There’s that old saying that ‘every day is a school day.’
It’s the kind of mantra that those who believe in the art of ‘learning by doing’ live their life by, and many successful businessmen and women abide by such a code.
But there is plenty to be said for the academic side of learning, with some courses like a Masters of Business Administration adding genuine value to the skillset of those that take it – the knock-on effect to your firm is a more informed, insightful workforce.
Such courses offer theory-based learning but also practical skills in accounting, budgeting, and marketing, and so enable your staff to invest in their own self-improvement that will be beneficial to the profitability of your business.
There is plenty of information out there about the various business admin courses that are available, but as a quick precursor to your reading, here’s an overview of the modules and options of this popular master’s degree.
Financial Management & Accounting
It’s not just accountants that need to have a head for numbers within a business.
Any decision-maker in your firm should have an understanding of financial management, because you can’t expect to be profitable long-term if you are throwing money away on overspends in certain areas.
The implementation of financial planning and control measures is taught on the Business Administration course, as are the basic tenets of working capital management.
Achieving long-term objectives will be built on sound strategies, and the aim of this module is to teach students the principles of effective strategic management.
Investigation, analysis and planning are three of the pillars on which this is built. They are touched upon by course leaders to show how those thinking strategically can influence change more readily than those who don’t.
The nature of marketing has changed so readily in recent years with the advancement of the internet and new technology, and you simply have to be intune with this changing landscape to succeed.
This module is more than just being taught how to post some ads on social media, though. Students will develop skills in relationship management, the effective delivery of a supply chain and strategic marketing for a more holistic approach to promoting your business’ products and services.
In many business sectors, you need to innovate in order to survive – this module teaches how to identify opportunities no matter which industry you occupy.
From product ideation and development to testing, distribution and delivery, the Innovation section of a Business Admin degree may even provide students with the chance to take a prototype product through the full life cycle.
In an ideal world, every work-based project you run would go seamlessly and without a hitch.
In reality, that is very rarely the case, and so having an educational background in project management will at least arm you with the tools required to iron out any kinks in the chain.
The management of any project has many different facets, with initial planning and reporting at either end of a process that can take many twists and turns in-between.
The Masters of Business Administration will teach you techniques at every stage of the process, from a top-down view of execution and control but also in the minutiae of each step – integration into your company’s daily processes, cost and time analysis, quality control risk management and much more besides.
Some figures in business erroneously believe that project management cannot be taught, and that displays a reactive mindset rather than a proactive one – make no mistake, project management can be learned and will be invaluable to your future career in whichever direction you choose to go.
International Business Management
The ambition of many businesses is to expand globally, and this brings with it many challenges from a managerial perspective.
The international marketplace is ever-changing and brings with it numerous complexities, from supply chain management (when using overseas suppliers/manufacturers) to communicating with key stakeholders in a different cultural environment.
The Masters of Business Administration Degree offers an insight into how to deal with these challenges, offering best practice advice on how to manage the sensitives of the global market whilst ensuring your company is able to thrive.
According to many business gurus and theorists, any company is only as strong as the people it employs.
Of course, we can all improve when we are given appropriate training and made to feel empowered in our work, and this module of the degree focuses on how you can get the very best out of your employees – touching on HR management, ethics and leadership, communications and much more besides.
As you can see, a Masters of Business Administration Degree could be a very useful asset for any business – both for you as a leader and your key members of staff.