Introduction Management is an important part of the modern business life. All top managers follow particular management theories to make sure that their activities are properly considered and checked before applying into practice. The reputation of the company and the ability to run business are two the most important factors which define company profit. There are a lot of different management theories which are used at practice, however, the management theories developed by Henri Fayol still remain up to date. Henri Fayol’s management theories were first proposed in the early 1900s. Despite many criticisms, Fayol’s theories still form the basis of management practices and teachings in the 21 st century that helps many managers successfully complete. Much information is devoted to the application of Henri Fayol’s management theories to various business processes and the articles discussed in this paper easily support this idea. Fayol’s management theories The reference to the Fayol’s management theories which were developed at the beginning of 1900’s may be explained by the universality and generalization of the data presented by this person. Working as a CEO in a big company, Fayol tried to make sure that he work he performed was useful. Having managed to help the company to recover from crisis and avoid liquidation, Fayol decided to write down his steps and these steps became the theory. The most important aspects of Fayol’s theory applied in the modern business life are the elements of management and the principles of management. Expressing the managerial functioning of the company, there ideas have perfectly met modern conditions and continue to be useful. The elements of management inform managers what they are to do. Fayol offers five elements of management, such as planning, organizing, commanding, coordinating, and controlling. Applying these elements in the modern business, managers can easily follow each of the processes being sure that the processes are going to be completed successfully. The principles of management help managers understand how they are going to reach their goals. Fayol’s principles of management help understand how the specific parts of the organization work together. Fayol’s principles of management are as follows, scalar chain, unity of command, unity of direction, division of labour, order, and span of control. Only in case all of these principles go together, the company may be considered as highly structured and hierarchical one (Miller 2011). Considering Brunsson’s (2008) article about the effects of Fayolism, it should be stated that there are many people who use the ideas of Fayo; in his/her practice, at the same time there are also many people who criticise his theories and try to remove them from the universal use. Still, it is really difficult to do so, as being the first practician who noticed that order is one of the main elements of management, Fayol managed to develop the theory which work in all spheres of business. Relying on the personal experience, Fayol did all possible to note as many details of his personal success as he could find. The thorough analysis and consideration of the personal ideal allowed Fayol develop a series of ideas which are