Steps in business management:
1. Planning involves determining what are appropriate objectives for the business and how those objectives are going to be accomplished. This is one of the most commonly skipped steps in running a small business, yet it is also the one thing that can you on track and keep you there. Make space for this in your work.
2. Organizing structures the resources and activities of the business so that the objectives are accomplished. There are a wide variety of organizational models available. What a difference having the right one can make!
3. Staffing involves hiring the right people to do the activities of the business, training them to do the job, and rewarding them appropriately. Even if you are the only employee of the business, there may be issues like health insurance that may be of interest to you. Remember you are part of the human resources of your firm and your needs need to be met also.
4. Directingis really leadership - motivating the employees to achieve the business objectives. Leadership is often considered an art, but there are a lot of tools that can help you be better at it.
5. Controllingis the process of evaluation and correction that is needed to make certain that the business stay on track towards its goals. Planning and controlling are closely linked since planning sets the goals and standards for performance. Controlling essentially checks to make certain the plan is being followed. It also provides feedback so that the plan can be revised, if needed.
Reff: http://www.smallbusinessnotes.com/operating/management.html for more information