Ferrofluids are strongly magneto-polarisable nanofluids. Their flows can be non-intrusively controlled by applying an external magnetic field. One of their prospective applications is as a heat carrier in thermal management systems operating in conditions where natural convection is suppressed due to extreme confinement (microelectronics) or reduced gravity (orbital stations). The linear and weakly nonlinear flow stability analyses that are presented here illustrate an intricate interplay between thermogravitational and thermomagnetic mechanisms of convection in one of the practically important geometrical setups, an inclined fluid layer heated from below. The low-dimensional amplitude evolution equations of Landau type are derived to model the physical phenomena of interest. The solutions of the so-obtained dynamical system show that the application of magnetic field can indeed trigger convection in regimes where natural convection cannot exist, thus enhancing heat transfer. At the same time in regimes where both magnetic and gravitational buoyancy mechanisms are active the competition between the two may suppress the overall heat exchange, which has to be kept in mind in designing practical heat management systems.