Summary: The art of business management requires a specific set of skills. Some cultivate these skills through experiences and observations. Others are born with this skill set and are naturally inclined to lead businesses. These are the qualities one would look out for in great business managers.
The dynamic clothing and apparel industry is dependent on great business management skills. While the mushrooming B Schools have successfully cultivated an army of professionals trained in the art of managing a business, it is famously said, a leader is born not made. This might be open to debate, but the fact that leadership has to be honed even if the traits are evident and tempered by experience into razor-sharp acumen is indisputable.
Any business management requires a combination of great leadership and a solid understanding of finances. This is more relevant for industries such as fashion and apparel, where cyclical changes are shorter and more frequent. Before we discuss the classic managerial skill sets for the fashion industry it would be wise to understand the purview of business management and the different approaches to it.
Overseeing the operations of a fashion brand and ensuring that the execution is as per planning, is called business management. Successful management of clothing businesses is a potent mix of quantifiable achievements, development of a positive mindset, and capacitive team-building exercise. Good business management positively contributes to the lives of all stakeholders in the clothing industry.
There are different styles of business management that have been around. Most of them fall within the ambit of authoritative, participative or democratic, and delegated management styles. The best business managers in the fashion world factor in the external market conditions and geopolitical narratives to make procurement decisions that are result-oriented yet flexible. Here are some of the traits that are appreciated in business management.
For a fashion brand to be successful over a long period, two-way communication between employees and administrators is the key. If you have good communication skills, you can reduce ambiguity and get employees to be goal-oriented. There are two main communication channels for business management overseeing fashion labels.
Critical thinking involves a fine balance between making logical decisions while considering ethical values and emotional quotient. There are several managerial styles to oversee a fashion label. Toxic management has a short-lived span and authoritarian leaders suffer early burnout. The best way to lead a creative and hyper-intelligent team is by example. A problem-solving approach with an informed and thoughtful analysis is a great example to lead with.
Creative ideation and innovation are the keys to managing today’s fashion brands. Managers with advanced tools such as AI and data analytics at their disposal need to be creative in pursuing business goals. Regular ideation helps fashion labels make quick decisions on scaling an operation up or down in real-time. You cannot be managing a fashion business without taking calculated risks for manufacturing a trend-setting clothing line. Risk appetite is parceled with business management in fashion labels.
In today's world where clothing businesses are going global, AI-powered supply chain analytics and data streams have changed the game for business managers. If you are tech-savvy and can combine its use with financial acumen, you are in a unique position to steer a brand toward more rewarding stakes. A business manager must also have a basic knowledge of stocks, market regulations, and price points to gain a competitive advantage over rival brands.
One of the most underrated skill sets for a person in a leadership role in the fashion industry is the ability to plan. Smart business management should be able to separate the path from the clutter, read the market patterns and work on actionable intelligence. These traits coupled with the delegation of work (to make team members accountable) and an obsessive follow-up on the plan can ensure that a plan is executed properly.
Great business management requires an insight into the market and a steady supply chain that works like a well-oiled machine. With fashion brands going global with their procurement policy and customer outreach, brand managers should have the knack for planning and scaling operations on the go. This is important to address viral trends in business and change course in the event of geopolitical uncertainties.
Fashinza’s unique AI-powered platform offers end-to-end solutions for the manufacturing, procurement, and delivery of shipments for fashion brands. Result-oriented business managers in charge of clothing labels can connect with us for competitive pricing of products and mobilizing resources for optimized processes.
Speak to us at Fashinza today!