Business management - an introduction

Authors: Hutchinson JD
Publication: New Zealand Veterinary Journal, Volume 26, Issue 10, pp 238-243, Oct 1978
Publisher: Taylor and Francis

Animal type: General
Subject Terms: Finance/economics, Management, Veterinary profession
Article class: Scientific Article

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Abstract: Management is concerned with the successful allocation of available resources to achieve various objectives and opportunities. Strategic management involves a systematic appraisal of any profit (e.g. veterinary practice) or non-profit (e.g. veterinary club) organisation in order to develop sound strategies, plans and budgets for improving future performance. The veterinary profession has to operate within the economic environment. It therefore has to continually determine the likely impact of various economic trends, for example, zero or low growth in real terms in the short run; declining farm income; continuing high inflation; low private investment; high balance of payments deficit; tight money supply; continuing economic cycles; increasing instability; increasing rates of change; and declining livestock numbers. An analysis of the results of a small survey of veterinary firms showed quite wide variations for various possible objectives such as revenue growth and size, profit, profitability, and range of services offered. An interfirm comparison study is really required to eliminate some of the anomalies in the analysis and to improve the information provided.

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