“In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And, if they don’t have the first, the other two will kill you.” – Warren Buffet
This is so that the company can get the most profit possible, which is the goal of any business. The idea is to use labour and raw materials then turn it into set of goods or services.
If all the parts are running smoothly, then the manager is doing a good job of keeping all the other parts moving.
There are different levels and types of managers of a business. It all depends on the size of the business. Whatever type of manager you become, you will need to have management skills and usually the skills for the people you oversee.
So if you are the head of operations, you must have a good idea of how to run things at the top, and at the lowest level.
Heads of Operations
These are the standard corporate heads or officers one would get in an organization:
- CEO – The CEO (Chief Executive Officer) is in charge of the corporation or business. If you are the CEO you have all the responsibility and you need to report to the board of directors
- COO – The COO (Chief Operating Officer) takes care of all the daily things that needs to be done in the business. They make sure that every cog is moving as it’s supposed to. They also report directly to the CEO
- CFO – The CFO (Chief Financial Officer) is responsible for almost all the financial matters in a company.
Executives in Business Management
In small companies, an individual can be the CEO, COO, and CFO. That won’t be possible in bigger companies, because there are so many moving parts one person could not handle all of it.
If you become an entrepreneur, you will essentially handle the roles of all three operations managers – That is until your business becomes large enough, employing additional people to give you a hand.
Remember the key trait you need to have is to make sure the company is running at its best to maximize profit. So you need to come up with new ideas to make that happen, and fix or discard older ones that’s not as effective.
If you are doing the MNB1501 and MNB1601 Business Management modules, then you should be better equipped to take on one of these roles. There is also the ICB Accredited Business Management Course available from TWP Academy, which can prepare you for a position in business management. To give yourself a head-start, you should join the Together We Pass MNB1501 and MNB1601 online study groups to learn all you need to know about business management. How do you manage your MNB1501 and MNB1601 study groups? Well, you can read all about it here.
Last updated: March 28, 2019
