There are key business drivers for the organisation- namely its available resources and utilities for product development or services, human resources, i.e. the human capital that the organisation possesses for performing selective tasks and business strategies and plans for deploying, building and implementing theoretical processes into practice.

The business management department carries out the management of all these pivotal aspects of the organisation. This sector acts as the glue that binds separate areas together and combines them for achieving organisational objectives. Business managers need to be on their toes in realising new business opportunities, networking and auguring business policies that increase the chances of attracting lucrative prospects for the organisation.

Business Management and Business Growth: How are they Related?

“Your own business growth and success depends on many things, and along that growing path, you are going to have to concede certain responsibilities and activities- whether for your accounting, your production, or day to day management.”

The above quote by Micheal Gerber highlights the essence of reasonable and adequate business management in corporational settings and its association with facilitating business growth. Several well-formulated business management courses designed in liaison with leading managers and other industry experts offer unique perspectives on this managerial type in bolstering growth.

Business management is the key that opens the lock for organisational economic, human and overall growth. Management is a practice that unites human resources and utilities for coming up with pathways that lead to a firm’s success. A certificate course such as the general management program from IIM is instrumental in teaching different business management types.

Getting Up and Close with Different Business Management Types

The pod of business management gives rise to various branches that have become quite common in business settings. These different business management types have certain pillars for developing robust strategies and bringing on a team of employees capable of transforming them into action plans. Professionals enrolled incredible business management courses can get a look at its different styles.

Here’s a list of management types that have become mainstream in business corporations today:-

• Financial Management

Financial management aims at maintaining a balance between profits and risks incurred by the firms. This managerial type has three vital elements, namely- financial planning, control and decision-making. Financial management is also called working capital management. Financial managers draft strategies and take decisions that allow the business to earn profitable prospects in the long run.

• Marketing Management

Marketing management is the umbrella term for managing marketing procedures, workflows and campaigns. The four key drivers of marketing management include- organisational, collaborator, competitor and consumer analysis. Marketing management looks after brand management and develops marketing strategy and planning. Marketing management works in seizing marketing opportunities for a positive ROI and effective utilisation of resources for widening the target audience.

• Human Resource Management (HRM)

The general management program from IIM is an excellent source for learning about human resources and their integration in business policies. HRM focuses on recruiting, interviewing, training, compensating and rewarding organisational employees. HR managers act as mitigators between top-level executives and corporational staff. HRM provides a safety net for employees to discuss their wishes and concerns with managers.

• Strategic Management

Management and strategies go hand in hand; the monitoring of strategic processes is pivotal for organisational growth. Strategic management zeroes in on the big picture and provides a procedure for achieving primary objectives set up by the corporate leaders and advisors. Strategic management type integrates regulation methods, technological inputs and knowledge of competitors for drafting business plans.

A business plan or a strategy binds together the management types discussed above. Achieving organisational objectives is the common shared goal of all these management styles that make lives easier for businesses. The plethora of business management courses render insights into the relationship between business management and business growth.

Relationship Between Business Management and Business Growth

Business management is a crucial facet in making businesses capable of raking in revenue and seeking new opportunities. The by-product of successful and practical business management plans is outstanding business growth. The general management program from IIM sheds light on the upcoming international business strategy trends and its application in fostering business growth.

The relationship between business management and its growth boils down to the following reasons:-

• Provides a Direction

Growth is only possible where appropriate efforts are put in the right direction for taking businesses from point A to B. Business management is branched with several strategies, planning and other measures that monitor and control business direction, ultimately enabling corporate’s growth.

• Aligns Corporate and Business Goals

Every corporation sets up specific objectives that they aim at achieving on a short-term and long-term basis. Business management breaks these objectives down into measurable goals and milestones. The alignment of corporate and business goals enables employees to stay on track concerning performing their tasks and growth.

• Maintains Healthy Capital Liquidity and Availability

Capital liquidity allows businesses to gauge their cash flows, movements and trends. Moreover, with business management procedures, managers can analyse practices that help maintain positive capital liquidity and funds availability.

• Delegation of Tasks

Proper assigning of tasks amongst the employees is essential for business growth. Business managers delegate responsibilities to staff members as per their competencies and talents, thereby achieving positive results. The amalgamation of appropriate delegation helps in good revenue generation and takes the organisation towards newer heights.

The factors mentioned above play a centric role in creating a sustainable and thriving relationship between business management and corporational growth. Numerous online business management courses focus on developing aspiring managers skill-sets, theoretical and practical acumen required for maintaining healthy business growth.

Successful Business Management Leads to Business Growth

As witnessed from the above reasons, the relationship between business management and business growth must flow both ways. Business management must be flexible enough to accommodate new business procedures, technologies at any stage of strategy development and deployment.

Therefore, pursuing business management courses can enable new managers to build a solid foundation for this domain. Amongst these courses, the general management program from IIM can leverage the knowledge about key concepts, elements and practices that form a part of this sector.