What does a general manager do?

I'm considering studying business, but I'm not sure what roles to aim for after college. Can someone explain the responsibilities of a general manager and what industries they typically work in?

A General Manager (GM) has a broad role, overseeing the operations of a company or a department within a larger business. They are leaders who set strategic direction, implement policies, and make key operational decisions. GMs monitor daily operations, manage staff, and typically report to top-level executives.

The sectors in which a GM can work are diverse, encompassing industries from retail to finance and healthcare. This is because the position itself is less industry-specific and more focused on the day-to-day functioning of an organization.

Key responsibilities often include:

1. Strategic Planning: GMs collaborate with executive leadership and board members to develop strategic plans for the company's growth, and then implement and oversee these plans.

2. Financial Management: They often manage budgets, financial planning, and cost management. This includes financial goal-setting, reporting, and working closely with finance personnel and accountants.

3. Operations Management: GMs ensure the company’s daily functions run smoothly. This involves managing the production process, overseeing the supply chain, quality assurance, and delivery of services or goods.

4. Staff Management: GMs play a pivotal role in employee recruitment, development, and retention. They set performance goals, conduct evaluations, and may deal with disciplinary issues.

5. Customer Relations: A big part of a GM's role can be maintaining and building customer relationships, often stepping in to handle difficult customer issues or negotiate contracts.

6. Regulatory Compliance: They make sure the company abides by industry regulations and legal guidelines.

Remember, while the title and general scope of responsibilities may be similar across industries, the specifics of a GM's role can vary widely based on the industry, size of the company, and operational focus of the position. So, in the course of your business studies, consider focusing on areas that you find engaging and suit your professional strengths and aspirations.