A Team Effort |
Business management is, quite simply, just that: the management of all of work (and life’s) many details. Whether planning taxes, or organizing information, business management covers all the bases: time, money, even stress. If you’ve ever wondered how high profile CEO’s or successful artists and entertainers manage to have it all – money, time, family, and successful careers – the fact of the matter is that success is a team effort. In other words, behind every successful career is a devoted team of professionals, managing every aspect of work and, sometimes, personal life.
What is it?
There are many different kinds of business management: tax and accounting services, financial planning, family office, investment administration, even lifestyle planning! Depending on the client’s needs, management can be applied to every aspect of activity of a person or organization to ensure that business operations function more effectively. Business management comprises planning, organizing, staffing, leading, directing, and the strategic and effective allocation of time, energy and resources.
The goal of every good business manager is to help clients and organizations operate in a smoother, more efficient manner so as to increase profit, employee and employer satisfaction, and internal or external business relations. For example, hiring a business management firm will ensure that high net worth organizations – or high net worth families – -invest and allocate capital in smart and strategic ways. A business manager will provide comprehensive services in business and personal taxes, payroll, accounting, bookkeeping, etc., to ensure that all financial obligations are met at all times, and that clients never have to worry about where their money is going. Business management specialists also work collaboratively with their clients’ affiliated professionals, such as representatives from investment firms and real estate brokerages, talent agencies, public relations firms, etc.
In addition to financial and organizational solutions, business management firms also offer lifestyle services to high-earning individuals so that they can live the lives they want, without hassle and risk. Offering sound financial practices that promote and support sustainable and productive careers, business management firms oversee lease and purchase agreements, and will help individuals make smart financial choices in lifestyle areas such as education, healthcare, insurance, property, and family. Because life is as complicated as work – and because life can complicate work – business managers work closely with their clients, and their clients’ affiliations, to minimize any unnecessary or potential financial complications.
“Making it big” is all about taking chances. Of course, growing a top-earning company or getting that lead part requires a great deal of work as well, but it takes guts, courage and, sometimes, just a little bit of crazy to make it to the top. But every risk-taker needs a risk-manager, someone to help guide career and personal decisions so that risk plays a minimal role in achieving and maintaining success.
One of the major benefits of working with a business management specialist is that business managers are not afraid to tell their clients “no.” In fact, it’s their job. In other words, business management firms will advise clients how to make smart decisions with their money based on their career and personal goals.
Miller Kaplan is a certified public accounting firm specializing in accounting, business management, 401k reporting, financial tax planning, licensing and royalty audit services for individuals, healthcare, media, real estate, food and beverage industries, and tax-exempt organizations worldwide. For tips on hiring business management, visit Entrepreneur.com.
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