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Want to advance in your current field, change careers or gain a professional edge? Think you don't have enough time? Think again. An Online Business Management Degree should focus on 8 content areas including human resource management, computer applications, business communications, small business management, management, business math, leadership, and training and development.
The 8 specific content areas that an Online Business Management Degree Program will focus on include:
#1: Human Resource Management
Human Resource Management is a formal system devised for the management of people in an organization. The human resources manager is responsible for hiring, development, and firing employees, employee compensation, and employee benefits. The human resource manager hires based on the culture of the organization to build teams that inspire employees to succeed.
#2: Computer Applications
Computer Applications include software programs like Microsoft Excel, Word and PowerPoint. They also include specialized applications like Intuit or Peachtree (accounting software). The business management degree student must become proficient in word-processing applications, spreadsheets, and document preparation. Many of these computer applications are found in Microsoft Office software. Other computer applications may be used so a successful business management professional should be able to learn new applications, as needed.
#3: Business Communications
Information sharing with people inside and outside the organization for the financial benefit of the organization. Business communication can include marketing, public relations, and corporate communication. A business management professional with good communication skills will establish a clear hierarchy, uses visual communication, has good conflict management skills, can consider cultural issues and has good written communication. A good communicator can also listen to another employee or customer and overcome obstacles that may come up.
#4: Small Business Management
Business owners use management skills to accomplish the goals and objectives of their company. Small business managers provide oversight for purchasing, human resources, sales, customer service, marketing and product development.
The principles of management are the underlying factors that form the foundation of successful management practices. According to Henri Fayol, there are 14 principles of management:
Division of Work – employees have different skill sets so work should be delegated properly to take advantage of these skills.
Authority and Responsibility – management must give responsibilities to employees in order for work to be completed.
Discipline – the practice of training employees to obey rules or a code of behavior, using punishment or correct disobedience.
Unity of Command – a hierarchy should be established so an employee only receives orders from one supervisor.
Unity of Direction – all employees work to a common goal and work as a team.
Subordination of Individual Interest – the employees’ personal interests are subordinate to the interests of the organization.
Remuneration – use of monetary and non-monetary compensation to reward employee efforts to keep employees motivated and productive.
The Degree of Centralization – the concentration of decision making authority at the top of management must be share with lower level management to create balance.
Scalar Chain – there should be a clear hierarchy in place to show the level of authority each manager has and who is superior in an emergency situation.
Order – employees in an organization must have the right resources at their disposal so the organization can function properly.
Equity – employees must be treated kindly and equally. Managers should supervise employees fairly and impartially.
Stability of Tenure of Personnel – minimize employee turnover and have the right staff in the right place.
Initiative – employees should be allowed to express new ideas to encourage employees to be involved in the organization.
Esprit de Corps – striving for the involvement and unity of the employees. Contributes to the development of the company culture and creates an atmosphere of mutual trust and understanding.
#6: Business Math
Business math is used by businesses to record and manage operations. It can be used in such areas as accounting, inventory management, marketing, sales forecasting, and financial analysis. Most of business math includes arithmetic, algebra, statistics, and probability.
Leadership is the activity of leading a group of employees in an organization. A good leader can establish a clear vision and share that vision with the employees to encourage loyalty. A good leader will also provide the right information, knowledge and methods to realize that vision for the organization.
#8: Training and Development
Part of being a good supervisor is being able to train and develop the employees of an organization. The qualities that make a good business supervisor include good communication, the ability to adapt to change, seeing employees as valuable, being a good mentor, using discipline when needed, offering feedback and incentives, being a good role model, being approachable and considerate, having a positive attitude and being able to criticize employees constructively.
Do these 8 key areas of business management interest you? The Online Business Management program has been designed to link these specific core areas directly to the core competencies required for success at the managerial and supervisory level in a variety of industries. Daymar College's Business Management program is accredited and appropriate for entry-level management, supervision, directing and conducting the affairs of business for retail, wholesale, suppliers, vendors and distributors.