Jobs you could Land with a Degree in Business Management

Business management is a go-to professional qualification for those who want to acquire expertise in a wide range of business concepts. Starting from building market strategies to managing operations, a business management programme can equip students with all the necessary skills relevant to the international business setting. Furthermore, depending on their interests, students can choose to pursue specialised study in the scope of business management. This programme is focused on training students for a business environment across various industries.

Starting a business

In this blog, you will garner a vivid understanding of the job prospects that studying business management courses can offer. Read on to find the list of rewarding career avenues and determine which role suits your professional goals the best.

Career opportunities with a degree in business management

  • Financial Analyst: If you want to take up the role of a financial analyst, you must have exceptional financial modelling and reporting skills, the ability to work with details, be well-versed with Microsoft Excel and strong communication and analytical skills. Their job responsibilities within an organisation are as follows:
  1. Determining operational costs and establishing standard costs;
  2. Identifying the financial status of an organisation by comparing the actual results with the predicted results;
  3. Guiding cost analysis;
  4. Establishing procedures and policies within an organisation;
  5. Comparing and correcting data;
  6. Conducting comparative analyses and recommending actions to the management;
  7. Designing automated accounting applications and using them to enhance productivity;

The average annual salary commanded by a financial analyst is £41,760.

  • Business Advisor: A business advisor is responsible for analysing an organisation’s business and financial plans. Their day-to-day responsibilities include:
  1. Establishing future methods of development;
  2. Managing and monitoring projects and their progress;
  3. Budget management;
  4. Preparing reports about project status;
  5. Assisting teams in identifying and analysing business requirements;
  6. Ensuring that the project comply with the set standards;
  7. Risk management to alleviate risks or reduce their occurrence.

A business advisor should have excellent business acumen, good communication skills and extensive industry knowledge. On average, they can earn about £23,985 per annum.

  • Business Analyst: Business analysts are responsible for the designing and modification of business systems. A business analyst should have excellent verbal communication skills, an in-depth understanding of business objectives, strong documentation skills, a good ear for useful information and must have exceptional presentation skills. Their typical duties include:
  1. Identifying and outlining business challenges and issues;
  2. Developing solutions for certain business problems;
  3. Conducting detailed business analysis;
  4. Performing financial modelling, variance analysis and pricing;
  5. Identifying and defining business requirements;
  6. Financial reporting. 

The average salary of a business analyst is £42,810 per year. 

  • Sales Manager: If you take up the role of a sales manager, you will be responsible for driving the sales efforts of an organisation and their products. Yout typical duties would include: 
  1. Designing a sales plan by factoring in elements such as revenue, cover sales and expense controls;
  2. Setting sales goals and helping sales teams achieve them;
  3. Tracking the progress of the sales team with respect to the sales goals;
  4. Supervising the on-the-job training of sales trainees;
  5. Overseeing and gauging the performance of the sales team;
  6. Liaising with the marketing team for lead generation;
  7. Creating customer personas to better channel sales efforts. 

A sales manager must have good negotiation skills, expertise in the sales planning and strategising, the ability to build relationships with customers and a good command over language. The average annual salary commanded by a sales manager is £38,124.

If any of the above-mentioned jobs are synonymous with your professional goals, taking up a business management degree can be a good idea. It can not only offer you a broad spectrum of knowledge but also help you acquire specialised skills that are relevant to your area of interest.

Has Launching a Van Rental Business in The UK Become Harder?

The UK van business sector is currently valued at about £1.8 billion. The market has expanded over the last ten years and is growing increasingly competitive. Venturing into the industry requires you to have a balanced perspective of the pros and cons as well as the technical skills, energy, time and resources.  

small business

Is the business financially rewarding? Yes, if you are well prepared and have the perseverance. Although it can be quite lucrative, there are no shortcuts for success in this business. Despite the difficulty in getting your van business off the ground, you can still succeed at it if you have the necessary know how and resources. 

A Few Things to Know

There are no rewards when starting a van rental business in the UK. Some of the initial challenges you will likely encounter as you go are that:

  • There are no definite earnings. If you don’t work hard in this competitive market, you won’t survive. 
  • It requires a lot of managerial skills. You must be personable and friendly with good customer care. 
  • You’ll need a proactive marketing approach. Your vans must be properly and creatively branded – big, bold and attention-grabbing in a pleasant way. 
  • With competition getting ever digital in this global village world, you’ll do well to get your SEO strategy right and establish your venture as a competent and trusted brand.

Exploring the Opportunities 

The right mindset to have when launching into the van rental business is always to keep an eye on the bigger picture and seize opportunities as they come. From daily hire to long term contract opportunities, from finding a great business location to identifying your various target audiences, you must have the business acumen to see and explore the windows of opportunities available quickly. Being able to take advantage of this approach will help you earn more than the average vehicle hire startup owner.

The key to success in this business is how well you utilise your vans. You’ll lose money with a van sitting around without being rented out, and it may take a long while to recoup the cost. The scale of your fleet will play a major role in your income as more rentals mean more earings, which will help you recover the significant overheads.

Gauging Startup Costs

In this business, you will need to buy or lease some vans; so, the cost of setting it up could appear high. There will also be a few high essential costs such as van insurance, MOTs, tax and rental space, that you will need to bite the bullet an pay.

Then there are vital overhead costs such as marketing and branding budgets to deal with to get your target customers to notice and take an interest in your venture. Considering all of these, it’s best to start small with just a couple of vans to minimise costs. 

New Driving Laws and Regulations

In 2019, several new driving laws have come into effect which affect van drivers. One such law is a clampdown on ‘close passes’ and significant penalties for van drivers using lanes marked X on smart motorways.  Further changes have also been made to MOT tests, for example, taking into consideration vehicles with outstanding recalls.

2019 is also the first year where those learning to drive will be allowed to take lessons on the motorway, so this is something that all drivers, but van drivers especially, should be on the lookout for to avoid causing an accident.

Why Management Should Push Towards Setting Employees’ Performance Goal

It is essential that company managements understand the ways to increase staff motivation, task engagement and productivity levels among employees. The truth is, setting employees’ performance goals is a vital practice in the modern workplace in order to boost staff performance, help them prioritize and stay focused, and ultimately engender a sense of achievement in them.  

work buddy

Here are ways you can set attainable goals for your staff. 

Start and Flow Down Goals from the Top

How do you ensure employees goals are aligned to the organisation’s goals? By starting from the top and getting everyone lined up behind the cause with each person’s contribution or quota clearly defined. If, for example, the management sets a specific target of increasing company profit by 5% in the business year, every member of staff should be able to identify their roles in actualizing their collective goal. An employee could be focused on reducing cost or increasing sales to achieve their goal. 

By starting and flowing down goals and key themes from the top, management will be helping to tie together the efforts and performance of each staff member to the central objective of the organisation as a unit. It doesn’t matter if you have a small or large staff, what is important is that everyone’s actions are ultimately focussed on and channelled towards achieving a set of clearly defined common goals that underline the mission of the company. It does help to create a simple goal flow down matrix for key members of the staff or team to help drive the different key areas of focus or themes of the organisation’s main goal. 

Collaborate with Employees to Set Goals

Employees need to be aware and clear on their primary and/or delegated goals as individual workers or members of a team. Where this is lacking or ambiguous, employees may become stagnant, neither helping to develop the company or themselves.  One way management can prevent a situation like that is to involve employees in the process of goalsetting. It is also vital that you motivate them for this by showing them the organisation genuinely cares for their health and general welfare as members of a family. 

Collaborate with staff to identify the strengths and weaknesses of each person, as well as their career goals, so together with management, company and individual goals and milestones can be set. That way, employees can think about the big picture for the company and also on a personal level, and thus feel more connected with and committed to the organisation. 

Include the 3 Types of Employee Performance Goals

When setting employee performance goals, be sure to make it holistic and include the 3 areas of key performance index for final result assessment. 

  • Accomplishment Goals (What the employee achieves or the result of the employee’s work)
  • Efficiency Goals (How the employee does his or her job)
  • Development Goals (Extent of professional learning and growth) 

Make the Goals SMART 

It is critical to apply SMART (Specific, Measurable, Achievable, Realistic and Time-Based goals) principles to employees’ performance goals. This will make the goals specific, clear and provide a clear finish line for management and staff to properly evaluate and score. Making the goals SMART will make it easy for management to conclude whether a goal was achieved, unachieved or exceeded. For example, rather than set or write a goal like ‘improve sales’, it should be ‘improve subscription rates by 5%.’

Is Franchising a Good Idea for a Newbie Entrepreneur?

Franchising is where today’s smart money is being invested. How great it is to get the benefits of running a business without having to take care of marketing, branding, business modeling, having to choose a location for your business, etc.  Franchise owners do everything for you in exchange for a royalty and a small initial investment. However, it is imperative to find out which franchises are worth investing your money in?

Pros of buying a franchise

1. You can start a business today

You can literally start a business today without having to invest a lot of money. There are home healthcare companies who let you become a partner by paying a nominal fee. You can sell their products from the comfort of your home.

2. Training and set-up are provided by the franchise owner

training

Franchising is a good idea if you buy a franchise like Mc Donald’s or Subway–which are popular worldwide. As a newbie entrepreneur, you are not risking any money by buying a franchise that has a proven track record of success. Moreover, they also provide training and set-up for your shop or outlet.

3. You can jump into unexplored territories without any hassles

Another reason why franchising is a good idea is: you don’t need to have a culinary degree from a reputed college to own a franchise like Mc Donalds or Burger King. Once you buy a franchise, they provide all the recipes and machinery required to produce the end products.

Cons of buying a franchise

1. You have less flexibility

Even though you are your own boss and the CEO of your own organization, you still have to follow the rules and protocols provided by the franchise owner. You cannot fiddle with the products or services. This makes you less in control of the administrative side of the business. So, franchising is a good idea only if you agree with the terms and conditions of the franchise owning company.

2. Not enough learning

As a newbie in business, you better start something of your own and learn from your mistakes. Owning a franchise is very similar to being an upper-level management person who is responsible to lead a team and make a certain amount of money per month. You will also have to send sales reports to the franchise owner which, in a way, makes you their employee. Hence, your mind won’t grow as you don’t have to do any creative thinking in this role.

3. You are not the true owner of your company

After buying a franchise, you may feel like a boss for a few days but are you really the true owner of your company? You were not involved in the business model or idea creation. You are basically a partner to the franchise owning company.

Conclusion

The is no one answer to whether franchising is a good idea or not. It depends on which franchise you select and if the right location is available or not. You may buy a franchise for Subway but the people in that area hate sandwiches then you are not going to make enough money.

8 Professional Ways to Make Friends at Work

Making friends in school or college is a lot different than doing the same in the workplace. The same techniques and methods don’t work in the workplace. The environment and culture are a lot different in an organization than it is in a school or a college. It is true that socializing at a work is easy for extroverts and outgoing people. But by following some basic rules of social dynamics an introvert can be as social as an extrovert.

Here are 8 professional was to socialize and make friends at work.

1) Just introduce yourself

The best way to make friends at work is by simply introducing yourself. Walk up to a person and tell them your name and department in which you are working. Most people will follow your lead and share name as well. However, this might seem too bold for some people. Especially the ones who are introverted or don’t like attention. But I don’t think there is any risk in introducing yourself.

2) Have an open body language

Most people prefer to judge others by their external appearance and body language. So, if you are sitting in a corner with eyes on your computer, people are going to think you are an introvert and will leave you alone. Signaling is very important to make friends at work.

3) Be authentic

Do not try to be someone you’re not. Compromising your authenticity at the sake of impressing others never works. In fact, by being pretentious you will lose the trust and respect of your co-workers. Just be yourself and ask open-ended questions to make others talk more.

4) Share lunch

You might be uncomfortable sharing your lunch with others. But you don’t have to do it every day. Occasionally inviting others to try out your lunch will allow you to get close to people. Sharing food on the same table signifies unity and coherence between the members.

5) Invite your colleagues for a coffee

Coffee

Having coffee together is a great way to let others know more about you. Invite some of the colleagues for a coffee during the afternoon snack break. Cultivating a professional relationship with your co-workers will require a bit of time and effort from your side. But the results will be amazing.

6) Offer help whenever needed

Being positive and excited to learn about what your new company does is the best way to cut short your learning curve. Your colleagues want to get you on board with them and showing a willingness to learn will help them do so. Always be the first to help other people at work.

7) Connect via social media

It’s very easy to mingle and gel in with the co-workers in a startup or a small company. The teams are small and the environment is always warm and friendly. But if you are working in a large organization, you will have to use social media sites such as LinkedIn and Facebook to get in touch with everyone.

8) Find things you have in common

Common interest

This is the most important tip on how to make friends at work. Do not waste your time building rapport with people who have nothing in common with you. You might want to be polite and professional with them bit getting close will always invite trouble. Hang out with co-workers with whom you share common hobbies and interests.

Conclusion

Not having friends at work can make you feel very isolated and lonely. Also being alone is not going to help you grow as an employee. No matter what your job is. Even people who work in non-social jobs like engineering and architecture need to be able to communicate their ideas clearly. Being friends with co-workers can help them do so.

Want to Master Accountancy? Here’s Everything You Need to Know

forensic accounting

All certified public accountants take and pass the CPA exam when starting their careers. When preparing for the examination, the individuals cultivate a specific collection of skills needed in their preferred industry. Professional accountants that master the skills to excel in their career and take the next step in the field where top-earning positions are available to them. Here’s everything you need to know if you want to master accountancy.

Learn Management or Leadership Skills

Management and leadership skills are invaluable to certified public accountants. The skills set them apart from others and open doors for management at a firm. Time management is a great part of leading a team, and it helps accountants present timely services to their clients. The ability to lead teams and management workers enables the accountant to capitalize on a lucrative career in any area.

Employers look for accountants who have the skills and want to grow with their agencies. The individuals understand everything that is expected of them and complete all projects in a timely manner. The firms won’t face slowdowns in productivity that turn clients away from their business due to accountants that need consistent supervision.

Stay Up-to-Date About Current Tax Laws and Regulations

New tax laws and regulations emerge almost yearly, and all accountants are required to stay abreast of any changes that affect their clients and how tax returns are filed. Continuing education courses help established accountants avoid common issues that lead to tax audits for their clients. Those who are just starting out in their career participate in cpa prep course to learn the best techniques for learning tax laws and staying educated in the future.

Master Public Speaking Skills

Public speaking is a critical skill that all CPAs need when starting and advancing in their careers. The ability to remain calm and collected around large groups of strangers give the accountant a competitive edge over their competition. The skills help them command the attention of a room and succeed if they become a manager or choose to start their own accounting firm in the future.

Master All Software Used in Accounting

Accountants used a multitude of different accounting software for performing their services. It is paramount for the CPA to become proficient in the software and continue to improve their software skills. The technological requirements for working with different companies and organizations change and all CPAs must take the initiative to cultivate these necessary skills.

Gain Superior Communication and Customer Service Skills

Superior communication and customer service skills are a vital part of an accountant’s career. The workers must convey concepts and information to their clients clearly and help the customers understand their financial options. By providing superior customer service skills, the CPA generates trust among their clients and builds their clientele more effectively. CPAs that address customer concerns and demands properly continue to see real earning opportunities and maximize their profits.

Certified public accountants take their first steps into the workforce by taking and passing the CPA examination. The test is required for anyone who wants to secure a license in their chosen region. Preparation for the test helps the students gain the skills that are necessary for succeeding in the field. When preparing, it is urgent that the new CPA master all skills and establish themselves in the industry. These skills give the accountants a brilliant start in their career and open necessary doors to fulfilling their full potential as a professional.