The business you work for ...
Management is challenging; there's no hiding that fact. If you were promoted into the role, rest assured, your former co-workers aren't going to find your jokes as funny as they use to. Instead of the regular 40 hour week, you may have to work late nights, even during holidays and weekends. Then, there's the part where you have to fire people, sometimes, many of them.
These things aren't always pleasant, but as you'll soon see — it comes with the job. Sure, you will end up with a fatter paycheck, but sometimes you will wish you were just a regular employee. The 'to-do' list is endless, but what should concern you most is not knowing the business you work for. Because that right there, is one of the things that could get you fired.
As a manager, it will be tough to get things done without knowing the business you work for. Knowing this, I mean knowing your employees, the company's culture, and the different departments and their dynamics. These are all like cogs and the organization itself like a wheel. It is vital that you understand these cogs and know your role in all of it. Remember, as a manager; you're being paid to see the bigger picture. Your job is to, among others, see things from a 30,000-foot view. To be able to do this, you must understand the parts that make the system a whole. Some managers confuse their 30,000-foot-view responsibility with being alienated from the dynamics of an organization's moving parts. This is very far from the truth. To effectively coordinate and manage both material and human resources, an understanding of those resources is critical.
Knowing the organization in and out also encompasses learning your industry as a whole. If you're managing a medical organization; in addition to knowing how to use a stethoscope, you should probably also know a lot about the dynamics of the health care industry as a whole. A unique understanding of the business dynamics isn't something a business degree can get for you. This is because each organization is unique, with its individual goals, doing business, and approaching problems. As a manager, you'll have to know your organization from its unique perspective.
You can be updated with happenings in your organization by considering two crucial components: its people, and its culture. The two parts are interrelated in different ways, but it's essential to establish a separation between them.