The five basic principles of operations management are planning, process, people, possessions and profits.
Planning involves setting goals and strategies and creating budgets. Process describes how the business is run. Technology such as Square’s online checkout and point-of-sale system can help ensure the payment-processing side of the business runs smoothly.
The people are the staff working for the business. Possessions are the business’ assets and capital, while profit is the money the business generates after all of its outgoing costs have been accounted for.