business management

The "7 Ms of Management" is a less common management concept often confused with other well-known frameworks like McKinsey’s 7S Framework. While the 7S focuses on Strategy, Structure, Systems, Shared Values, Skills, Staff, and Style to improve organizational effectiveness, the 7 Ms concept varies in its elements. Understanding these models helps businesses analyze and optimize their operations based on the context and goals.

The amount a business owner can pay themselves varies based on the business structure, profitability, and financial goals. Whether you're a sole proprietor, partner, LLC member, or corporation owner, understanding the rules and tax implications is key to determining a fair compensation.

Successful managers need a well-rounded skill set that combines leadership, communication, decision-making, and problem-solving abilities. These skills help managers motivate teams, resolve conflicts, and align their work with organizational goals to drive success.

Explore seven essential management models that guide organizations in strategic planning, performance improvement, and change management. From SWOT Analysis to Agile and Six Sigma, these frameworks help businesses tackle challenges and boost efficiency.

When business owners take money from their company for personal use, it's commonly called an owner’s draw. This method of payment is typical for sole proprietors, partners, and LLC members, allowing them to access profits without formal payroll.

Great leadership is built on a foundation of vision, communication, empathy, and integrity. A good leader inspires others, adapts to challenges, makes thoughtful decisions, and builds strong, empowered teams that work toward shared goals.

The most effective type of management depends on your organization’s goals, team dynamics, and industry. From autocratic to democratic, transformational to agile, each management style has strengths suited to different situations—and often, a flexible, blended approach works best.

A good manager is more than just a supervisor—they are a leader, communicator, and problem-solver who inspires their team and drives results. Key traits include leadership, empathy, communication, decision-making, and organizational skills.

Positions higher than a manager typically include roles like Director, Vice President, and C-suite executives such as CEO or CFO. These roles have broader strategic responsibilities and oversee multiple departments or the entire organization.

Discover the foundational principles behind effective management with the Four Pillars: Planning, Organizing, Leading, and Controlling. These core functions, rooted in classical management theory, provide a timeless framework that helps managers set goals, structure teams, inspire action, and ensure progress. Whether you're leading a small team or managing an entire department, mastering these pillars is key to achieving organizational success.

Payroll is one of the largest expenses for small businesses—but how much should you actually spend? This guide explains how to calculate payroll as a percentage of revenue, what typical benchmarks look like across industries, and how to balance fair compensation with profitability.

Being a manager goes beyond just supervising a team—it's about setting goals, making strategic decisions, and supporting team development. In this article, we break down the 10 core responsibilities every effective manager must master, from planning and delegation to conflict resolution and performance management.

Discover the foundational Four Principles of Management and Organization by Henri Fayol—Division of Work, Authority and Responsibility, Discipline, and Unity of Command. These timeless principles provide a structured approach to effective management and organizational success, even in today’s dynamic business environments.

Wondering how to pay yourself as a small business owner? Learn the most common methods—including owner’s draw, salary, dividends, and profit distributions—and discover which one fits your business structure and financial goals best.

Want to pay yourself as an employee of your own business? This guide walks you through the essential steps—choosing the right business structure, setting up payroll, determining compensation, registering for payroll taxes, and staying compliant with employment laws.

The 5 Cs of influential people management are principles and practices that help managers successfully lead and develop their teams. These Cs emphasize critical aspects of influential people management and can be applied to improve team performance, productivity, and employee satisfaction. The 5 Cs are: Communication: Effective communication is at the core of successful people management. Managers should establish clear communication channels to ensure employees understand t

The nature of business management involves planning, organizing, leading, and controlling resources to achieve organizational goals. This dynamic discipline requires decision-making, adaptability, strategic thinking, and people management to ensure long-term success and sustainability.

As a business owner, you have the flexibility to pay yourself from your business profits, but there are some considerations and limitations to keep in mind: Business Structure – The business structure you have chosen (e.g., sole proprietorship, partnership, LLC, corporation) will impact how you can pay yourself. You can take draws or distributions from the business’s profits in some structures, such as sole proprietorships and partnerships. In others, like corporations, you

The five elements of business management—planning, organizing, leading, controlling, and coordinating—are essential components that drive effective organizational performance. Together, they provide a framework for achieving goals, managing resources, and fostering collaboration in a competitive business environment.

Discover the five essential components of business management—planning, organizing, leading, controlling, and staffing—that drive organizational success. Learn how mastering these interconnected elements helps businesses achieve goals, improve efficiency, and foster a thriving work environment.