If you are planning to enroll for a business degree, it is possible to find yourself with several choices. People say that it is always good to have many choices rather than few, but making the right decision becomes harder.
- Should you consider a degree in accounting or a general degree in business?
- Is a conventional business career such as personal property management better or is it safer to stick to a more tested and tried industry such as human resources?
Students are always faced with tons of questions, and answering the questions is not easy. Here is a guide to help decide where to major in business.
Business Degree Types
First of all, it is paramount to understand that different universities offer students several types of degrees. There are 2 types of degrees at the undergraduate level:
- Bachelor’s degree in business: if you want to be responsible and strategic in business roles, it is crucial to complete a degree in business. The program will most probably take 4 years. The first 2 years are mainly focused on the general education courses, while the last two focus only on intensive business related activities.
- Associate degree in business: this is a 2-year program that is mainly designed to offer graduates with the basic-level understanding of the different business functions. In this level, the students are imparted with the rudimentary skills. After the associate degree program, the students can work as customer care executives, administrative assistants, bookkeepers or sales representatives.
When the students get to the graduate level, the traditional business degree many of them choose is known as the Master of Business Administration. MBA programs come in different forms. The accelerated MBA is finished in a less than the standard completion period, while the executive MBA is made for individuals in the senior and middle-level management roles. Executive MBA classes are held during the weekends.
Popular Business Majors
After you have chosen the degree to enroll in, the next thing is to decide the particular area you want to major in. Your strengths, personal interests, and career objectives should be the precedence over all the other considerations when choosing your business major. A degree in the different available majors will offer the student limitless opportunities in the employment industry. Here are some of the common business majors:
Majoring in accounting will prepare the student for accounting roles such as business accountant, government accountant, internal auditor or management accountant. The students learn that accounting is more than the regular bookkeeping. They learn how to report all financial activities in a business and discovering how to make sense in numbers. At the end of the degree program, the students are able to understand the language of money. A professional accounting course may need to follow your degree to earn accreditation.
Business administrators, managers, and even owners are individuals who keep the business on track. Regardless of the type or size of the firm, the same skills and principles apply. Taking a degree in business administration will help an individual tackle role such as:
- Analyzing the strengths and weaknesses of a business
- Deciding the best ways to make good profits
- Assist the company to get through difficult times.
Individuals who major in this area are able to join the human resource department in any organization. They will be responsible for roles such as training, staffing, talent retention, organization policies, benefits and compensation among other responsibilities.
In the past, the entrepreneur department was untouched and unexplored, especially for the individuals in the middle class. Things have completely changed in the recent past, and this is not the case anymore. The area is now doing well thanks to the success of many young entrepreneurs and the willingness of many investors to pump a lot of money into the promising ventures. Many people are now ready to start their companies. A major in entrepreneurship will help a student shape their entrepreneur skills.
A major in finance is considered to be one of the most distinguished and most rewarding options in the business degree. From insurance to banking and from the stock market to the corporate finance, the finance major can open up the best and most exciting career opportunities. Graduates know financial theory and have the ability to interpret financial data. These skills are used to help companies, individuals and non-profit organizations plan for the future.
Business management may be a challenging thing to do since it is definitely not easy to manage a diverse team of employees. There are given key factors which managers are required keep in mind when they are handling the operations of a business or an organization. Several principles may be used to ensure the business is running effectively and the employees are also satisfied with working conditions.
7 Principles of Business Management
The following are is a list of some of the best business principles that managers may use to ensure the business is running efficiently.
Managers always have to be fair to staff members. They should maintain discipline when required to and should act with appropriateness and kindness. It is very important to look past a messenger and focus on their message.
When an individual speaks from a position authority or power, people tend to place more emphasis on their ideas, advice, and input. This approach works well but it does not offer the best management results always. It is highly recommended to evaluate all information, input, advice, and ideas from all the employees with the same respect given towards the latter authoritative input and ideas. If the person who, say, just started as a graduate says something about the business, it should be treated as significant. It is not right to discount their message because the messenger has less professional credit. In summary, good advice is good advice, regardless of its source.
2. Focus on knowledge collection
Competing is certainly part of professional life. This refers to competition with other businesses, products or people. It is true that smart people win greatly while smarter people will even win a lot more often. Consistently working to gain more knowledge and experience is another great way of achieving business success. Management should focus more on employing knowledgeable people. Smart people working together can do nearly anything which is why your business will definitely develop and grow positively when the employees are a team of highly knowledgeable people.
It is important to maintain discipline in any kind of business. The methods of discipline may differ depending on the mistakes to be corrected but they should be entirely reasonable and fair. A successful business will use the common effort of the employees and as a manager; you should apply penalties which inspire the common effort. Discipline ensures the office is organized and productive.
4. Proper work distribution
Managers should distribute and divide work among groups and individuals effectively within the business. This will ensures that appropriate effort and attention is focused on all the special segments or departments of the business or organization. The output is able to increase if the employees are rightfully specialized. Specializing ensures that the employees gain more skill and experience in their various fields which is largely advantageous to the business.
5. Turn ideas into actions
Ideas without action are not ideas. They often turn into regrets. Managers should not hesitate in acting on ideas if they believe in there great impacts. The hesitation is often caused by the fear of failure. This kind of fear is often regarded unhealthy to the business. When ideas are given the best effort, the often turn out well and therefore you should be ready to work smarter towards your new ideas. It is advisable to review your past ideas that have done well so as to acquire the right motivation for acting on them. The ideas may not always be right but when they are left to remain ideas, then it is entirely wrong which is not good for the business.
6. Fair remuneration
Giving everyone fair remuneration is another great business management principle. It ensures that all employees are satisfied. Remuneration involves both non-financial and financial compensation. There are several variables that should be considered prior to deciding an employee’s pay rate. Some of these variables include:
- cost of living
- supply of the qualified personnel
- general working conditions of the business
- success of the organization or business
7. Unity of Direction
The principle involves having the team of employees with the same goal. They should work under the manager’s direction by using one plan. This guarantees that the all the activities within the organization are is properly coordinated. Unity of direction also means that the whole firm will move in a unified direction which in turn increases the output.
Benefits of Applying Principles
Using great principles of business managements brings a number of benefits to the business. They include
- increased the output or production
- employees are satisfied
- running the business is simpler
- a better distribution of work
- better relationships between managers and employees.
Using great business management principles is the best way of having your business running well and effectively. The principles discussed above are simple to follow but they need determination and dedication so as to obtain the best outcome. Any manager looking to better their operational activities as well as business outcome should definitely try the business management principles.
Using the right project management tools can save you time and make you a better leader. Technology has completely changed the way things are done in many companies. Using the modern technology can do wonders in project management. Managers have the perfect tools to increase efficiency and the achievement of goals.
If you are in a management position in a company, then you know that organization is the key to having a successful project or department. Being a project manager is not easy and requires ongoing learning. It is stressful, and you sometimes have that uncomfortable feeling that you did not do something correctly along the way. A single mistake can bring big problems, potentially requiring you to scrap work and start again. It is costly both financially and for careers.
In the past, project management involved 3 things: a piece of paper, a pencil, and the methodology. As time goes by, technology has evolved.
1. Project Management Tools
Using project management software can help save time and prevent many problems. Regardless of the kind of business you are doing, or how many projects you are handling in a year, project management software is vital.
Working on your projects manually is challenging. It is easy to misplace valuable information and make serious mistakes. On the other hand, project management software will help customize everything to fit the parameters of your project and company. Businesses that use this piece of technology are more successful. Even when the budget is over a million dollars, project management software will be the best tool to use. Managers who use this technology have a completion rate of over a hundred percent.
2. Choosing Software
There are several major lines of project management software in the market. Choosing the right one is not a walk in the park. Here are some tips.
- Good project management software should have the ability to track the progress of both the project supervisors and workers.
- It should also be able to analyze the workload.
- The software should estimate the budget costs and also manage the funds. Buying software that cannot do this will be a waste of investments. If the software does not have a detailed cash flow or at the task level, it can only do more harm to the company.
- It is also important to check whether the management software can handle multiple projects and track the workforce usage. This will prevent you from assigning a worker two project at once.
- Go for project management software with a trial version. This way, you can check all its aspects before deciding the one that suits all your needs.
- The software should be easy to use. Avoid complicated software at all costs so that you do not incur any training costs.
- Ideally, the PM software integrates with other business intelligence software.
3. Project Management App
Project managers are very busy individuals. Sometimes, they are forced to travel to take care of important issues. A project management app is a perfect tool to manage their projects while on the go. A project management app can work correctly on Android devices, iPhone devices or any other type of tablet and use cloud storage.
Apps have become very popular in the modern times. This is due to the proliferation of mobile devices like tablets, phones, and portable computers. The availability of apps that lets individuals work and manage their projects on their mobile device is a very important advantage. You will not experience any setbacks just because you are not in the particular location.
A project management app is a great tool for managers to coordinate projects across wide distances. For instances, if you are in a different country and want something to be accomplished in your business, you can manage the projects happening back home using this technology. This will be done easily, even if you do not have access to a computer.
4. Time Savings
In project management, time and time tracking play an imperative role. Experts say that time is the most valuable resources you have in your team and organization. However, if you and your team do not utilize the time you have effectively, it will be difficult to achieve your goals or make any progress. If time is not managed well, tasks that could be carried out in just a day could go for a week. Ensure that your employees use their time well at all times, and this way, you will attain your goals.