Business

10 Ways that an MBA Can Help to Grow Your Business

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Do you want to grow your business in the next 12 months? 

Silly question, of course, you do.

However, do you know how you can grow your business?

If this question is a little trickier for you to answer, don’t worry, you are not alone.

Many business owners and entrepreneurs fail to take the necessary steps to grow their business, not out of a lack of desire but simply because they don’t know how to.

If this is the case for you and your business, you will be pleased to hear that there is one simple solution to your dilemma.

Enroll in an MBA degree course.

Or, more specifically, an online MBA.

You may (wrongly) believe that a master’s in business administration degree is only advantageous for those looking to expand their job opportunities when it is the ideal further education option for those looking to grow their business.

Not entirely sure what an online MBA entails and how it can help your business? 

Within the below guide, you will discover:

  • What is an MBA degree?
  • Why pursue an online MBA degree course?
  • How an online MBA can help grow your business
  • How to choose the right MBA degree program for you and your business goals

What is an MBA degree program?

The term MBA stands for master’s in business administration. This highly sought-after and incredibly popular degree option will provide you with the skills and knowledge needed for a successful business and management career.

Most MBA programs are based on a core curriculum that includes subjects such as accounting, marketing, operations, and elective courses where you can choose your own specialized areas of study.

The MBA is currently the most popular professional degree program worldwide, with an emerging number of high-quality online MBAs that are better suited to busy working professionals.

In terms of admission, the experience is equally as important as qualifications when it comes to pursuing an MBA, and most degree programs will require at least a few years of working experience within your chosen sector to be accepted.

Although two-year MBA degree programs are still common, many students are now preferring to pursue a one-year program alongside their current work and family commitments, making this degree course ideal for business owners with busy schedules.

In terms of difficulty, an MBA is undoubtedly a challenging degree program but not preventatively so. It is often said that a master’s in business administration is as hard as you make it and as rewarding as you invest in it. Or, to put it more simply, if you enter into an MBA degree program with a positive attitude you are highly likely to enjoy success in your endeavors.

Why pursue an online MBA?

As a small business owner, you are unquestionably pushed for time when it comes to pursuing a further education degree. However, the beauty of an online MBA or a distance learning MBA degree is that you can carry it out around your current commitments, both professional and otherwise.

Other benefits of choosing an online master’s in business administration over a more traditional on-campus degree include:

  • Affordability. You can find accredited online MBA programs that are much cheaper than enrolling in an on-campus course. Plus, you can save money on accommodation and/or travel expenses.
  • Cutting-edge business technology. The nature of an online degree lends itself well to the use of the latest technologies in business innovation, with dynamic and interactive learning more readily available than ever before.
  • Diversity. Business is a broad umbrella, and an online MBA can help connect you with a range of students from many different backgrounds, ages, and stages of their careers, providing a better overall learning experience.
  • Global opportunities. If you are considering expanding your business internationally, an online master’s in business administration can allow you to immerse yourself in global business practices and settings.
  • Reputation. You can find high-quality online MBA programs that are conducted by reputable universities and business schools, ensuring that you get maximum ROI on your investment.
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How can an MBA help to grow my business?

Whether you want to increase sales, branch out to e-commerce, or expand your products and services, an MBA degree program can help you to grow your business exponentially in the next 12 months and beyond.

Find out how below:

 

  • Earn respect in your community

 

If you are a local business, you will know how important word of mouth is in keeping your company afloat. Whether you are a relatively new business that is seeking more exposure or you have been trading a long time, but your brand perception could benefit from a refresh, an MBA can help you to gain more respect within your local community.

Furthermore, it can help you expand your business network, locally, nationally, and even globally, boosting your credibility.

 

  • Gain global perspective 

 

There is only so far, your business can go within the U.S., and if you are keen to expand your brand worldwide, an MBA degree can help to widen your horizons and help you to gain a better understanding of different cultures, both of which are crucial if you hope to achieve global success.

You can even choose to specialize in international business and learn more about global economics and how they can affect your business.

 

  • Learn to write a business plan

 

If you are still in the early stages of launching your own business, one of your most important and challenging tasks is to write a business plan to get funding for your new venture.

During an online MBA degree program, you will be taught how to write a compelling and convincing business plan that is guaranteed to impress banks and investors alike. Furthermore, once you are qualified, simply having an MBA qualification on your loan application will increase your chances of getting the start-up money you need to make your small business venture a success.

 

  • Access to high caliber candidates 

 

Finding great talent to help support and drive your business forward can be a challenge, to say the least. However, when you choose to pursue an MBA degree program, whether online or on-campus, you will meet a whole host of like-minded, business-orientated professionals whose strengths and weaknesses you will grow to know.

You may even find an international partner to help drive your business overseas or an investor who is willing to take your business to the next level.

 

  • Help to manage innovation

 

If you want to develop a new product, you may be struggling to move from the idea stage to the actual product creation stage. If this is the case for you, a postgraduate qualification in business administration will equip you with the tools and knowledge needed to devise a clear strategy when it comes to both growth and innovation.

For new business owners, an MBA will also teach you the basics needed to start up a successful business, including accounting, sales, human resources, and daily operations.

 

  • Learn to adapt to changing environments

 

An MBA degree is centered around application which is why experience is crucial when it comes to being accepted on an MBA degree course. As mentioned above, you will learn core business skills such as sales, finance, and human resources management, all of which will help prepare you to run your own business. However, you will also be required to find solutions to common modern business problems, enabling you to adapt to the constantly evolving business world.

 

  • Access to resources

 

Being a small business owner can be isolating, and you may struggle to gain access to the help you need to grow your business. By enrolling in an online MBA degree program, you will instantly be introduced to targeted resources that you would never have encountered on your own. You will gain valuable insights from leading industry experts within your field and top professors at your chosen establishment, not to mention the wealth of knowledge and experience that you can learn from your fellow students.

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Plus, you will receive personalized feedback and career counseling to help you run your business more effectively.

 

  • Hone your communication skills

 

Effective communication is crucial in any business, allowing you to engage both with your customers and your employees. As a business owner or entrepreneur, you need to successfully motivate your team if you hope even to survive, let alone thrive.

By pursuing an MBA, you will have the opportunity to improve upon many critical soft skills, including communication, leadership, strategic thinking, listening, and decision-making. You will also be required to work on collaborative projects with your peers, which can help facilitate your personality and skillset development.

 

  • Increase your network

 

As briefly mentioned earlier within the guide, studying for an MBA provides the perfect opportunity to widen your business circle and learn the art of networking, both of which are crucial if you want to expand your business.

Through industry projects, work-integrated training, and group seminars, you will learn how to better interact with your peers and the faculty and learn how to lead a team effectively.

Furthermore, you are highly likely to meet fellow entrepreneurs and small business owners, allowing you to share experiences, knowledge, and resources.

 

  • Learn to take risks 

 

A vital skill in any successful business owner, you need to be willing to take risks if you want your business to grow. You also need to learn from your mistakes and pick yourself up when things don’t quite go to plan. If you struggle with this, an MBA course will prepare you to face the challenges of the modern business world and equip you with the knowledge and tools needed to overcome adversity and become a success.

Plus, you can learn all this within a safe environment where you can comfortably make mistakes and grow without the damaging repercussions in the real world.

How to choose an MBA program?

If you have decided that pursuing an MBA degree program is the right choice for you and your business goals, now is the time to pick a specific degree program and university or business school.

As mentioned earlier, if you currently run your own business, you are better suited to an online MBA that offers flexibility, affordability, and diversity.

However, how do you choose the right one for you and your business? 

Length of the program

Do you have the time and dedication to enroll in a two-year MBA program, or would you be better suited to a fast-track, one-year course?

Specializations

Is there a specific elective that you would like to study, or are you more interested in the core subjects that are included within a typical MBA degree?

Prestige 

Are you committed to enrolling in one of the top-ranking universities, or are you more interested in the experience and networking opportunities that a particular school offers?

Personality 

Would you benefit from a competitive culture of learning, or are you better suited to a more nurturing environment?

Cost 

Do you need to keep costs as low as possible, or is overall ROI a more important factor when choosing a university?

By considering all of the above, you will be able to make an informed decision about which university or business school is right for you, your learning journey, and your business goals.

Conclusion

Hopefully, you are one step closer to deciding whether or not an online MBA degree is the best choice for you and your business. However, if you are still on the fence when it comes to this potentially life-changing decision, it can be a good idea to remember the below:

  • An MBA will arm you with a vast array of crucial business skills
  • An MBA will enable you to see the bigger picture
  • An MBA will allow you to streamline your business operations
  • An MBA will make you a better leader
  • An MBA will help you to build strong relationships
  • An MBA will help you expand your horizons

Now, are you ready to take this exciting new step in your career?