Business manager
Encyclopedia
In a general context, a business manager is a person who manages the work of others in order to run a business efficiently and make a large profit. He or she should have working knowledge of the following areas, and may be a specialist in one or more: sales, marketing, and public relations; research, operations analysis, data processing, mathematics, statistics, and economics; production; finance; accounting, auditing, tax, and budgeting; purchasing; and personnel. Other technical areas in which a business manager may have expertise are law, science, physics, and computer programming.
In many businesses, the role of business manager may grow out of a small business-owner's desire to shed some of the multiple roles mentioned above to focus on specific aspects of company expansion or market penetration. The business manager for a time may share duties with the owner, as the owner gains trust in the business manager. Ideally, the business manager and the owner work synergistically to ensure that the business of running a successful business is attended to. This can often be a process of the owner relinquishing the functions for which there is a comparative disadvantage for his or her continued involvement.
In the context of the music industry, a business manager is a representative of musician
s and/or recording artists, whose main job is to supervise their business affairs, and the proper handling of their financial matters. The role as it is understood today was largely originated (and the term coined) by Allen Klein
, who represented numerous performers through the years, helping them to both invest their incomes wisely and to recover unpaid (or underpaid) royalties
and fees.
K. Blanchard writes that a good manager does not necessarily need to spend a lot of time with his or her employees. Good managers make every minute count, and do their best to make sure everyone at the company is successful.
In many businesses, the role of business manager may grow out of a small business-owner's desire to shed some of the multiple roles mentioned above to focus on specific aspects of company expansion or market penetration. The business manager for a time may share duties with the owner, as the owner gains trust in the business manager. Ideally, the business manager and the owner work synergistically to ensure that the business of running a successful business is attended to. This can often be a process of the owner relinquishing the functions for which there is a comparative disadvantage for his or her continued involvement.
In the context of the music industry, a business manager is a representative of musician
Musician
A musician is an artist who plays a musical instrument. It may or may not be the person's profession. Musicians can be classified by their roles in performing music and writing music.Also....* A person who makes music a profession....
s and/or recording artists, whose main job is to supervise their business affairs, and the proper handling of their financial matters. The role as it is understood today was largely originated (and the term coined) by Allen Klein
Allen Klein
Allen Klein was an American businessman, talent agent and record label executive. His clients included The Beatles and The Rolling Stones.- The accountant :...
, who represented numerous performers through the years, helping them to both invest their incomes wisely and to recover unpaid (or underpaid) royalties
Royalties
Royalties are usage-based payments made by one party to another for the right to ongoing use of an asset, sometimes an intellectual property...
and fees.
K. Blanchard writes that a good manager does not necessarily need to spend a lot of time with his or her employees. Good managers make every minute count, and do their best to make sure everyone at the company is successful.
See also
- Chief executive officerChief executive officerA chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
(CEO) - Product managerProduct ManagerA product manager investigates, selects, and develops products for an organization, performing the activities of product management.A product manager considers numerous factors such as intended demographic, the products offered by the competition, and how well the product fits with the company's...
- Property managerProperty managerA property manager or estate manager is a person or firm charged with operating a real estate property for a fee, when the owner is unable to personally attend to such details, or is not interested in doing so...
- Talent managerTalent managerA talent manager, also known as an artist manager or band manager, is an individual or company who guides the professional career of artists in the entertainment industry...