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Business Procedures

Learn about the importance of business procedures in agribusiness, including reports, warranties, and guarantees. Gain practical knowledge and apply concepts to real-world situations.

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Business Procedures

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  1. Business Procedures Unit 4: Agribusiness Management Lesson: AM3

  2. Objectives Lesson Objective: • After completing the lesson on business procedures, students will demonstrate their ability to apply the concept in real-world situations by obtaining a minimum score of 80% on a My Business Procedures Activity. Enabling Objectives: • Define business procedures and justify their need. • Identify reports needed in agribusiness. • Explain the use and procedures for guarantees and warranties.

  3. Key Terms • Business Procedures • Warranty • Guarantee

  4. Are you sold? • Empire Today • Gain Laundry Detergent • Walker Chrysler Dodge Jeep Ram • GM • Airpark Chrysler • Chevrolet

  5. Business Procedures • Customary or established methods of managing business activities

  6. Why are business procedures needed? • Communication • Billing and credit collection • Merchandise control and inventory • Keeping records • Preparing reports • Storing and retrieving information • Warranty, guarantee, and returned products

  7. Why do agribusinesses need different records than farmers? • Have more people handling money • More frequent sales • More customers

  8. Agribusiness Reports Financial Statements Management Statements Cash flow Shows timing of income and expenses Inventory statement Summarizes flow of inventory Sales reports List sales for the period • Balance sheet • Snapshot of the asset and liability position of a business at one point in time • Also known as a Net Worth Statement • Income Statement • Listing of revenues and expenses and resulting net income for a period of time • Also known as Profit/Loss Statement • Statement of Owner’s Equity • Details change in owner’s equity for the period

  9. Warranties and Guarantees Warranties Guarantees Written or implied promise that the BUYER will receive a benefit from using the product or service Reduced heating bills Faster rate of gain • Written or implied promise that a PRODUCT • is free of defects • will perform as specified under normal usage conditions

  10. Handling Guarantees and Warranties • Business should have a set policy on handling guarantees and warranties so all customers are treated equally. • Guarantees and warranties should be honored if there is proof that the product failed to perform as it was meant to and the customer has proof of purchase. • Exact policies and procedures vary between businesses. Having a set policy promotes good public relations.

  11. Conclusion • Business procedures are customary or established methods of conducting business. • Good business procedures allow smooth business transactions to occur in an efficient, productive manner. • Set business procedures to ensure equal treatment for the customer.

  12. Exit Card • What did you learn today about business procedures? • What questions do you still have about business procedures?

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