What is Business Management?
Business Management functions are central to running any business regardless of the field of operation. A formal business structure consists of leadership, Human Resources, business operations, finance, sales and marketing, and field experts. The leadership team is responsible at the highest levels for business decisions using systematic, evaluative, information-based approach. The leadership must demonstrate knowledge of current events and trends with an ability to spot business opportunities.
Human resource Management grooms the most important resource for any organization i.e. employees. Human resources recruit, train and retain the talent needed for the organization to succeed. Business operations take care of many other assets of an organization such as facilities, transportation, catering. Finance team raises money for business and maintain books. Sales and marketing team generate business for the organization and field experts innovate and delivers products of an organization.
Sometimes businesses invite management consultants who have broad range experience due to their work with many organizations, to help organization innovate, improvise by bringing out best within the organization.