There are five M’s in the business, which can be called as the resources of the business, viz. Man, machines, materials and money as tangible ones and Method as intangible one.
1. Man: As said earlier, Management is the art of getting things done by a group of people. Therefore, the availability of qualified, trained, skilled, experienced and competent people is the most important factor in any management, anywhere.
2. Machines: Management is the art of knowing what you want to do, and then seeing that it is done in the best and the cheapest way. It is needless to say that availability of capable machines and equipment is a must to do the things in the best and the
cheapest way.
3. Materials:Quality, quantity, availability, cost market price and transportation of raw materials, semi-finished goods and finished goods need no emphasis. It is a clearly a very vital factor in success of management.
4. Money:Financial capital is money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based. Availability of funds for running the business is extremely important particularly for procuring capital goods, raw materials, tools and consumables, and availability
of working capital.
5. Method: If we have to do things in the best and cheapest way, it is also important how the things are processed. That is, by which method the things are processed. The proper method will ensure required quality, quantity and in-time delivery. It will
ensure the accomplishment of management objectives.