

2. Diageo

Diageo is the world’s leading premium drinks company. Custodians of some of the most loved iconic brands such as Guinness®, Smirnoff®, Johnnie Walker® and Tanqueray®, with a company purpose to celebrate life everyday, everywhere. 

3. Fidelity International

Fidelity International is an asset manager serving investors in 24 countries across Asia-Pacific, Europe, and Latin America.

4. Nomura

Nomura is an Asia-based financial services group with an integrated global network spanning over 30 countries. 

5. Schroders

Long-term thinking. More than anything else, that’s what defines Schroders. It’s not a new approach - for well over 200 years now, they’ve been creating long-term value for their clients, and have become one of the most respected names in asset management precisely because they look to the future. 

6. S&P Global

The world looks to S&P Global for essential intelligence. They are a leader in credit rating, benchmarks, and analytics for capital and commodity markets around the world.

Read more in our article on Leading Graduate Employers in Business, Management and Operational Roles

How much could you earn working in business management?

Working in business management doesn't just offer great career progression opportunities, it also offers a high graduate salary and employee benefits. Your earnings in business management will depend on your work location, experience, chosen company and role - use our guide to business management roles to find out which one is for you.

But, the average business management salary in the UK is £37,000, which can increase to a whopping £75,000 for some senior roles including a senior project manager or a HR director. Discover exactly what you could earn in business management today.

Roles in business management

Retail Manager 

As a retail manager, you'll work alongside sales assistants to help with the day-to-day running of the store. From refreshing stock and dealing with customers to solving any problems that arise. The skills needed for this role include organisation, leadership, customer service, adaptability and good communication skills.

Business Development Manager

Generally, a Business Development Manager takes on most of the responsibility for growing a business. This is often done by finding new opportunities, enhancing business reputation, expanding on relationships with existing or potential partnerships and clients and researching new market leads. Depending on your interests and career goals, Business Development Managers usually specialise in a specific area, such as non-profit, IT, healthcare or education. 

Supply Chain Management 

If you work as a supply chain manager, you’ll manage and oversee every single stage of the production process and performance. This can include implementing a new logistical strategy, analysing performance and forecasts, maintaining cost and quality and motivating your team. Some key skills you’ll need include problem-solving, organisation, time-management, negotiation and relationship management skills.

HR Manager 

HR Managers oversee strategies and processes throughout the department, as well as dealing with employee relations and recruiting new talent. Unlike other Business Management roles that focus on managing the business or project, HR managers manage the people in those businesses. They will also be part of training sessions, including the design, budget and assessing which staff members need it the most. HR managers need strong interpersonal skills, clear and accurate communication, leadership skills and the ability to make decisions under pressure. 

Business Advisor 

Business Advisors offer advice to start up or highly established businesses to help them expand. From advice on finances, business plans or even marketing objectives. You’ll need excellent communication and analytical skills (numerical data especially) and an understanding of the different departments of the business and what function they play. 

Project Manager

A Project Manager is a very broad job role as it depends entirely on who you work for and what type of project you manage. But, the overall role of a Project Manager is to increase profitability and develop long-term business goals, brainstorm strategies to expand the business, run projects smoothly and budget project costs throughout. A Project Manager needs strong leadership, communication, negotiation skills, critical thinking and organisational skills.

Key skills needed in this sector 

Delegation: You’re comfortable assigning tasks to members in your team, and ensuring everyone is on the same page.

Communication: You can give clear instructions and briefs, as well as making sure everyone stays in the loop. 

Empathy: You’re a good listener, and know how to pander to the personalities of your friends, relatives and any co-workers you encounter.

Leadership: You’ve got a flair for persuading people round to your way of thinking, while motivating everyone to align to your goals.

Learn more about the top skills for a career in management.

What type of graduate does this area suit? 

This is a perfect potential career route for you if... 

1. You're highly motivated. This role suits a highly motivated graduate. There are a lot of spinning plates, and most of those plates will be outside of your control, such as suppliers and other departments. Therefore you will need to be able to cope with setbacks and uncertainty.

2. You're commercially astute. Commercial awareness is critical to succeed in this role.  You will need to know your business area inside out, to spot trends and navigate the company's growth.

3. You have the ability to be both macro and micro.  In a business management role, you need to be able to take a step back and think about problems or challenging strategically. At the same time, you'll also need to be able to get across the operational detail of what is going on in the business. It's a skill to be able to do both and you'll need to finesse this to excel in a management role at a top brand. 

4. You are good with people. Ultimately, as you progress up the ladder, you will find that the biggest chunk of your time is spent on people, working out how to please them, organise them or grow them. Therefore, a graduate who naturally finds themselves in team sports, groups and projects would do well in this field.

5. You're entrepreneurial and/or intrapreneurial. A business management role can be perfect for a graduate who has entrepreneurial ambitions but wants to get some corporate experience and professional qualifications under their belt first.  Alternatively, you might be more of an intrapreneur - someone who possesses similar qualities to those of an entrepreneur (assertive, risk-taker, innovative) but you're someone who would prefer to work within an existing organisational framework to bring about innovation and facilitate change.

Read how to get a graduate job in management. 

Where you can go to learn more

Visit the Chartered Management Institute (CMI) website to find out more about research, management training and industry news you need to know. Also, use Bright Network's in-depth career path guide for business management to learn everything you need to start a career in this exciting sector.