Business management is the process of the planning, co-ordination and control of a business. To survive long-term, a business must be profitable and managed properly.
Business management includes:
Bringing together the physical, financial and human resources needed to operate and examining the costs, risks and potential rewards from the enterprise.
Considering the design and effective utilisation of existing physical resources and identifying additional resources required to meet the goals of the business.
Business finance and risk
Understanding the business' financial situation in relation to acceptable levels of risk and profitability.
Attracting, employing and retaining the right person, meeting legal obligations associated with employing people, ensuring a safe and satisfying work environment and planning the transition of enteprise management or ownership.
Record keeping and obligations
Keeping appropriate records to determine the financial health and success of the enterprise as well meeting industry or legislative obligations.
Business management should involve a holistic view of livestock enterprises and incorporate plans and activities in relation to:
Good business management requires consideration of people, plant and equipment as well as the health, welfare and productivity of livestock in order to ensure the successful financial performance of the business.