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The Benefits of Studying Business Management

24th June 20

In modern-day society there are millions of different businesses and services out there.

Every time you put money into the economy whether buying groceries or treating yourself to a Blu-ray, you’re are impacting a whole host of businesses. From the shop, to the manufacturers or farmers. Even the companies that make the shrink wrap and the sticky labels.

We are all part of a huge and highly complex machine we loosely call ‘business’.

Therefore, having knowledge and understanding of business, and how it all fits together puts you at an advantage. Not just personally but professionally too.

Business graduates are highly sought-after candidates for employment in a variety of different sectors.

According to Deloitte’s head of student recruitment, Rob Fryer, the company fill over half of their graduate positions with those with business studies backgrounds. That’s a massive window of opportunity for employment.

Alternatively, business know-how can help you become an entrepreneur.

According to a survey commissioned by Studio Graphene over a quarter of UK adults wish to start their own business. But the results also showcased that 45% feel they lack the skills and knowledge to be an entrepreneur.

However, it’s never too late to start learning or change careers. Business management can help you gain the knowledge and skillset you need to realise those ambitions.

Those working in management can earn upwards of £35,000 a year. And according to indeed successful entrepreneurs earn up £39,000 on average.

You’ll find you’ll have the flexibility to work in a variety of different sectors. This is, again, because the work in any industry will still require strong business knowledge.

So, read on to learn what you'll study in a business management course and how it will benefit you.

Managing & Leadership

learndirect | The Benefits of Studying Business Management | Managing & Leadership

It will come as no surprise that you’ll study management and leadership.

In this unit you will review the key characteristics and range of styles of management that are employed in a modern-day workplace.

By the end of this unit you will be able to:

  • Describe the key differences between management and leadership
  • Describe the main components of the role of manager
  • Identify the main components of the role of leader
  • Discuss a range of management styles.

By learning the difference between leadership and management you’ll understand what is required for each role.

If you are running your own business or are a team leader, then you will be able to communicate your vision clearly. As well as learn how to create a strategy with your team for the best way to achieve these ambitions.

On the other hand, as a manager you will understand the objectives of a company and organise the workforce to produce the best results. You’ll be able to easily identify employees strengths and utilise them effectively.

Working, Planning & Organisation

Organisations often create plans setting short and long-term goals with regards to the overall objective of the company. Detailing who will be working on what, when and how long for.

In this unit you’ll examine several tools and approaches to plan business activities, develop organisational strategies and analyse work tasks.

In this unit you’ll learn to:

  • Recognise and describe strategies and plans
  • Recognise planning tools
  • Describe effectiveness and efficiency methods
  • Identify and use organisational analysis techniques
  • Recognise and understand method study
  • Recognise and understand process charts

This is beneficial for both managers and business owners as you’ll need to delegate work effectively to keep operations running smoothly.

Moreover, you’ll be able to identify areas of concern and use the methods learnt in the course to provide a solution.

With the preparation skills you’ll learn throughout this unit you’ll be more likely to succeed with your objectives.

As well as being able to set practical and realistic targets for your employees.

Motivating in the Workforce

learndirect | The Benefits of Studying Business Management | Motivating in the Workforce

Motivation is a crucial element of any business.

Businesses are goal-oriented which means they are focused in achieving a certain result.

Whatever the goal maybe it’s imperative you have a team of motivated individuals to carry out the task to meet those objectives. It’s the manager or employer’s job to be able to understand how to motivate their employees.

In completing this unit you’ll be able to:

  • Define motivation
  • Explain how motivation theories are classified into content theories and process theories
  • Explain Taylorism and its motivational implications
  • Understand the motivational implications of the Hawthorne experiments
  • Appreciate Maslow's hierarchy of needs and its motivational implications

Employees are arguably one of the most valuable resource a company can have. And statistics show that a motivated workforce has higher productivity and lower turnover.

So, it is worthwhile learning how to inspire your employees.  

Business Strategies

In this unit, we look at operating a business as a complete organisation rather than a collection of functions or departments.

A business strategy should not only identify the overall company objective but also detail the best route to achieve this.

By the end of this unit you will be able to:

  • Explain how businesses need to align their objectives and capabilities with the needs of their customers and with the environment
  • Define examples of business objectives, mission and value statements
  • Understand how the business environment provides opportunities for the business but also limit its freedom of action
  • Describe a range of business strategies and explain the circumstances in which they might be appropriate for a business
  • Describe how an organisation copes with an uncertain future and responds to complex environmental change.

By having a business strategy you’ll be able to define the direction of your business. You’ll also be able to set clear objectives and confidently define ways to achieve them.

This will especially help if you have a great idea but can’t quite figure out how to put it into motion. This course could get you on the right track.

In conclusion, business management can provide you with the practical knowledge you need to succeed.

Whether that’s to learn the skills needed to apply for that promotion at work. Or give you the confidence to take your first steps as an entrepreneur.

And what’s more you can study online without affecting your current schedule.

learndirect is one of the UK’s leading online learning providers with a range of courses to meet almost everyone’s needs.

Whatever you need to study for you’ll be guided by an expert tutor to help you throughout your studies. As well as flexible payment options to help you spread the cost.

Get in touch with one of our advisors to learn more today or enrol below now.

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