Whether you want to start your own business or help manage one, you’ll need to understand how companies operate to excel in your career and help your company thrive. You’ll need to know about business administration and operations management.
When you train in business operations management, you acquire the tools to get started in a business career. Jobs you could have with operations knowledge include:
- Front Office Manager
- Customer Service Representative
- Supply Chain and Sales Rep
- Account Executive
- Project Manager
- Marketing Representative
- Human Resource Manager
Here’s what you need to know to start a career in business operations:
How to Write a Business Plan
If your ultimate goal is to own your own business someday, you need to know how to develop a business plan. A business plan is where you lay out your goals for your business’s growth, and it gives you a way to track your progress. It includes documents like a cash flow statement, balance sheet, and income statement, which help you track and forecast your company’s finances. This all helps you make educated decisions and plan for the future. If you seek funding from a bank or investor, they will want to examine your business plan too. You should regularly review and update the plan so it provides you with the best outlook on where the business is and where it’s going as well as strengths and weaknesses.
Supply Chain Management
For businesses of all sizes to be efficient and provide the best delivery of products and services to customers, good supply chain management is critical. You will need to understand how inventory, negotiation with vendors and management, logistics, procurement, purchasing and transportation all best come together for your company to succeed.
Financial Analysis and Budgeting
You’ll need to know how much money your business or department needs to operate, how much you currently have, and what you’re projected to have at various upcoming dates, like the next month or fiscal quarter. You’ll need to keep track of finances and the budget so that you can make the best decisions for your team and organization. For example, decisions might include whether you can afford a new hire, employee raises or overtime, new equipment, expanded services or products, or additional inventory.
Sales and Marketing Techniques
Sales is about the relationships that customers have with companies, and how they buy and sell goods and services. Marketing is the part of the business that helps let people know those goods and services exist. These are two parts of business that are most effective when they work together. And organizations of all sizes and industries need to have a focus on sales and marketing to grow. You should know key sales and marketing techniques and their importance for any leadership role in business.
A General Understanding of All Departments
As a small business owner or department manager, you’ll oversee various parts—or even all of—the organization’s functions. So, you will need to know what the different departments are, what they do, and how they can best work together. When you have that complete picture, you can make the right decisions for the organization’s operations.
Are you ready to get the training you need to start a business career? Fill out the form to contact YTI Career Institute in Pennsylvania today and learn how you can earn an Associate in Specialized Business degree in Business Administration-Business Operations Management.