Organizational, Technological and Economic Indicators of Beef Cattle Production on Family Farms
Abstract
The paper discusses the organizational, technological and economic aspects of the most important indicators of beef cattle production on family farms. Emphasis is placed on explaining the connections and relationships between organizational, economic, technical and technological business segments of family farm. The ultimate goal of this paper is to evaluate the strengths of the business, as well as the ways to eliminate or reduce the impact of those factors whose influence adversely affects the business. The data for this paper were collected from family farm business reports, throughout direct communication with employees, from relevant literature and internet. Several methods were applied, including: a method for content analysis, calculative and balance methods, spreadsheets, as well as method of comparative analysis and principles of business economics. Key success indicators of beef cattle production on the family farm suggest that, considering both observed years, the business achieved satisfactory results. Although there was a decline in productivity, total efficiency measured by the ratio of total income and total expenditure is on an uptrend. An investment turnover ratio show that 100 RSD invested in the production achieves 63 RSD of final product value in 2011, or 55 RSD in 2012. In both years, current assets covered the current liabilities. The family farm was not solvent in either of the observed years, except that in 2012 the solvency increased by 42% compared to the previous year, 2011. Total debt increased by 45%, whereas total operating assets increased by 106%. Based on the obtained results it can be concluded that the observed family farm provides a good example of how organized and proper process technologies of cattle production may improve the achieved business results.Â
Authors who publish with this journal agree to the following terms:
a) Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
b) Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
c) Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).