An MBA is more than a passport to a managerial role. It opens up a wide array of job opportunities, and it can help you stand out in a crowded marketplace. That alone may be worth it during today’s’ economic downturn due to the consequences of the coronavirus crisis.
However, there are tons of other ways that you could benefit from pursuing an MBA right now, especially if you’re a business owner who was caught off guard by this behemoth of a black swan event. Here are a few reasons why getting an MBA could end up being your best asset in this post-Covid world.
You Know How to Cope with Change
The coronavirus crisis has forced many businesses to pivot and adapt. They may be making essential items instead of non-essential ones, simply to be able to have something to sell. Retailers are delivering curbside or shipping to customers instead of serving them through storefronts. E-commerce has exploded, and many small businesses are struggling to keep up. Other businesses have had to go into hibernation mode, though they hope to reopen in the future.
When you have an MBA, you are well prepared for guiding a business through transformation based on a detailed plan. Not only that but you will have better systems for managing change within your organization and know whether it’s actually needed. You’ll also be better at getting others to opt in and getting everyone on board, whether it’s the c-suite, managers, or people on the floor.
You’ll Be Ready to Be at the Forefront of Business
Learning more about the business side of business from supply chain logistics to accounting to law will help you do a better job of managing your business, whether you move into management or start your own. This makes an MBA invaluable for those who are thinking about starting their own business or become a team lead.
You’ll also know how to manage people and money. You’ll also be able to rely less on financing and make sure that when you do, it is done to actually foster growth. The odds of your new small business succeeding will go up if you can start your new venture on your own budget instead of borrowing to raise capital.
Or you could become a project manager, responsible for the technical details as well as the budget and schedule. During your MBA, you’ll have the chance to learn how to oversee contractors so that you can help your small business grow. This is why an MBA is a valuable asset, whether you were thinking of becoming an entrepreneur or not.
It Teaches You the Soft Skills the Modern Marketplace Needs
Soft skills like emotional intelligence and conflict resolution remain essential, even in an increasingly high-tech world. The MBA focuses a lot on those soft skills and many others, as human interaction plays a central role in managing a business.
The MBA will make you more than a mere manager, however. It could turn you into a real leader. The kind that inspires and gains trust from their team. One that’s able to keep key players and earn their loyalty. Someone who’s able to share their vision and not only help their team envision it but actually follow through with concrete and measurable actions.
It Teaches You the Latest in Business Technology
Technology is a major driving force in business, and those who can stay on top of recent changes will always come out on top. Cryptocurrency is no longer a fad, while artificial intelligence is revolutionizing business. You’re increasingly expected to be able to mine massive amounts of data to make data-driven business decisions. Big data is especially important in marketing.
Yet everything is becoming more customer-focused and mining the massive amount of information businesses collect about their clients is essential to offering customers the personalized experience they want. Then there’s the business case of creating a deeper relationship with them.
All of this requires knowing how to use various business technologies. In fact, the value of customer relationship management systems and data mining is so great that it is being rolled out in retail stores, too.
These systems, however, are much more powerful in the hands of someone who actually knows how to use them. No need to learn on the job and never truly unlock these tools’ potential when you could gain this expertise as part of a well-structured education program.
It Allows You to Update Your Skills
It doesn’t matter if you have to come out of retirement or need to find another job. Many of us are finding ourselves in need of new employment, while some must change industries at the same time. Then you have those who are looking to climb the ladder. The MBA is a viable solution in all these cases
If you want to learn more, Suffolk University has a nice piece on the relevance of the MBA. It explains why getting an MBA could be just what you need to move into marketing, business development or general management.
Another point in favor of an MBA from an university like Suffolk Online is that you can earn a degree from a prestigious university without leaving home, and you don’t have to worry about the quality of the programs at the local universities.
In addition, you can choose the program that teaches the skills you want to learn and pick one that provides the best networking opportunities for the industry you want to go into. For example, you could join an MBA program focused on supply chain management or digital marketing. Regardless of which specialization you choose, the MBA degree is a universally recognized credential. It demonstrates that you’ve upskilled or retrained. That is aside from agile project management and lean engineering principles that many employers value, which you may learn in an MBA program.
Earning an MBA is an excellent way to prepare for the future. Businesses know this, and that is why MBAs continue to be well paid and in high demand. Business owners of the future will also need to step up their game if they want to be able to compete in this brave new world.