How an MBA Can Help Boost Your Retail Career
MBAs have a unique set of skills that can make them valuable assets in many industries. However, one of the areas where they shine the most is in retail. When you look at MBAs, it almost seems like the program was made specifically for the retail industry. This is why it’s still one of the most sought out qualifications for retail executives. Even if you want to start as a small retailer yourself, having the foundation an MBA provides could help you rise above the competition and identify issues they would be completely blind to. Let’s take a look at how an MBA can help boost your career in retail.
You’ll Qualify for Executive Roles
If you’re currently working as a manager, you’re probably dreaming about being an executive. We sometimes hear stories of people moving from shop floor to c-suite, but these are few and far between. Getting an MBA as you work as a junior manager is the perfect way for you to position yourself as a good candidate for a promotion. You could even get promoted while you're studying since you'll be able to apply some of the principles you're integrating as you go. This will set you apart from the other managers and show that you have the qualifications needed to handle bigger roles.
One of the best things about being an MBA is the prestige that comes with it. Being an MBA will get you a certain level of respect when you enter a room because people will know that you are an expert in your field. It also shows a certain level of ambition and work ethic. These are all traits that could help you get noticed and increase your chances of being considered for more senior roles.
There’s often a big chasm between junior and senior management. However, having an MBA is a great way to show employers that you’re able and willing to take on greater responsibilities.
One of the best things about being an MBA is the prestige that comes with it. Being an MBA will get you a certain level of respect when you enter a room because people will know that you are an expert in your field. It also shows a certain level of ambition and work ethic. These are all traits that could help you get noticed and increase your chances of being considered for more senior roles.
There’s often a big chasm between junior and senior management. However, having an MBA is a great way to show employers that you’re able and willing to take on greater responsibilities.
You'll Be More Confident
In one study, a group of MBA students was asked about the financial and non-financial benefits of getting an MBA. Researchers were surprised to learn that increased confidence was near the top of the list for most students. Having confidence is extremely important in retail since you’ll be interacting with so many people. You’ll have to be as confident speaking to a large group of employees as you would be with an angry client. Confidence is not something that you can learn, however. Confidence comes from within, and knowing that you have the expertise and skills will automatically make you more confident.
You’ll Become a Better Negotiator
Being a good negotiator is one of the most important skills to have in retail. If you work in HR or become an employer, you'll have to negotiate salaries and benefits packages with employees. You'll have to negotiate with suppliers, service providers, and shareholders as well. Your negotiation skills could also be very helpful if there's a conflict between employees, or if they decide to unionize. MBAs will learn the principles of negotiation in and out and will always have the upper hand against someone who doesn’t.
You’ll Become a Better Owner
If your goal was to become a retail business owner or you are already one and want to up your skills, know that the MBA is one of the best degrees you could choose, especially if you have big goals for your business.
One of the biggest reasons why retailers fail is that they expand too fast and aren't prepared for the administrative bloat that comes with expansion. However, that won't be an issue for you as an MBA. You'll know exactly when is the right time to expand, how much it will cost, and the type of structure you will need to put into place. You'll also be able to navigate the very complex world of franchising and see the benefits and disadvantages of franchising your business versus central ownership.
You may even want to take your company public one day or get some investors. This is again where getting an MBA will come in handy. You'll be able to negotiate better deals with private equity investors and will understand how valuation works. People prefer doing business with MBAs too, and you'll be able to avoid some of the rookie mistakes so many people commit when they seek private equity.
Another benefit of getting an MBA to you as a business owner is that you’ll have the expertise needed to fill multiple roles at once. You’ll be able to handle the hiring, onboarding, and training process yourself. You’ll be able to look after books and make sure that everything is in order. You could even handle things like payroll if you want to. Things like forecasting, supply chain management, culture building, and marketing will all be second nature to you.
MBAs also know how to apply advanced management techniques and principles to run leaner and more efficient organizations. They’re able to build better relationships with clients and gain their loyalty. They’re able to cut costs while simultaneously increasing their margins and profit as well. You can already see how much of a strategic advantage this could give you if you're in a competitive niche.
You'll have a much greater understanding of global markets as well. This is why retailers who hired MBAs were able to pick things right up when the pandemic hit. They had already planned well in advance for disruption while others had to patch solutions together and learn on the go.
There is no denying that an MBA would instantly make you a better entrepreneur. You’ll become a better boss, have a greater understanding of the business you’re in, and be able to make better decisions.
One of the biggest reasons why retailers fail is that they expand too fast and aren't prepared for the administrative bloat that comes with expansion. However, that won't be an issue for you as an MBA. You'll know exactly when is the right time to expand, how much it will cost, and the type of structure you will need to put into place. You'll also be able to navigate the very complex world of franchising and see the benefits and disadvantages of franchising your business versus central ownership.
You may even want to take your company public one day or get some investors. This is again where getting an MBA will come in handy. You'll be able to negotiate better deals with private equity investors and will understand how valuation works. People prefer doing business with MBAs too, and you'll be able to avoid some of the rookie mistakes so many people commit when they seek private equity.
Another benefit of getting an MBA to you as a business owner is that you’ll have the expertise needed to fill multiple roles at once. You’ll be able to handle the hiring, onboarding, and training process yourself. You’ll be able to look after books and make sure that everything is in order. You could even handle things like payroll if you want to. Things like forecasting, supply chain management, culture building, and marketing will all be second nature to you.
MBAs also know how to apply advanced management techniques and principles to run leaner and more efficient organizations. They’re able to build better relationships with clients and gain their loyalty. They’re able to cut costs while simultaneously increasing their margins and profit as well. You can already see how much of a strategic advantage this could give you if you're in a competitive niche.
You'll have a much greater understanding of global markets as well. This is why retailers who hired MBAs were able to pick things right up when the pandemic hit. They had already planned well in advance for disruption while others had to patch solutions together and learn on the go.
There is no denying that an MBA would instantly make you a better entrepreneur. You’ll become a better boss, have a greater understanding of the business you’re in, and be able to make better decisions.
You’ll be a Better Team Player
Great retail businesses have great teams behind them. Teamwork is essential in this field and executives have to be able to navigate different teams while working as a liaison between departments. This is something you’ll learn to do as an MBA.
A large portion of the MBA consists of dream projects. This type of experience will be useful when the time comes to coordinate teams with players with vastly different skills and experiences. You'll also be able to set clear priorities for your team and make sure that everyone is on track.
Another very valuable thing you'll learn is the importance of humility and knowing when you don’t know enough about something to do it yourself. MBAs know how to delegate and listen to the opinion of others. They know how to build consensus and always look for ways to benefit from the expertise of the people around them. These are things that will allow you to shine whether you’re a junior manager, senior manager, owner, or executive.
A large portion of the MBA consists of dream projects. This type of experience will be useful when the time comes to coordinate teams with players with vastly different skills and experiences. You'll also be able to set clear priorities for your team and make sure that everyone is on track.
Another very valuable thing you'll learn is the importance of humility and knowing when you don’t know enough about something to do it yourself. MBAs know how to delegate and listen to the opinion of others. They know how to build consensus and always look for ways to benefit from the expertise of the people around them. These are things that will allow you to shine whether you’re a junior manager, senior manager, owner, or executive.
You’ll Be More Flexible
We now know more than ever how unpredictable business can be, especially the retail business. Being flexible is one of the most important traits to have in business. Things never go exactly according to plan, and you never know what could happen on any given day. You could have a small disaster on your hands because a major delivery didn’t come through. Or maybe you have to deal with unexpected events like vandalism or natural disasters.
When it's not problems with a specific location, it's problems with the industry as a whole. Maybe some of the products you sell have fallen out of favor with the public. Or there may be a big and sudden change in consumer habits that push you to change your practices, downsize, or reinvent your brand. These are all things that could be very tough to deal with for someone who doesn't have an MBA, but these challenges will be easy for you.
When it's not problems with a specific location, it's problems with the industry as a whole. Maybe some of the products you sell have fallen out of favor with the public. Or there may be a big and sudden change in consumer habits that push you to change your practices, downsize, or reinvent your brand. These are all things that could be very tough to deal with for someone who doesn't have an MBA, but these challenges will be easy for you.
You’ll Be More Creative
Creativity is very important in retail as well. People have shorter attention spans than ever today, and so many options at their disposal. Only executives who are creative enough to craft a message that will get their attention and push them to choose their brand over the competition will be able to win.
Creativity is one of the things that separate good executives from great ones. Creative executives are the ones who always manage to discover or develop new products. They know how to integrate current trends into their marketing material and product offerings. They can also look at new ways of doing old things and have a creative approach to problem-solving.
In your MBA classes, you'll participate in many brainstorming sessions where you’ll learn how to develop creative ideas with your team. This is something you’ll be able to apply directly to your business, which will again give you a significant edge over the competition.
As you can see, the MBA is one of the best choices for anyone who wants to start and build a solid career in retail. If you are still on the fence about it, we suggest you give it a long hard look today and consider the option.
Creativity is one of the things that separate good executives from great ones. Creative executives are the ones who always manage to discover or develop new products. They know how to integrate current trends into their marketing material and product offerings. They can also look at new ways of doing old things and have a creative approach to problem-solving.
In your MBA classes, you'll participate in many brainstorming sessions where you’ll learn how to develop creative ideas with your team. This is something you’ll be able to apply directly to your business, which will again give you a significant edge over the competition.
As you can see, the MBA is one of the best choices for anyone who wants to start and build a solid career in retail. If you are still on the fence about it, we suggest you give it a long hard look today and consider the option.
