Bes was known as a household deity primarily. Depicted as a ferocious dwarf he was the protector of women and children. His fierce nature lent itself well to protection and Bes was also regarded the protector of huntsmen and the god of war. He gained popularity in the New Kingdom, especially after the Ramesside Period and was worshiped extensively, even into the Roman period. Archaeological evidence, found at Bawiti of a temple dedicated to Bes, comes from the Hellenistic period, with further evidence to show continued use into the Roman period.
The obelisk was associated with solar worship, specifically with the god Amun. Thus the representation of the obelisk could also imply an adoration of the god Amun.
To find out more about Ancient Egyptian amulets please see our relevant blog post: Egyptian Amulets and their Meanings.