Online Class: Business Management


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  • 11
    Lessons
  • 19
    Exams &
    Assignments
  • 9
    Hours
    average time
  • 0.9
    CEUs
  • 3,323
    Students
    have taken this course
 
 
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Course Description

Introduction to Business Management
 
The world of business management offers an array of career opportunities unparalleled among income earning possibilities. Industries from mining to waste disposal have management-level positions in many companies. Business management requires a combination of skills and knowledge, coupled with good judgment and leadership qualities. There are several fundamental aspects of operating a business – whether you run your own small business or hold a management position in a national corporation – that a manager should be aware of.  Our course takes you through some of the various requirements you may encounter while managing a business.

We begin by examining the various disciplines and levels in business management and give you hints on how to get a management job in your company. In lesson 2 we cover areas of financial management such as types of capital, debt and equity financing alternatives, a business plan and a budget. Lesson 3 deals with legal and regulatory compliance issues.  Human resources and personnel issues are discussed in Lesson 4.

Sales management fundamentals – the sales cycle, customer relationships and pricing – make up lesson 5. We examine the marketing functions (lesson 6) right after sales functions because the two disciplines work hand-in-hand to drive business. Lesson 7 covers some key accounting principles and practices. Inventory control techniques make up Lesson 8, focusing on the role of inventory control, the processes involved and control mechanisms used.

Lesson 9 "Taxes and Your Business Organization" delves into types of organization and some key business tax requirements. Order fulfillment follows the purchase from sales inquiry to delivery in Lesson 10, and explains how fulfillment is important to customer relationships.  We finish with lesson 11 explaining the importance and function of information technology. Once completed, you will have a basic understanding of how to manage a business.

What is Business Management?

The U.S. economy is filled with diverse career options. From farming to manufacturing to health care, the choices available are as varied as our population. According to the most recent U,S. Census Bureau survey, there were approximately 23 million firms open. Nearly three-quarters of those commercial entities were small businesses with no employees on payroll, while fewer than 1,000 companies employed at least 10,000 workers. The one thing that they all have in common is the need for business management.

What is business management? Generally speaking, the act of managing a commercial enterprise involves the planning, organizing, coordination, control, and leadership of resources toward the goal of fulfilling a need in exchange for compensation. Whether the company consists of many workers or simply the owner, effective management of the business is necessary for success. The disciplines that are common among most companies include the following:

· financial management;

· sales and marketing functions;

· fulfillment and logistics (how the company completes its obligation to its customers);

· customer satisfaction and problem-solving;

· legal and regulatory compliance;

· communication functions;

· technology management.

Companies with employees also require:

· hiring procedures;

· personnel management;

· employer regulatory obligations.

For larger companies, management functions are divided among several people. For example, companies with many employees have a human resources department, which handles hiring, firing, personal conflicts, insurance and other benefits, and payroll management.

Managers at the top of the company organization, usually known as senior management or upper management, are involved in directing the business. These positions require good leadership skills, along with extensive knowledge of the industry. Navigating the company through changing regulations, complicated labor issues, or increased competition is the primary focus of these individuals. Responsibilities typically include developing strategies, policies, and rules. Senior managers are involved in creating the company's mission, objectives and vision. Activities also include forecasting and planning. Depending on the size of the company, upper management may be responsible for designing the implementation of the policies, practices, and programs of the business.

The next layer of management in sizable companies consists of middle management positions. The primary role for these employees is to lead, control, and motivate divisions of the company and report to upper management. Because their function is more limited in scope within the company, they are not responsible for making broad, directional decisions similar to that of senior management. Middle managers make sure the directions coming from top management are implemented within their divisions.

Below the middle managers on the organizational chart are the department heads or supervisors. Their chief responsibility is to make sure company policies, procedures, and job functions are being followed by frontline workers, who perform the labor activity for the company. This level of management is fairly limited. Typically, they report to middle management and usually perform employee interviews, training, scheduling, discipline, and other responsibilities.

Small businesses are usually run by one person or a few individuals. Responsibilities are shared among the managers, though roles may be defined according to skills, experience, knowledge, or other factors. Home-based businesses make up a considerable number of small companies. This type of organization is generally flat, meaning there are no layers of management. Small-business owners are typically involved in all facets of management, though some functions, such as accounting tasks, may be outsourced to professionals.

Careers in Management

From accounting to customer service to shipping, businesses are multidisciplinary entities offering a variety of opportunities for management. Most management positions require specialized knowledge, skills, and experience. The right personality characteristics are important as well. For example, an accounting manager should have a good eye for detail. Good managers have two things in common: 1) the ability to get productivity out of their subordinates, or those responsible for the output of company operations; and 2) the ability to manage the demands of those they are responsible to.

A college education is important when applying for a management position. Most corporations require at least a bachelor's degree when considering candidates. Upper level managers regularly hold an advanced degree, such as a master's or other graduate degree. Students can focus on a specific industry and management position as graduate students. Specialized knowledge in business function processes, compliance with regulatory requirements, and industry standards and protocols are all part of most of the business management degree programs.


Simply having a college education does not guarantee a management position. Most employers look for experience in the field in which they are doing business. Management hopefuls can gain experience by taking an entry-level position within the organization and "work their way up from the bottom." While studying, a student can enter an internship program in which she or he can gain real-world experience within a company. Colleges work closely with local businesses to assist students in transitioning from learners to employees. Many institutions have placement programs that help graduates obtain jobs. However, management positions will be almost impossible to get without managerial experience. Therefore, how can you get that first management job?

Landing Your First Management Job

Experts advise those aspiring to become business executives to keep in mind what management actually includes. As mentioned earlier, business management requires skills in five key areas:

  • Planning: You must be able to forecast conditions, scenarios, and outcomes and create plans to achieve the goals necessary for success.
  • Organizing: You must be able to bring resources together, including personnel, materials, and equipment.
  • Motivating: You must be able to encourage employees, provide feedback and support, and increase productivity.
  • Control: You must be able to manage processes, monitor productivity, correct deficiencies and problems, report employee productivity, and handle emergencies.
  • Leadership: You must be able to develop strategies, share the company's vision, and convince employees to follow your direction.

 

In addition, successful managers generally have confidence, vision, and flexibility. Managers must be able to adapt to changing situations and challenging obstacles and display a firm resolve in front of subordinates. Most importantly, a manager is expected to increase productivity beyond what the line workers would normally put out without a manager in place. A manager's job is to make his or her team more effective; without that ability, the position is likely not necessary.

In light of that, how do you show your company that you are management material?

The first step is to make sure that, whatever job you are performing, you do it well. A command of your responsibilities will show upper management that you can be trusted to execute tasks that are handed to you. A good job performance is critical in rising through the ranks to management.

The next factor will be to demonstrate your ability to plan. Can you look forward, uncover opportunities, and create a plan to meet future objectives? Look at your position and develop ideas to make your job more efficient, or ways to increase the company's value to its customers. Create a formal outline that lists the challenge, the solution, the resources necessary to accomplish the goal, and a timeline for implementing the solution.

Another element for success will be displaying your ability to create effective solutions to workplace challenges. How would you cope with decreased productivity, inefficient systems, or low employee morale? Can you develop systems that increase production or value to the company? Look for opportunities to provide suggestions to management. Make this a key strength when promotions become available.

Showing that you can monitor activities and report effectively will also be critical in garnering your first management position. While you are performing your job, look at how your manager gathers information about production and how she or he reports findings to upper management. Become familiar with the reporting hierarchy and the format that the manager uses. Express interest in assisting your manager with tasks that will assist him or her in this area. Once you are familiar with the reporting mechanisms, you will have an advantage over other management hopefuls.

Finally, you must show that others will follow your lead. Become an example of a valuable employee and an effective team leader. Search for ways to increase your influence on employee output or find opportunities to help in other areas of the business. Increased visibility within the company will elevate your status; other employees will recognize your efforts and respect your work ethic. Once you are respected among your company peers, you will appear to be a good management fit to upper management.

Whether you seek a management position in a large corporation or want to run your own small business, in order to be a successful business manager, you will need to have a level head, attractive personality, and quick response. Business is always evolving and changing; look at technological influences that were not here 25 years ago. Your ability to understand the elements of your chosen field, adapt to changing times, face competition, and lead people will ensure a successful career. The rest of the course will focus on the essential responsibilities of business management. Depending on your goals, some may not apply to the position you seek but will increase your awareness of business management as a whole.

  • Completely Online
  • Self-Paced
  • Printable Lessons
  • Full HD Video
  • 6 Months to Complete
  • 24/7 Availability
  • Start Anytime
  • PC & Mac Compatible
  • Android & iOS Friendly
  • Accredited CEUs
Universal Class is an IACET Accredited Provider
 
 

Course Lessons

Average Lesson Rating:
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"Extraordinarily Helpful"
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Lesson 1 : Business Basics

Choosing a Business
Your Career Path, Self-Employment or Employee, Large vs. Small, The Independent Contractor, Internet Opportunities
Opening Your Doors: Startup Needs, Your Storefront, Now You Need Customers
16 Total Points
  • Lesson 1 Video
  • Complete Assignment: An Introduction
  • Complete Assignment: Lesson 1: Basics of Business Management
  • Complete: Quiz for Lesson 1 : Business Basics

Lesson 2 : Financial Management

Capital: Startup, Growth
Borrowing Money: Debt, Equity
Pricing: Setting Price, Discounts / Returns
Budgeting: Fixed Costs, Operating Costs
15 Total Points
  • Lesson 2 Video
  • Take Poll: Financing and Business Planning
  • Complete Assignment: Lesson 2: Financing and Significance of Business Planning
  • Complete: Quiz for Lesson 2 : Financial Management

Lesson 3 : Legal and Regulatory Compliance

Legal: Legal Issues vs. Ethical Issues
Compliance Issues: Safety, Discrimination
Regulatory Bodies: Federal Agencies, Interstate / International Regulation
9 Total Points
  • Lesson 3 Video
  • Take Poll: Regulations and Legal Obligations
  • Complete: Quiz for Lesson 3 : Legal / Regulatory Compliance

Lesson 4 : Personnel Management

Hiring
Pre-Hire, The Interview, Hired – Now What?
Management: Wages, Schedules, Benefits, Personality Differences
Discipline: Warnings, Suspension, Reporting Offenses
Encouragement: Praise,
15 Total Points
  • Lesson 4 Video
  • Complete Assignment: Lesson 4: Basics of Human Resources Management
  • Complete: Quiz for Lesson 4 : Personnel Management

Lesson 5 : Sales Management

Sales Cycle: Prospecting, Closing 10 Total Points
  • Lesson 5 Video
  • Complete: Quiz for Lesson 5 : Sales Management

Lesson 6 : Marketing Practices

Mass Marketing : Collateral Materials, Advertising, Promotions, Direct Response, Building a Brand 14 Total Points
  • Lesson 6 Video
  • Complete Assignment: Lesson 6: Marketing a Product
  • Complete: Quiz for Lesson 6 : Marketing Practices

Lesson 7 : Accounting Principles

Accounting: Do It Yourself, Should You Hire an Accountant? 15 Total Points
  • Lesson 7 Video
  • Complete Assignment: Lesson 7: Accounting or Record Keeping
  • Complete: Quiz for Lesson 7 : Accounting Principles

Lesson 8 : Inventory Control

Management: Systems, Controls, Storage 5 Total Points
  • Lesson 8 Video
  • Complete: Quiz for Lesson 8 : Inventory Control

Lesson 9 : Taxes and Your Business Organization

It's Tax Time!, Tax Preparation, Get a Professional 14 Total Points
  • Lesson 9 Video
  • Complete Assignment: Lesson 9: Taxes and Organizational Structure
  • Complete: Quiz for Lesson 9 : Taxes and Your Business Organization

Lesson 10 : Fulfillment

Fulfillment/Delivery: Completing the Order, Website/Storefront/Delivery 10 Total Points
  • Lesson 10 Video
  • Complete: Quiz for Lesson 10 : Fulfillment

Lesson 11 : Information Technology

Lesson 11: Information Technology 61 Total Points
  • Lesson 11 Video
  • Take Poll: Course Curriculum
  • Take Survey: Program Evaluation Follow-up Survey (End of Course)
  • Complete: Quiz for Lesson 11 : Information Technology
  • Complete: The Final Exam
184
Total Course Points
 

Learning Outcomes

By successfully completing this course, students will be able to:
  • Describe the basic functions needed to run a business.
  • Describe financial management systems within a business.
  • Describe personnel management within a business.
  • Know sales management within a business.
  • Describe common marketing practices within a business.
  • Describe the accounting principles of a business.
  • Describe inventory control, fulfillment, taxes, and organization of a business.
  • Describe the critical role of Information Technology in a business, and
  • Demonstrate mastery of lesson content at levels of 70% or higher.
 

Additional Course Information

Online CEU Certificate
  • Document Your Lifelong Learning Achievements
  • Earn an Official Certificate Documenting Course Hours and CEUs
  • Verify Your Certificate with a Unique Serial Number Online
  • View and Share Your Certificate Online or Download/Print as PDF
  • Display Your Certificate on Your Resume and Promote Your Achievements Using Social Media
Document Your CEUs on Your Resume
 
Course Title: Business Management
Course Number: 7550322
Languages: English - United States, Canada and other English speaking countries
Category:
Course Type: Entrepreneurial (Self-Paced, Online Class)
CEU Value: 0.9 IACET CEUs (Continuing Education Units)
CE Accreditation: Universal Class, Inc. has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET).
Grading Policy: Earn a final grade of 70% or higher to receive an online/downloadable CEU Certification documenting CEUs earned.
Assessment Method: Lesson assignments and review exams
Instructor: Dr. Metodija Stojanovski
Syllabus: View Syllabus
Duration: Continuous: Enroll anytime!
Course Fee: $85.00 (no CEU Certification) || with Online CEU Certification: $110.00

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Student Testimonials

  • "All of this course was helpful to me, it added to my knowledge." -- Gakunga G.
  • "I enjoyed taking the class. The instructor graded lessons quick, and was always available." -- Darnell B.
  • "It is a really good introduction course...It gives you good insights about general business management." -- Gokce C.
  • "All parts helped me understand Business Management." -- Dawn C.
  • "All parts were well covered." -- Jerotich S.
  • "I enjoyed doing this course." -- Adriana T.
  • "All parts were helpful because they pertain to my job and what am currently doing. It has motivated me and improved my working skills." -- Geoffrey C.
  • View More Testimonials...

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