If you’re looking for a career with plenty of growth potential and lots of opportunities for advancement, then you should consider a general management path. A general management career can take you to many places, and there are many different specializations within the field. In this post, we’ll explore some of the most common paths you can take in general management, as well as the skills and experience you need to get started.
1. What Is General Management?
General Management is a group of activities that drives or influences an organization’s ability to achieve its mission. In larger organizations, general managers have many subordinates responsible for specific functions such as finance, marketing, personnel, etc. General management aims to provide the vision, leadership, and direction that brings these components together to perform within their defined roles, enabling their organization to achieve its objectives.
General management often takes the form of a matrix where some functions are under the effective control of general managers, and other components exist as separate business units or departments which report directly to a board or another more senior executive. For example, marketing may be part of general management, but manufacturing will exist separately.
General management is concerned with setting the strategy for an organization and acting as a link between top managers and business units, ensuring coordination to achieve objectives. It also involves taking a broader perspective to identify new activities or functions in which an organization may invest to further its competitive advantage.
An alternative definition of general management is those activities that drive or influence an organization’s ability to achieve its mission.
2. What Does a General Manager do?
A general manager is the one who oversees all operations of a company. They are responsible for making sure that everything is running smoothly, and they have to manage employees and make decisions about finances. The duties of a general manager vary depending on the type of company they work in. For example, if their workplace has an assembly line, their job might include overseeing production. Still, if it’s a marketing agency where creativity is vital, their responsibilities will be more focused on strategy and execution. Essentially, it is their job to lead the business so that all department heads can achieve the same goal.
General managers need to know how to handle employees because they may be running a variety of positions within one company. Sometimes their employees will be perfectionists; other times, they’ll understand that mistakes happen and overlook minor issues. They have to learn about their employees and adapt to each of them so that work is being done as effectively as possible.
It’s a job that requires a lot of experience, ability, and knowledge. A production manager must constantly monitor workers’ productivity, determine how quickly they are producing goods/services, and make changes to improve productivity.
3. How to Become a General Manager?
A general manager is a person who oversees and coordinates the activities of an organization. They are responsible for all aspects of the company, including strategic planning, budgeting, staffing, and training employees. The general manager also conducts negotiations with outside entities such as suppliers and customers to maintain profitable relationships.
The following steps will help you become a successful general manager:
1) Get relevant experience: An essential requirement for becoming a general manager is related work experience. You can either work your way up through the ranks in your current company or find opportunities elsewhere that offer more responsibilities than those at your current position. Suppose you’re considering making this career change. In that case, it’s best to start now by getting as much experience as possible so that you’ll be a qualified candidate when a general manager job opens up at the organization you want to work for.
2) Acquire management training: Most companies today offer advanced leadership training that will help build your skills in decision making and people management. Participating in these programs can boost your career progress, exposing you to senior-level leaders in your industry.
3) Gain industry knowledge: As a general manager, you’ll be in charge of running the day-to-day activities of an organization. This means that you have to stay up-to-date with current news in your field so that you can anticipate any changes in market demand. If you’re not already working in the industry you want to specialize in; you’ll need to educate yourself quickly by taking courses or seminars that give you a good grounding in your area of choice.
4) Show leadership potential: Because general managers are responsible for running their companies’ operations, they must demonstrate strong leadership skills before being promoted into this position. This means that you must motivate and inspire your employees and make tough decisions promptly.
5) Enroll in an MBA program: A Master of Business Administration (MBA) is usually required for an individual to become a general manager. Some employers may prefer hiring applicants with a doctoral degree or those with a professional certification.
4. What Skills Are Required to Become a General Manager?
1. Leadership is key to becoming a general manager, but not traditional. General managers are leaders within organizations and possess many leadership skills, including ensuring their organization’s strategies are met with positive results, motivating employees to achieve organizational goals, creating productive team-based relationships, developing departmental structures, models of service, and efficient operational procedures.
2. Business acumen is a skill that all general managers must possess because the position requires an understanding of many different areas, such as marketing, finances, and human resources. General managers concern themselves with organizational plans and efforts to achieve their overall objectives. Therefore they need to know about different business operations to ensure their organization meets its goals and objectives.
3. Planning and organization skills are required to successfully assist an organization with its mission, vision, and plans for growth or decline. A comprehensive plan must also adapt as economic conditions change, so general managers must have effective planning and organizational skills to adjust their organizations’ strategies accordingly.
4. Communication skills are essential to becoming a general manager because they enable organizational members to work together in a unified way toward a common goal. General managers must communicate effectively and externally with customers, suppliers, and other vital stakeholders.
5. Strategic thinking is required when general managers assess an organization’s strengths and weaknesses by performing SWOT analyses. They must then determine the best course of action for their organization to ensure long-term success. Therefore, strong strategic thinking skills are imperative when general managers develop strategies to help their organizations achieve goals and objectives.
6. Detail orientation is also necessary because it ensures organizational efforts are carried out precisely and efficiently. General managers must be detail-oriented to oversee the entire organization’s activities, including meeting deadlines and following procedures to ensure organizational tasks are completed successfully.
7. Problem-solving skills enable general managers to solve organizational issues that may arise at any given time, for instance, disputes between employees, changes in federal laws, and even health issues. General managers must solve problems as they come up so organizational efforts are not hampered.
5. How Much Do General Managers Earn?
A general manager’s salary depends on factors such as the company’s size, geographical location, and industry. General managers in the United States earned an average annual wage of $96,000 at companies with fewer than 500 employees, and the median salary for general managers is about $62,500 per year.
The median salary for a general manager is around $65,000 per year. However, suppose they are working in specialized industries like healthcare or pharmaceuticals. In that case, their salaries will be much higher due to the high demand for these positions across many different types of businesses and corporations nowadays.
6. What Factors Determine a General Manager’s Salary?
The company’s size can be a significant determining factor and what industry they are in. General managers’ salaries will usually increase with time if they move from one organization to another. If you work for a large corporation, then your salary will also vary depending on each department structure and the company’s size.
The level of education a person has obtained can also be a factor and what industry they are in and where they work. A general manager’s salary will vary depending on company size and location, experience, and educational background, and general manager salaries usually increase with time if they move to different organizations.
7. What Are the Benefits of Being a General Manager?
Some of the Benefits of Being a General Manager include
- Getting to work with different people and building new relationships
- Working in many different sectors like healthcare, finance, fashion, arts, and entertainment
- A sense of self-fulfillment that comes from achieving organizational goals
- Being responsible for the success or failure of an entire organization is very rewarding as well
- as being the main deciding factor when it comes to an organizations success or failure
- You have opportunities to travel across different countries and explore new places, which is a big plus for general managers.
8. What Are Some of the Disadvantages of Being a General Manager?
Some Disadvantages of Being a General Manager include
- Some challenges that come with being a general manager include having to deal with negative employees
- Having to manage organizational resources and finances
- Not being able to have a personal life because you will have so much responsibility for the organization
- Sometimes, stress levels can rise, and we try to achieve optimum outcomes for everyone. This can be not easy sometimes due to different personalities across the organization.
9. What Is a General Manger’s Day Like?
General managers’ days vary from organization to organization. However, there are certain things that all general managers have in common, no matter what industry they work in. General managers usually arrive at the office around 9 am and assess a list of daily tasks that need to be done for that particular day. After they have gone through their list, they will decide what to do first and how much time is needed for each task. From there, general managers must prioritize tasks depending on urgency and significance.
Some days are more hectic than others, so being able to manage your time well is a crucial piece of the general manager position, no matter what industry they are in. If you have a good team of assistants to help you throughout the day, it will help tremendously. At around 5 pm, most general managers will finish their work and let their assistants know what they need to do for the next day.
General managers usually get an hour’s break at lunchtime, but sometimes they also get calls or attend meetings throughout the day. General managers must be open to learning new things because they will need to know all aspects of their organization. They also must build a strong rapport with their employees because it can be beneficial when trying to achieve organizational goals together. General managers usually work at least 50 hours a week.
10. The Job Outlook for a General Manager
The job outlook for a general manager is good. The Bureau of Labor Statistics projects that the number of jobs for general managers will grow by nine percent from 2016 to 2026. This growth is faster than the average for all occupations. Those who want the most opportunities might consider working in the retail sector. Job growth for general managers in this industry is expected to increase by eleven percent during that same period.
Another area that may offer great opportunities in the hotel and restaurant industry. The BLS forecasts it will grow by eight percent, slightly faster than the average for all occupations. General managers can also expect to see growth in consulting firms; those working within this sector are expected to increase by six percent during the next decade.
11. Top Recruiting Companies for a General Manager
- Robert Half International
- Adecco Group North America
- Manpower Group
- Kelly Services, Inc.
- Ajilon Professional Staffing
- Ultimate Software
12. Best Colleges to Study General Management
Many excellent colleges offer degrees in general management. Some of the best schools that come to mind include Harvard University, Stanford University, and the University of Pennsylvania. These universities offer excellent programs that will provide students with the skills they need to become successful general managers.
Additionally, these schools also have excellent reputations, which will help graduates when they are looking for jobs. They will also network with other professionals who can help them in their careers.
A career in general management can be both rewarding and challenging. It’s a great way to gain experience in different business areas, and there are many opportunities for advancement. If you’re thinking about embarking on a career in general management, make sure you have the right skills and knowledge. Start by studying the principles of good management, and then practice your skills through internships or volunteer work. With hard work and determination, you can reach your goals and enjoy a successful career in general management.