Successful firms need excellent management

This excellent article from scotsman.com notes, "Too often when a business fails it is down to poor management, and it is a skill often underestimated by individuals running their own firms." The article further notes the two key areas of management are managing people and managing money. To that I would add managing things (time, projects, the press, etc.) and managing yourself.

Whereas the article lumps management into three tasks "planning, detail and vigilance" I believe there are four. These are plan, organize, direct, and monitor. To see how they all work together, read Management 101.

I have collected articles on managing people and managing money if you want to read further on these topics.

To understand how and when an entrepreneur should bring in professional management to run the business, read Professional Management vs. Entrepreneurial Management.