A comprehensive approach towards agribusiness is the need of the hour
India is the nation of farmers! The societal and economical value of agriculture in the country is unmatched. Agribusiness is a complex, system which revolves around several stages like input, production, processing, manufacturing, transport and marketing. Hence it poses a massive influence on relevant industries. Industries such as commence, trade, finances are concerned with the production of commodities & materials along with their distribution. It is important to take these there sectors in consideration as interrelated parts of a system. Since it is a system, the success of each part is dependent on efficient functioning of rest of the moving parts. In order to so, it is necessary that we focus on efficient management of agricultural aspects. The agribusiness management imparts an analytical perspective that promotes the most efficient use of available resources. Agricultural organizations greatly contribute to India's economy as a well managed business. However, the country is more than ever in need of remodeling the agricultural business structure as it seems to be declining since past few decades.
In this article, we will look over what are some of the most important aspects one should keep in mind in terms of Agriculture Business.
Objectives: Like every business, the determination of objectives is a necessary pre-requisite for the success of agriculture business. The objectives set forth must be realistic and defined clearly. One’s efforts should be focused to achieve the set of objectives to strengthen the business.
Strategic Approach: Achieving the set of objectives you have put in front of you greatly depends on the planning phase. Planning can be simply defined as as a proposal based on past analysis & present trends to drive towards future prospects. Analyzing the problem and finding out the apt solutions which can help achieving your organizational goals is the purpose of the strategic approach.
Research: The success of a business very much depends on the behavior of consumers, andconsumers behavior is influenced by variety of factors. For instance their cultural stance, social leaning, personal preferences and psychological input are some of such aspects. In modern times, it is necessary that the agricultural business should acquire the knowledge of these factors through market research.
Finance: Every business enterprise runs on money to earn more money. Finance helps agribusinesses in compiling the land, labour, machines and required raw materials to meet the agricultural goals. Hence, by default finance has become one the most important driving factors in the business. Agribusinesses in modern economic times should always plan their financial requirements adequately in order to keep the business rolling.
Today’s agriculture sector needs a systematic approach to keep progressing based on the acquired new knowledge. Understanding that, Symbiosis Institute of International Business which is a top college for MBA in Pune, has designed a top-notch business program for agriculture management.