Managing a business can be challenging and rewarding all at once, and doing so successfully is nothing less than a craft that needs honed overtime. Just as the blacksmith constantly improves his forging and tempering techniques, so should the business owner be improving their business administration skills. What is business administration at its core? What does it mean for your business, and does the business need it? Keep reading to learn the fundamentals of this essential skill and what it can do for your business.
What is Business Administration?
So, what is business administration? Business administration is simply the practice of managing a business. How a business is managed can determine the overall success of failure of the business, the happiness of its employees, the satisfaction of its customers and clients, and its overall standing in the industry the business is operating within.
Business administration degrees are some of the most sought-after degrees in the US, with millions of students every year enrolling in business administration programs. Every level of a company requires management of some kind, so there are entry-level business administration jobs available to these students (most of the time) when they graduate.
A Core Component in Business Success
Managing a business successfully requires leadership skills and more than a bit of good organizational skills. A business is a living, breathing entity; one that requires constant attention, care, and, well, management. Some of the best businesses in the nation are so because of the management team! Successful business administration can offer the following benefits to businesses of every size:
- More organized staff, inventory, and space.
- Clearer company vision and the steps necessary to reach that vision.
- More satisfied customers and increased customer loyalty.
- Better money management; meaning higher profits, lower expenses/losses, and better financial decisions.
- An overall sense of success, organization, and direction within the company.
- Better industry performance.
- Better products and services overall.
- Compliance with local, state, and federal laws and guidelines.
Each of these benefits can help increase your business’s reputation, as well as boost profits and minimize the impact of downtime or slow seasons. Good management helps unify your team to seek out a common goal and can keep things together when times are tough.
Business administration forms the nerve center of the business; providing direction to all other components of the business, directing operations and marketing campaigns, assigning tasks, and much more. Without this precious nerve center, your business would be like a body without a brain!
Higher Quality Economy with Business Administration
As a business, you’re adding to the overall state of the economy in one way or another, and it’s important that your business is creating a positive impact in whatever industry you operate in. That being said, how your business is run can make all the difference in whether you’re a positive contributor or a negative one.
Imagine a world where businesses are run by people with no experience, education, or knowledge of business administration. The economy and every industry would be in chaos; run by those who lack the skills and knowledge to create efficient businesses that produce high-quality goods and services. Without the proper administrative staff, there would be no direction, no quality requirements, and no accountability. Organizations need qualified leaders.
Your Administrative Status
If your business seems to suffer from a lack of organization, leadership, or general direction, it’s time to take a closer look at your business administration status. Do you have skilled and qualified managers leading your team? Do your managers, supervisors, and other administrative staff have the skills necessary to guide the company and push forward into the future?
Take a closer look at your administrative team to learn where you can improve. Perhaps you’ll want to invest in some of your star players to improve their performance and enhance their skillset. Alternatively, you may need to “trim the fat” so to speak, and replace or remove administrators without the proper knowledge or skills to perform the job correctly.
The Bottom Line
Business administration is essentially the how of running your business, and it’s arguably the most important aspect of the business. As the nerve center of the organization, your administrative team should be skilled, educated, and well-qualified for their positions in order to drive the company to new heights and improve day-to-day operations.