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A business manager drives the work of others in order to run a major business efficiently and make a large profit. They should have working knowledge of the following areas, and may be a specialist in one or more, such as finance, marketing or public relations. Other technical areas in which a business manager may have expertise are law, science, and computer programming.
In many businesses, the role may be established to relieve the owner of responsibility, in order to focus on specific aspects of company expansion. Typically, the business manager and the owner work may work in synergy to ensure successful running of business. Having a specialization in a particular field, such as sales, marketing, public relations or finance would aid efficiency, yet despite the academic qualities a business manager should have, they should also develop personal qualities that will be helpful in performing the role efficiently.
A business manager should be willing to accept constructive criticism from employees, develop social skills, be organized, honest and able to take good decisions. A good business manager should be willing to work along his or her employees in order to create a better work environment.
Examples in industryEdit
In the music industry, a business manager is a representative of musicians or recording artists or both, whose main job is to supervise their business affairs and financial matters. The role largely originated from Allen Klein, who represented numerous performers, helping them to both invest their incomes wisely and to recover unpaid (or underpaid) royalties and fees.
Business managers commonly have an overlapping presence in both the entertainment and sports industries, as illustrated by business manager Barry Klarberg, who represents entertainer Justin Timberlake as well professional athletes C. J. Wilson, Mark Messier and Anna Kournikova.
- Sports Business Journal. "Athlete advisors Klarberg, Furst Close to Deal", April 9, 2012.