By Florencia Colella
What is farm business management?
Management is about making decisions. Economics is about the allocation of limited resources. Farm management is the process of using management and economic principles to make decisions about the best possible allocation of limited resources to accomplish certain goals.
What are the functions of farm business management?
Planning
Planning involves establishing goals, ascertaining resources available and resources needed, and identifying alternative strategies to meet those goals. Planning includes a combination of long and short-run decisions. Long-run decisions are known as strategic management decisions. They chart the overall long-term course of your business. Short-run decisions are also known as tactical management decisions. They are the ones who ensure the business moves along the chosen course. Business plans and knowing how to set SMART goals are useful tools for the planning stage.
Implementation
Whatever decisions were made during the planning process, managers must then implement their plan and supervise the process. Implementation includes coordination and/or acquisition of resources needed, such as staff, materials, equipment and machinery, and land.
Source : msu.edu