Commercial Management Skills and Training

Why work in Commercial Management?

            If you have an analytical mindset, and consider yourself good at mathematics, commercial management could be the perfect career choice for you. Through profitable management of projects and contracts, a commercial manager can guide a project towards financial success. Within the construction industry, this is a high priority. With the quality of finished construction within the UK being questioned, professionally qualified commercial managers are in high demand.

Benefits of a Commercial Management career

            As an integral part to the success of any given construction project, there is a lot of responsibility riding on the skills of a commercial manager. A job with such responsibility does not come without its own benefits however. The average starting salary for a commercial manager is onwards of £22,000. This is only a starting wage for those with little to no previous experience within the role. However, with experience, the commercial management career can mean an average salary of up to £70,000 per year. This is a very promising salary for anyone working within construction. Additionally, the average working hours of a commercial manager is roughly between 37-39 hours per week, just below the UK average.         

Skills required to be a successful in commercial management

            With commercial management playing such an important role in the successful competition of a project, as well as having many benefits, it also requires a certain set of skills. The primary responsibility is taking control of the financial management of a project, and using previous experience and understanding to recognise potential business opportunities. Important tasks such as these require training in specific areas to ensure each individual has the appropriate skills.

Strong analytical understanding 

            Firstly, there needs to be a high level of business awareness and understanding. A huge part of commercial management is the analysis of previously completed projects. Through a detailed look at previous successes, an accurate estimate can be made for upcoming projects. This estimate is created via a comparison of previous and new expectations, wants and needs. If the projections of a new project, don’t accurately match the reality of past projects, a commercial manager’s involvement is then required.

Good time management skills

            As anyone with experience or an understanding of construction knows, time is most certainly of the element when it comes to completing a project. One of the primary factors for measuring a project’s success actually weigh upon meeting deadlines. Within commercial management there are a multitude of deadlines to be observed. This includes not only current projects, but future projects. One of the roles of a commercial manager is to put together bids to place on new businesses. If these are not done swiftly, the likelihood of getting the job is slim.

Great communication

            There is a lot of communication involved within this industry. As a front facing role, a commercial manager needs to be able to clearly discuss business with potential clients. They’ll need to be able to appropriately sell the skills of their team and eloquently highlight their selling points. Furthermore, they will need to be able to communicate clearly within their team.

Commercial awareness

            Finally there is the need for an awareness of the task at hand. Ideally, a lot of experience is needed for the role. This is because a successful applicant will be able to clear comprehend expectations and make accurate predictions based on historical events. Through this deeper level of understanding they are able to accurately predict opportunities and prevent risks. Without such a skill, any other skills are null and void.

Commercial management training opportunities

            As the expectations are high and there are set skills required, training is necessary to enter a career in commercial management. Training is available in a variety of ways. Firstly, there is the university route. This is the most academic option available. Average length of study is 3 years or more in full time education. Next, there is the apprenticeship option. Again these can take multiple years to complete, and are a combination of working on site and studying. Finally, there is the option to enrol in a commercial management course. Training courses can come in a variety of forms, the courses vary in duration, and are the most flexible option of the three.

Online commercial management training

            Due to the increased demand for trained commercial managers, educational bodies have released numerous commercial management training courses. Courses such as the one offered by the College of Contract Management offer training and support to help you enhance the skills necessary to become a high-quality commercial manager. Moreover, the lectures are live online and hosted outside of working hours. This allows you to continue any previous full-time commitments, whilst you learn. If you do not already have work lined up then you can use this time to apply for a job in the relevant field to build experience.

Conclusion

            There are a lot of skills required to become a high standard commercial manager. These skills require fine tuning and continuous progression. To be successful within the field of commercial management you are required to attend prior training and get as much experience as possible. Although certain routes, such as university degrees, deliver high quality education, they don’t provide you with the on-site experience. Apprenticeships are a great alternative for those who are looking to study and work together. Moreover, online courses allow you to work full time whilst learning, gathering the most experience possible whilst maintaining full salary.

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