The most important aspects of any business, whether it be a "one person" operation or multi-layered with many employees, can be found within the most common of business terms, "management." It won't be one aspect alone that will make the company successful and in this argument I'm using profit as the goal, it will all come down to how the company is managed. Management has been described as "getting things done through people." You can have absolutely the best product in the world, but if the company producing and selling this product is not properly managed, you can anticipate failure as a result. A quick look at a primer of the study of management and you likely come across the following acronym "POSDC." This stands for planning, staffing, direction and control. Without explaining each in detail, these operations all come under the purview of management. The management will be sure that the planning and direction of the company are within the the goals set out. Staffing practically speaks for itself, and the organization of the company will be such that it lends itself to accomplishing important internal operations such as safety, customer service and employee satisfaction. Management will also be sure that control functions such as accounting and financial management are in place to insure proper financial reporting. Management is the most important aspect of business.
