Career as a Business Head
About Business Head
Business Head’s tasks involve managing a team whose job is to bring business by getting more clients. Business heads are very important for the success of a business and its ability to gain market share. Business heads also play a significant role in strategy and how the business is run. They engage with all the senior stakeholders and keep them in the loop regarding any developments. Business heads need to be able to multi-task, have good decision-making abilities as the ability to evaluate and think through things is very important. Goes without saying that they should have leadership skills and an effective business head should be able to motivate employees. And last but not the least, a successful business head needs to have business development skills.
The responsibilities of a business head include the following
- Promoting or developing the company’s brand and building awareness about it with customers
- Generating new business opportunities
- Managing relationships with clients, stakeholders, and influencers
- Assessing new opportunities to focus on opportunities
- Managing various business proposals and submissions
- Engaging competitors and reviewing employer’s offering in the light of competitors’ products
- Participating in new business negotiations
Business heads oversee and supervise a company’s activities and its employees to ensure that the workers are aligned with the company’s goals. Business head reports directly to the topmost executives or to the owner of a company. They are also responsible for hiring activities of employees and negotiating contracts. Successful business heads have good analytical skills and are detail-oriented. They have the ability to organize people, communicate and inspire employees.
Business heads also create forecasts and develop processes, they have an understanding of how a company works, what are the policies of the company and are in a position to answer questions from customers and staff. They also delegate tasks, train their employees and help employees work on their weak areas.
Eligibility to become Business Head
Becoming a business head requires years of experience. But to start with as a management professional, you need to appear for some of the most popular entrance examinations such as CAT, MAT, XAT, SNAP, NMAT by GMAC, GMAT, CMAT etc. After clearing the entrance exam, you can pursue MBA from the institutes for which these exams are conducted. Upon completion of the course, you can start working as a business executive and then eventually after a few years of experience can climb up the ladder and become a business head.
Fees to become a Business Head
To reach the position of business head requires a few years of experience but in order to become a management professional, one needs to pursue MBA. The cost of pursuing an MBA in India is roughly between Rs. 7,50,000-Rs.25,00,000.
Types of Job Roles Business Head
There are various job profiles in this field. They are listed below
Marketing Manager-Marketing manager is responsible for assisting the top management in determining the marketing plans for better planning. He/she oversees the promotion of a product, service or business.
Sales Manager-Sales managers are involved in setting goals, developing training programs and analyzing data for an organization. They also decide short and long-term sales strategies to evaluate how effective their current sales program is.
Financial Analyst-Financial analysts guide businesses and other individuals regarding investment decisions. They are responsible for assessing how stocks, bonds, and other investments are performing.
General and Operations Manager-General and Operations Manager is responsible for formulating policies, planning how materials and human resources will be used and are in charge of managing the daily operations. They are involved in different capacities such as purchasing, administrative or personnel.
Employment Opportunities for Business Head
Business heads can work in different capacities. They can find employment in
- Insurance Companies
- Manufacturing Firms
- Music industry
Top Recruiting Companies for Business Head
There are many companies wherein one can work as a business head. Some of the topmost companies are as follows
- McKinsey & Company
Pay Scale/Salary of Business Head
The salary of a business head after a few years of experience is approximately Rs. 12, 83,142 and after a few more years of experience, it can be close to approximately Rs. 19, 00,000.
Books & Study Material to Become Business Head
Some of the most popular books that you can refer to are listed below
- Wooden on Leadership: How to Create a Winning Organisation by John Wooden
- The Five Dysfunctions of a Team: A Leadership Fable by Patrick Lencioni
- Good to Great by Jim Collins
- First, Break All the Rules: What the World’s Greatest Managers Do Differently by Marcus Buckingham
- Financial Intelligence by Karen Berman and Joe Knight
- Purple Cow: Transform your business by being remarkable
- Getting Things Done: The Art of Stress-Free Productivity
- What Management is by Joan Magretta
- The One Minute Manager by Kenneth Blanchard and Spencer Johnson
- The Art of Strategy by R.L Wing
Pros of becoming a Business Head
- This position will offer a lot of money. Apart from money, there are other perks too such as better benefits and more vacations.
- The management experience that one has at this level can be used anywhere. For instance, one can easily transition from the food industry to the retail sector. The ability to lead a team will come in handy.
- Being a business head involves a lot of responsibility, you will be in charge of a lot of things such as budgeting, interviewing people, employee schedules, hiring people and promoting them.
Cons of becoming a Business Head
- You will be responsible for a lot of things. You will have to manage a lot of people and that can get challenging at times, there will be politics at work and a lot of other things which a business head will have to be accountable for.
- If you are heading a small business, you may find it tough to recruit talented people and at times, the top employees may also leave for bigger organisations. Since a business head is also responsible for hiring, they may face challenges while recruiting.
- There will be lots of expectations regarding your performance as a head. You will be in charge of the performance of your team so you may also need to work over the weekends at times or late evenings.