business management

Wondering when it's the right time to pay yourself from your business? The answer depends on your business structure, profitability, and tax obligations. Whether you run a sole proprietorship, LLC, or corporation, this guide explains when and how you can begin taking a salary or draw responsibly.

Splitting expenses with a business partner requires clear communication, a solid partnership agreement, and transparent record-keeping. Establish roles, contribution percentages, and a joint account to streamline expense management and maintain trust.

Expenses in business are mainly divided into two categories: Operating Expenses (OPEX), which cover day-to-day costs like salaries and rent, and Capital Expenses (CAPEX), which are long-term investments in assets such as equipment and property. Understanding these categories is essential for accurate financial reporting and tax planning.

Transferring money from a business account to a personal account is legal, but how and when you do it depends on your business structure, tax considerations, and financial regulations. Proper documentation and separation of finances are key.

Choosing the best degree for business management depends on your career goals and interests. Popular options include a Bachelor of Business Administration (BBA), Bachelor of Science in Business Management, and specialized degrees like Management Information Systems or Entrepreneurship. For advanced roles, many pursue an MBA or a Master of Science in Management. Each path offers unique strengths tailored to different aspects of business leadership and operations

Owner’s draws are not subject to payroll taxes like wages, but they can still have tax implications depending on your business structure. In sole proprietorships, partnerships, and LLCs, draws are typically considered a return on investment rather than income—yet owners must still pay taxes on the business’s net profit. Understanding how draws affect your personal tax liability is essential.

A Managed Services Manager oversees the delivery of outsourced IT or business services, ensuring performance, client satisfaction, and operational efficiency. This role involves service delivery management, client relationship building, team leadership, financial oversight, and continuous improvement. It’s a dynamic position that blends technical knowledge with strategic planning and people management.

Management involves much more than overseeing teams—managers spend their days planning strategies, directing staff, solving problems, communicating with stakeholders, and ensuring goals are met. Their role blends leadership, coordination, and decision-making to keep the organization running efficiently.

Businesses come in many forms across industries. Four common examples include a restaurant, which serves food and beverages; an e-commerce store that sells products online; an IT managed services provider offering tech support and infrastructure management; and a consulting firm that provides expert advice to help other businesses grow and improve operations.

Business management often requires a solid grasp of math, especially for financial analysis, budgeting, pricing, and data interpretation. While advanced math skills may not be necessary for every role, understanding key mathematical concepts helps managers make informed decisions and optimize business operations.

Writing off a car as a business expense requires understanding tax rules, choosing the right deduction method, and keeping detailed records. Whether you use the standard mileage rate or actual expenses, it’s essential to track business use accurately and separate personal driving. Learn how to properly deduct your vehicle costs and stay tax-compliant.

Business management is essential for organizing resources, achieving goals, improving efficiency, and guiding strategic decision-making. It helps businesses grow, adapt to change, manage risks, and maintain long-term success.

While business management plays a vital role in modern organizations, it's not traditionally classified as a "profession" like law or medicine. Instead, it functions as a dynamic discipline focused on planning, organizing, leading, and controlling business operations. This article explores why business management may not meet all the criteria of a regulated profession, yet still demands expertise, ethical judgment, and continuous learning.

Is business management easy or hard? The answer depends on many factors—like your industry, experience, business size, and ability to adapt to challenges. This article explores what makes business management demanding, rewarding, or somewhere in between, and what skills can make it easier over time.

Business management typically falls into two main categories: General Management, which oversees the entire organization and sets strategic direction, and Functional Management, which focuses on specific departments like marketing, finance, or HR. Learn how these two roles work together to drive business success.

Understanding the six core concepts of business management—planning, organizing, leading, controlling, coordinating, and decision-making—can help managers run more efficient, goal-oriented organizations. Learn how each concept contributes to business success.

The core objective of business management is to efficiently coordinate resources and strategies to achieve organizational goals. Learn how management drives profitability, innovation, and sustainable growth.

Keeping work and personal life separate can lead to better mental health, stronger boundaries, and improved professionalism. However, in today’s flexible work environment, some integration may be necessary. Discover the pros, cons, and how to find the right balance for you.

Mixing personal and professional life can lead to stress, blurred boundaries, and reputational risks. Learn why separating the two is essential for mental well-being, productivity, and long-term career success.

Management is not one-size-fits-all. From strategic planning to operations and human resources, the 8 core types of management help organizations stay focused, efficient, and competitive. Learn how each management type plays a crucial role in guiding business success.