Running a successful business requires wearing many hats, from managing operations to overseeing finances.
However, there comes a time when the workload becomes overwhelming. Contrary to perception, entrepreneurs like you can get overworked by juggling your tasks singlehandedly, hindering growth and efficiency.
This is where a business manager comes in – a professional who can take charge and ensure the smooth running of your organization.
Look no further if you are looking for a sign when hiring a business manager is worth it. This article defines the indicators that signify the need to hire one.
What does a business manager do?
A business manager is a strategic leader responsible for managing various aspects of a company’s operations.
Business managers help implement business strategies and optimize processes according to business analysis.
Types of business managers
Various types of business managers address an organization’s distinct aspects. Let’s explore some of these roles:
- General manager. General managers are the all-around leaders of an organization. They humanize the decision-making process by overseeing the entire operation.
- Operations manager. Operations managers ensure smooth day-to-day operations by overseeing processes, optimizing efficiency, and allocating resources.
- Marketing manager. Marketing managers craft and communicate the company’s branding. They understand customer needs, develop marketing strategies, and create campaigns that resonate with people.
- Human resources (HR) manager. HR managers are the caretakers of an organization’s most valuable asset—its people. They recruit, train, and support employees, resolve conflicts, and ensure the workforce’s well-being.
- Project manager. Project managers break down complex tasks into manageable steps, assign responsibilities, and ensure projects are completed on time.
- Sales manager. Sales managers are the bridge between the company and its customers. They lead sales teams, set targets, and develop strategies to increase revenue.
Duties of a business manager
While their responsibilities may vary depending on the department they are in, the core duties of a business manager generally include:
One key duty of business managers is to oversee the company’s financial health. They handle budgeting and monitor cash flow to ensure profitability and sustainability.
A business manager may also work closely with the accounting team to track expenses, prepare necessary reports, and provide insights based on financial data.
Business managers oversee streamlining processes, managing resources, and optimizing productivity. They ensure that the day-to-day operations run smoothly, identify areas for improvement, and implement strategies to enhance operational efficiency.
Workforce management is another critical aspect of a business manager’s role.
Business managers are also responsible for recruitment, training, and performance evaluation for teams throughout the organization.
Business managers are instrumental in shaping an organization’s long-term direction.
They conduct market research, analyze industry trends, and develop strategic plans to drive growth and gain a competitive edge. Every data and plan they formulate are used by various teams, such as sales and marketing.
6 signs you need to hire a business manager
Here, we’ll delve into the key indicators that signal when to bring a business manager on board:
1. Slow business development
Slow business development can stem from various factors, including market changes, competition, or insufficient strategies. Once left unchecked, this can lead to worse outcomes for the firm.
According to data from the BLS, approximately 20% of businesses in the United States fail during their first two years. This is often due to slow growth or lack of development.
A business manager’s strategic acumen and industry knowledge can help revive and accelerate growth.
2. Declining operational efficiency
A decreased operational efficiency can lead to increased costs and customer dissatisfaction.
A business manager’s expertise in optimizing processes and resource allocation can drive efficiency improvements.
3. Financial challenges
Financial challenges can threaten the very existence of a business. This is one of the most glaring reasons businesses fail when their financial resources run out, and they cannot keep up with the operations.
A skilled financial manager can help navigate these challenges, ensuring sustainable financial health.
4. Increasing need to scale
Scaling a business is a complex task that requires careful planning and execution. You would need more hands to help you manage an increasing workforce and resources so you can focus on bigger things for your company.
A business manager’s expertise can guide successful expansion while mitigating risks.
5. Lack of strategic decision
According to McKinsey, only 11% of executives believe their current business model is still viable for the years to come. 64% of them, meanwhile, think they would need another digital company to make it through today’s global competition.
Competition can become tougher, especially with the rise of digital transformation in businesses. Failing to make informed, forward-thinking decisions can leave a company vulnerable.
A business manager can provide the insight and direction to adapt to evolving market conditions.
6. Challenges in employee management
Effective employee management is crucial for retention and productivity. Disengaged employees due to problematic work environments can arise from your operations, further affecting the quality of your services and reputation.
An HR manager can address these issues, fostering a positive workplace culture.
Getting the best out of your business manager
Recognizing when you need to hire a business manager is crucial for business growth.
Remember to invest in your business manager’s success by providing the necessary support and resources, setting clear expectations, and fostering a good work environment.
Here are other tips to get the best out of your business manager:
- Communicate your expectations and goals.
- Encourage open and transparent communication.
- Provide the necessary resources and support.
- Regularly review performance and provide constructive feedback.
- Foster a collaborative and inclusive work culture.
- Develop a professional development plan for your business manager.