Business Management Fundamentals

In this article, we go over the business management fundamentals, subjects provided in our courses, what you will learn and more.

Business management fundamentals teach the skills needed to organise, plan, and lead people to help a business succeed. This includes working well with others, making smart plans, and managing money. 

Understanding Business Management Fundamentals

To succeed in any business, it is important to have a good understanding of how businesses work. Business management fundamentals give you the knowledge you need to manage people, processes, and resources effectively.

What Are Business Management Fundamentals?

Business management fundamentals are the basic principles and skills that you need to run a business. These include understanding how to plan, organise, lead, and control different areas of a business. 

These skills help business managers make good decisions, solve problems, and keep the business moving in the right direction.

Business management fundamentals cover areas such as:

  • Leadership: How to guide and motivate employees.
  • Financial management: How to manage the company’s money and budget.
  • Operations: How to make sure the business runs smoothly every day.
  • Human resources: How to hire and manage staff effectively.

What Is The Main Purpose Of Business Management?

The main purpose of business management is to make sure a business reaches its goals. This is done by managing people, resources, and processes in the best way possible. 

A business manager’s job is to plan what needs to be done, organise the tasks, lead the team, and make sure the business is working efficiently.

Business management helps businesses grow, succeed, and solve problems. It also ensures that all parts of the business are working together to achieve success.

What Are The Four Functions Of Business Management?

The four functions of business management are planning, organising, leading, and controlling. These functions help a business run smoothly and achieve its goals.

  1. Planning: This involves deciding what needs to be done and setting goals for the business. A business manager makes plans for the future and decides how the business will achieve its goals.
  2. Organising: Organising means arranging resources and tasks so that the business can meet its goals. This includes setting up teams, deciding who does what, and making sure everyone has the tools they need to succeed.
  3. Leading: Leading means guiding and motivating the team. A business manager helps employees work well together and encourages them to do their best.
  4. Controlling: Controlling involves checking to make sure that everything is going according to plan. This means monitoring performance and making changes if things are not going as planned.

Together, these four functions help a business stay on track and reach its goals.

Is Business Management In Demand In South Africa?

Yes, business management is in high demand in South Africa. Many companies need skilled managers to help them run their businesses successfully. 

Business managers are needed in different industries like retail, banking, and technology. This is because businesses rely on good management to grow and succeed.

The demand for business management means there are many job opportunities for people with the right skills and qualifications.

Now that you understand the fundamentals of business management, the next section will explain the Business Management Programme Structure. This will help you understand what subjects you will study and how the course is organised.

Business Management Programme Structure

Business management programmes teach students the skills needed to run a business successfully. At Skills Academy, there are two main types of business management courses: NATED Business Management and Small Business Management courses.

Both offer valuable skills but have different structures, durations, and requirements. In this section, we will explore these courses in detail, including their subjects, assessments, and entry requirements.

Business Management Programme

At Skills Academy, students can choose between NATED Business Management and Small Business Management courses. Both courses provide in-depth learning but have different focuses and lengths.

NATED Business Management

Our NATED Business Management course is accredited by the Quality Council for Trades and Occupations (QCTO). It is a more advanced programme that includes three levels: N4, N5, and N6. After completing all three levels, students need to do an 18-month internship to earn their National Diploma.

Here is an in-depth look at the subjects for each level:

LevelSubjects
N4
  • Management Communication
  • Introductory Accounting
  • Entrepreneurship and Business Management
  • Computer Practice
N5
  • Entrepreneurship and Business Management
  • Sales Management
  • Public Relations
  • Computer Practice
N6
  • Entrepreneurship and Business Management
  • Sales Management
  • Cost and Management Accounting
  • Public Relations

Each subject plays a key role in developing important business skills:

  • Management Communication: Teaches you how to communicate effectively in a business environment.
  • Introductory Accounting: Helps you understand the basics of accounting, including managing business finances.
  • Entrepreneurship and Business Management: Provides skills to start and manage your own business.
  • Computer Practice: Teaches you how to use computer software for business tasks like creating documents and spreadsheets.
  • Sales Management: Focuses on leading a sales team and reaching sales targets.
  • Public Relations: Explains how to manage a company’s public image and communication.
  • Cost and Management Accounting: Teaches you how to manage a business’s costs and improve financial efficiency.

Assessments in the NATED programme include assignments, tests, and final exams set by the Department of Higher Education and Training (DHET). After completing the coursework and internship, students earn a National Diploma.

Small Business Management

The Small Business Management course is shorter and designed for those who want to start or manage a small business.

This course does not require a Matric certificate, making it accessible to many students. It is focused on practical skills and includes subjects that are essential for running a small business.

Here are the subjects for each level:

CourseSubjects
Short Course (4 months)
  • Introduction to Business English
  • Business Writing
  • Business Etiquette
Certificate Course (8 months)
  • Business Finance
  • Business Problem Solving
  • Subjects from Short Course
Comprehensive Course (12 months)
  • Budgeting
  • Business Ethics
  • Subjects from Certificate Course

Here is a breakdown of the key subjects:

  • Introduction to Business English: Teaches you how to communicate clearly in a business setting.
  • Business Writing: Focuses on writing emails, reports, and letters in a professional manner.
  • Business Etiquette: Teaches proper behaviour in the workplace.
  • Business Finance: Covers basic financial skills needed to manage a business’s money.
  • Business Problem Solving: Helps you learn how to handle challenges in the business world.
  • Budgeting: Teaches you how to create and manage a business budget.
  • Business Ethics: Focuses on making ethical decisions in business.

Assessments in the Small Business Management course include assignments and in-house tests. These courses do not require external exams, and students receive a certificate after completing the course.

How Many Modules Are In Business Management?

The number of modules depends on the course:

  • NATED Business Management: There are 12 modules in total – 4 modules in each level (N4, N5, and N6).
  • Small Business Management: The number of modules depends on the course level. The Short Course has 3 modules, the Certificate Course has 5 modules, and the Comprehensive Course has 7 modules.

Entry Requirements

At Skills Academy, there are different entry requirements for the NATED and Small Business Management courses.

  • NATED Business Management: To enrol in this course, you need a Matric certificate. However, if you do not have Matric, Skills Academy offers Matric courses to help you complete Grade 12 and then apply for the NATED course.
  • Small Business Management: This course does not require a Matric certificate, making it accessible to more students. You can enrol in the course with just Grade 11 or less. The open-to-all structure of this course allows more people to access education and gain business skills.

Here are three benefits of the open-to-all Small Business Management course:

  1. Accessible to Everyone: You do not need a Matric certificate, so anyone can join the course.
  2. Practical Skills: The course focuses on real-world skills that can be used to start and manage a small business.
  3. Shorter Duration: The course is shorter than the NATED programme, allowing you to complete it and start working sooner.

What Subjects Are Needed For Business Management?

There are no specific subjects required to study business management, but some subjects are recommended because they help you understand business better.

Here are some recommended subjects:

  • Business Studies: Teaches how businesses work and covers key concepts like management and marketing.
  • Economics: Helps you understand how money works in society and how businesses make decisions.
  • Accounting: Teaches how to manage money, which is an important part of running a business.
  • Mathematics: Helps with problem-solving and managing finances.

These subjects are not required, but they will make it easier for you to understand the course material.

How Many Points Are Needed For Business Management?

At Skills Academy, there are no APS (Admission Points Score) requirements for business management courses. This means anyone can apply, making the courses more accessible to a wider range of students.

Do You Need Maths To Study Business Management?

No, you do not need advanced maths to study business management. While mathematics can be helpful, especially in areas like accounting and finance, it is not required for business management courses at Skills Academy. The focus is more on leadership, communication, and managing people and resources.

How Long Does Business Management Course Take?

The time it takes to complete a business management course depends on the type of course:

  • NATED Business Management: Each level (N4, N5, and N6) takes about 12 months to complete. After finishing all three levels, you will need to do an 18-month internship. In total, it takes around four and a half years to complete the course and get your National Diploma.
  • Small Business Management: The Short Course takes about 4 months, the Certificate Course takes about 8 months, and the Comprehensive Course takes around 12 months to complete.

Now that you understand the structure of business management courses, the next section will focus on the Career and Skills in Business Management. This will help you explore the job opportunities and skills you will gain from the course.

Career And Skills In Business Management

A career in business management can be very rewarding. Business managers are responsible for leading teams, making important decisions, and ensuring that the company reaches its goals.

In this section, we will explore what a business manager does, the skills you need to succeed in this role, and the highest-paying jobs in business management.

What Does A Business Manager Do?

A business manager has many responsibilities that help a company run smoothly. Here are five important roles a business manager performs:

  1. Team Leadership: A business manager leads and motivates a team. They ensure that everyone is working towards the company’s goals and help resolve any issues that arise within the team.
  2. Decision-Making: Business managers make important decisions about the company’s direction. This includes deciding how to allocate resources, which projects to prioritise, and how to handle challenges.
  3. Budget Management: Managing the company’s budget is a key responsibility. Business managers keep track of the company’s finances, making sure money is spent wisely and that the company stays profitable.
  4. Project Management: Business managers plan and oversee projects from start to finish. They make sure projects are completed on time, within budget, and meet the company’s goals.
  5. Problem-Solving: When problems arise, business managers find solutions. Whether it’s a challenge with employees, resources, or external factors, managers need to think critically to find the best way forward.

With these important roles in mind, there are many job options available to business managers. The skills learned in business management open doors to a wide variety of industries and roles.

Here are some of the most common jobs you can pursue with a business management qualification:

Jobs Open To Business Managers

With a business management qualification, you can pursue many exciting career options. Here are five common jobs that are open to business managers:

  1. Project Manager: Project managers oversee projects to ensure they are completed on time and within budget. They organise tasks, assign responsibilities, and make sure the team stays on track.
  2. Operations Manager: Operations managers are responsible for the day-to-day activities of a company. They make sure that the business runs smoothly by managing processes, resources, and staff.
  3. Sales Manager: Sales managers lead a team of salespeople, helping them reach sales targets. They create strategies to boost sales, manage customer relationships, and report on sales performance.
  4. Marketing Manager: Marketing managers are in charge of promoting the company’s products or services. They plan and run advertising campaigns to attract new customers and increase sales.
  5. Entrepreneur: Entrepreneurs start and run their own businesses. With the skills learned in business management, entrepreneurs can manage all aspects of a business, from finances to marketing and operations.

What Skills Do You Need To Be A Business Manager?

To succeed as a business manager, you need a variety of skills that help you lead a team and run a business effectively. Here are some of the main skills you’ll need:

SkillDescription
LeadershipYou will need the ability to lead, motivate, and manage a team effectively.
CommunicationThe skill to communicate clearly with employees, clients, and other stakeholders.
Decision-MakingThe ability to make important decisions that benefit the business.
Financial ManagementUnderstanding how to manage a company’s budget, expenses, and revenue.
Problem-SolvingThe skill to find solutions when problems arise and make the right decisions.
Time ManagementThe ability to manage time effectively to ensure tasks and projects are completed.
NegotiationThe ability to negotiate deals and contracts with clients, suppliers, or partners.
Project ManagementThe skill to plan, manage, and complete projects on time and within budget.

These skills are essential for any business manager to succeed and help a company achieve its goals.

What Is The Highest Paying Job In Business Management?

The highest-paying job in business management is being a Chief Executive Officer (CEO). A CEO is the top leader of a company and is responsible for making all major decisions about how the company is run. In South Africa, a CEO can earn between R1 million and R3 million per year, depending on the size and success of the company.

Other high-paying roles in business management include:

  • Operations Director: Responsible for overseeing the company’s operations. They can earn between R800,000 and R1.5 million per year.
  • Financial Manager: Manages the company’s finances and ensures that the business stays profitable. They can earn between R800,000 and R1.5 million per year.
  • Marketing Director: Leads the marketing team and plans strategies to promote the company’s products or services. They can earn between R800,000 and R1.5 million per year.

Business management is a rewarding career that offers many job opportunities and the chance to earn a good salary. Whether you want to work for a company or start your own business, the skills you learn in business management will help you succeed. 

With many high-paying jobs available and room to grow in your career, business management is a smart choice for anyone interested in the world of business.

If you are ready to start your career in business management, contact Skills Academy today to learn more about the courses and how to enrol!

Frequently Asked Questions

A NATED Diploma in Business Management takes about three years to complete, with N4, N5, and N6 levels. After that, you will need to complete an 18-month internship to receive the full diploma.

With a diploma in business management, you can work as a project manager, sales manager, operations manager, marketing manager, or even start your own business as an entrepreneur.

Yes, after completing a diploma in business management, you can enrol in a degree programme if the institution recognises your diploma for entry into higher education.

In South Africa, someone with a diploma in business management can earn between R200,000 and R500,000 per year, depending on experience and the type of job.

Yes, a diploma is a good qualification because it provides practical skills and prepares you for the workplace. It also offers many job opportunities and can be a stepping stone to further education

Last Updated: 31 October 2024

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