Management is the act of planning, organizing, leading, and controlling the effective use of a company's resources—human, financial, technological, and material. When management fails, companies fail. When management is successful, it's like a cool, refreshing breeze—effective use of resources, a team-oriented atmosphere to meet goals without unnecessary friction, and supportive direction when obstacles present themselves.

What separates success and failure at a firm is management. Excellent management means excellent use of resources, excellent morale, and excellent achievement of goals. Bad management guarantees that the firm will never reach its potential. It literally puts itself in holes it shouldn't need to be in if only better planning existed. Management is an awareness of tactics, a plan going forward, and execution of creativity, and every firm requires one since the world in which they operate is always changing. Firms that have better management practices inevitably have the advantage in the long run.