What is meant by "good management" in business?what is meant by 'good management' in business??

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e-martin eNotes educator| Certified Educator

For a small business, good management entails quite a bit of detail work regarding staff and stock. A well-managed small business will maintain good practices with routines for cleaning, stocking, and public relations while also keeping track of orders and keeping healthy relationships with vendors. 

pohnpei397 eNotes educator| Certified Educator

There are many possible ways to define this.  I would argue that "good management" is any management that can make a profit in the long term.  That is, good management is management that runs a company efficiently enough that it can consistently make a profit over a long period of time.

litteacher8 eNotes educator| Certified Educator

Good management means controlling costs in order to increase profits.  If you keep track of expenses and make sure that you price your product well enough to get a reasonable profit margin, you will be more successful.