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What is Business Management?
Talented business managers know when they need to engage their employees and when they need to reward their efforts. To keep the team working toward established goals, they have to stay committed to their teams and maintain effective and efficient processes.
A business manager oversees the employees and activities of an organization. They are valuable to small businesses as they help keep employees focused on the company’s goals. In a smaller organization, the business manager could report to the owner, or they may own the company themselves.
Business managers find plenty of work in small businesses and large corporations. Wherever they work, they usually provide leadership in one branch or business location, though they may only supervise a single department in a large organization. This could be sales or marketing. In these organizations, the business manager will take their direction from top executives in the C-suite.
Attentive business managers stay in tune with their team members, ensuring they don’t get distracted by minor details. They may also hold meetings to discuss agendas, clarification, and resolution of bigger issues. They are responsible for supervising the employees’ work, hiring new employees, training them to do the job for which they were hired, evaluating their performance, and more.
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Business Management Education in Maine
Businesses in every industry in Maine need business managers and executives. From transportation and warehousing to educational services, and healthcare and social assistance, business managers oversee employees and make sure that the business will thrive.
Business managers work to make sure that companies and organizations in Maine earn sufficient revenues to maintain their profits and keep the doors open. The top industry in the state (real estate, rental, and leasing) earned $9.3 billion last year, and other top industries weren’t far behind. Professional and business services earned $7 billion in Maine. Retail trade earned $5.1 billion, and the arts, entertainment, recreation, accommodation, and food services industry earned $3.6 billion.
By May of 2020, 27,380 business and financial operations professionals were working in this state and their annual mean wage was around $71,560.
Business managers have a variety of ways to connect and communicate with their workers; they want to motivate them and keep them feeling up to the challenges they face. They also want to ensure that they and their fellow managers follow best practices in business management and maintain ethical practices throughout the company.
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Associate Degree in Business Management (AS)
Community college students in Maine who are enrolled in a business management associate degree program gain a sound education and the skills needed to land an entry-level job or transfer to a four-year college or university. A good business management associate degree program offers practical skills to students as they begin to understand business and management theory. Students are expected to gain proficiency in Microsoft and other business-related software, business law concepts, and more.
When students graduate, they may be qualified to work in an entry-level management position, though most businesses prefer to hire bachelor’s degree holders to these roles or those with more extensive experience on top of their associate degree. They may work in banks, sales, marketing, insurance, retail, and state or federal government.
Bachelor's Degree in Business Management (BS)
Undergraduate students are able to earn a Bachelor of Arts or Bachelor of Science in Business Administration-Management. These students learn about small businesses, corporate, and international business management. They also develop their knowledge of administrative and organizational principles beyond what students at the associate level are able to. These include organizational change, leadership, production system analysis, strategic analysis, and human resources concepts.
Core business courses include human resource management, decision and policy-making systems, operations, motivational and social systems, administration, and organizational theory. Graduates will have the business skills needed for entry-level staff, administrative, or supervisory positions in business, industry, non-profits, or government.
Master's Degree in Business Management (MS or MC)
Graduate students enrolled in a Maine business school to earn their Master’s degree in Business Management leave ready to embark on an advanced leadership and management career. Once these students graduate, they can find career opportunities in project management, business operations management, organizational leadership, business analytics, and management consulting and analysis.
While MBAs are highly sought after, an MS in Management may be ideal for graduate students who already have business education. If they are working professionals who want to continue working, this degree program may be a more realistic option. However, an MBA or master’s degree can take less than two years to earn.
Students seeking to earn an MBA in Management learn from faculty members who are talented educators and business leaders. Students can gain exposure to hospitality, business management, international finance, software engineering, counterterrorism, non-profit management, law, and information technology.
PhD Degree in Business Management (PhD)
Doctoral candidates in the management program focus on research which creates new management theories and knowledge that industry leaders and organizations will be able to use moving forward. Doctoral programs can focus on organizational phenomena seen from the perspectives of multiple disciplines.
These programs can take from five to seven years and engage students in around two years of actual coursework. At the end of this, students may sit for an exam. The next three or more years of the program tend to focus on dissertation research and writing.
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Become a Business Manager in Maine
There are no specific licensure or other requirements for one to become a business management professional in Maine. However, business certificate programs serve to make a job applicant more attractive; they also communicate to the executive staff that their managers are highly qualified. Here are just some of the options for those who are looking for certification in management.
- Certified Associate in Project Management (CAPM)
This certification focuses on guiding business professionals in developing their careers in project management by working on professional development. It is excellent for newer project managers. To qualify, the applicant needs to show that they hold a high school diploma, associate degree, or a global equivalent. Applicants should have 1,500 hours of project experience, though 23 hours of project management education also qualifies them for the program. Once they have earned their certificate, it’s good for five years; to maintain their credential, project managers will need to retake the exam.
- Certificate Program in Business Administration (CPBA)
This certificate program for business managers who have already graduated from college may be an attractive option. It’s intended for professionals who may be considering a change in career paths, who have been promoted into either a program leadership or management role, those who may be looking for a program leadership role, may be managing a small business, or who may be considering entering a full-time MBA program.
- Certified Business Analysis Professional (CBAP)
This certification benefits professionals who may be interested in analyzing business needs and developing solutions. This certification is advanced and is intended for managers and business leaders who have more than five years of business analysis experience. Business professionals should have a minimum of 7,500 hours of business analysis experience over the past ten years.; 900 of these hours should fall within at least four of the BABOK knowledge areas. A minimum of 35 hours of professional physical development credits may also qualify the business manager, though these need to have been earned within the last four years. Professionals also need references.
Careers for Business Management Graduates
- Benefits Specialist
Benefits specialists, or benefits coordinators, manage an organization’s employee benefits program. They make it possible for new employees to enroll for health insurance and pension options; they also show employees how their benefits work.
They are responsible for making sure employees know what benefits the organization offers, helping with the enrollment process for savings and insurance plans, answering employees’ questions, leading presentations to explain benefits to employees, updating employees about any changes, making sure the benefits and leave-of-absence polices fall within the law, keeping each employee’s profile updated, and determining the cost to the company for each employee provided for.
- Account Executive
This professionals responsibility is to help their employer’s organization grow as they find leads, support existing clients, close sales, develop sales strategies, and express a product’s value to their clients.
Account executives interact with clients and prospects directly, strive to understand the individual needs of each client, and recommend products or services that maximize value. They may also help in developing sales strategies and setting quotas. To be successful, they need to be adaptable and a knowledgeable multi-tasker with excellent skills as communicators and on the computer.
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- HR Manager
The HR manager is responsible for the recruiting, interviewing, and hiring of new staff; they consult with top executives on strategic planning and serve as a liaison between management and employees.
This manager advises other managers on HR issues, such as sexual harassment and equal employment opportunity, and they coordinate and oversee the work of support staff and specialists.
- C-Suite Executives
The C-suites encompass the Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Technology Officer (CTO), Chief Financial Officer (CFO), Chief Marketing Officer (CMO), and Chief Information Officer (CIO). Depending upon the knowledge and experience of each executive, this may be an organization’s most valuable asset. Even though their annual pay is at least $100,000, they have the ability to add twice as much to the organization’s bottom line. These executives have expertise that helps to guide an organization.
The CEO is the highest of the C-suite. They are responsible for signing off on major financial actions. The COO is the CEO’s deputy; they take care of daily operations and have familiarity with the operating budget. The CTO also reports to the CEO. Their realm is in technology and scientific decisions. The CFO handles the organization’s financials; they also make sure the organization complies with state and federal laws. The CMO is responsible for marketing and promotion. The CIO manages the organization’s technology infrastructure, data security, and tech-related decisions.
- Marketing Manager
Marketing managers are responsible for building and maintaining a healthy, consistent brand using several online and offline marketing channels. they are responsible for tracking and analyzing the performance of ad campaigns, they manage the marketing department, and they make sure all marketing falls in line with the organization’s brand identity.