The position of a Business Manager is intended for someone who exhibits administrative efficiency and brings new dimensions to the table. This article will focus on some factors that affect a Business Manager’s salary in the US.
Responsibilities of a Business Manager
A Business Manager’s primary responsibility is to oversee and manage a company’s activities and employees. Other regular duties of a Business Manager include the following:
- Establishing business objectives following the needs of the organization.
- Building business strategies and detailed action plan to achieve the specified company goals.
- Monitoring and controlling how well people perform at work.
- Streamlining sales and marketing procedures to assist companies in locating and connecting with clients.
- Increasing the success rate through resolving conflicts between employees, suppliers, and clients.
- Adjusting recurring reports to track the performance of the business.
- Hiring and educating new hires.
- Ensuring that all corporate operations adhere to the laws and regulations.
Traits of a Business Manager
Successful organizations are led by great Business Managers who possess strong management skills. To manage an organization or a corporation, you need to have the following skills and qualities:
1. Being a visionary
One of the characteristics of an excellent manager is having a clear vision. They also have a constructive mindset and planning as they move forward on a project. Being a visionary helps them predict consequences and work towards desirable outcomes.
2. Communication Skills
Communication skills are another factor related to vision. This is a trait that all great managers possess. Your employees’ productivity may decline as a result of inadequate communication. Undoubtedly, great managers are superb communicators, allowing them to bring everyone on their team together.
Managers must have confidence in their ability to keep the team’s support. They need to be sure that their choice is the best for their business and staff. In business, there are constant ups and downs. During the best and the worst times, a great manager should be confident and not lose their calm.
Factors Affecting the Business Manager Salary in the USA:
The salary of a Business Manager in the United States of America is influenced by a wide range of factors, including skills, education, years of experience, and job role. Below are some of the factors.
If you possess the ideal mixture of industry-relevant hard and soft skills and have had significant exposure holding other significant positions, your salary will be high. Since Business Managers are expected to be very dynamic: mastering leadership, development, and implementation of strategies, you must have a strong skill set to land high-paying positions.
Requirements constantly change in the corporate world. You must upskill yourself regularly to be an asset to the corporation. Employers prefer candidates who can provide value to an organization.
To maximize your earning potential and land a decent position in the business sector, you must have a minimum of a four-year bachelor’s degree in finance, accounting, or marketing.
The degree will not only open doors for you at the best companies but also give you an added impetus when you seek to upskill yourself and enroll in different technical courses. You can even do a master’s degree for a higher salary expectation. Companies usually choose a candidate with an MBA over one with a BBA.
Years of Experience
Your market worth closely relates to your experience in terms of the number of years you have worked in the field. The more your experience, the more dynamic and competent you’re assumed to be.
You are eligible to expect a comfortable package if you have more than ten years of expertise in the management industry. The experience, coupled with your exposure, ranks you ahead of your competitors and lands you on a higher package.
Your salary is also determined by the previous job descriptions you have held. Your current CTC is quoted depending on your organization’s role and performance. Business Managers are usually chosen among the highly experienced and most dynamic candidates. Hence, if you are great at your job and manage to make the most out of the situation, you could be looking at a great pay scale as the Business Manager.
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What is the Salary of a Business Manager in the USA?
In case you are a fresher or a job-seeker with less than a year of experience in the corporate world, your average annual base income will be $60,078. Usually, an experience of 3 years is a minimum requirement to hold the post of a Business Manager in the USA.
You can expect a pay scale of $73,864 annually in case you bring 6-9 years of experience in the corporate world and business expertise gained through exposure during your previous employment to the table.
There are seasoned candidates with more than ten years of experience who have served in several other significant roles before becoming Business Managers. If you are one of them, you should be looking at an average figure of $74,747 per year as your pay scale.
Business Managers: Different Job Roles and Salaries
1. Marketing Manager
The role of a marketing manager is to monitor the overall market scenario regarding the brand. They are usually responsible for creating brand campaigns, assessing the market’s purchasing power, and building strategies to increase brand value.
2. Operations Manager
An Operations Manager is responsible for overseeing the internal workings of the company, including but not limited to marketing strategies, employee satisfaction, growth trends, intra-organizational drives, and so on. A Business Operations Manager salary is often rewarding and fully compensates for all the efforts needed to fulfill the position.
3. Sales Manager/Sales Team Manager
A Sales Team Manager leads the Sales Representatives of the company and keeps working to increase the client base actively. A Sales Manager also assesses the fresh leads from the Marketing Team and devises new sales strategies with the Operations Team. They are responsible for ensuring the smooth implementation of the same.
This article thoroughly explains some of the factors that influence a Business Manager’s salary. Check out upGrad’s Doctor of Business Administration program to get greater insight into the intricacies of Business Administration as a whole. The curriculum helps you upskill yourself, keeping in mind the demands of the present job market.
How much money does a Business Manager make in the USA?
The average base salary of Business Managers in the USA is $67,786. The salary depends on several factors, including your qualifications, experience, and skills.
How do you become a Business Manager?
The position of a Business Manager is generally not considered for freshers, so a four-year bachelor's degree in a business course is insufficient to work as a Business Manager. The candidate must be duly experienced and have a lot of exposure beyond just serving roles in the company. It is always an added advantage if the candidate holds an MBA in addition to a bachelor’s degree.
What exactly does a Manager do at a company?
A Business Manager is in charge of directing and supervising all business operations. A Business Manager is responsible for all the dealings of the company: internal and external. They are accountable for dealings with clients and other shareholders of the company, as well as assessing customer relations.
What is the typical workweek for a Business Manager?
Business Managers in the USA can look at a 40-hour workweek. As this position extends beyond formal responsibilities and requires a lot of extra effort, Business Managers often extend their work hours beyond the specified ones in their contract. They are duly compensated for their hard work by utilizing attractive salaries and added benefits by the company.