Good business management requires consideration of people, plants and equipment as well as the health, welfare and productivity of livestock in order to ensure the successful financial performance of the business.
Research shows that focusing on producing more kilograms per animal with lower operating costs creates more profitable businesses. Three situation analysis reports reveal key drivers of on-farm economic performance in the northern beef, southern beef and prime lamb industries. The reports also provide insights into how the top 25% in each sector are operating for long-term profitability and economic sustainability.
Below is a summary of resources to help you understand your true operating costs and management procedures that will maximise labour and resource efficiency.
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:
- Statutory reporting requirements
- Animal health and welfare
- Animal husbandry practices
- Biosecurity of the farm
- Grazing and pasture management
- Livestock genetics and breeding
- Livestock feeding, finishing and nutrition
- Management of the environment
- Preparing livestock for market
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.