Key terms

Agribusiness: defined as a course of study that integrates all the primary industries and businesses that comprise primary production. 

Business structure: refers to ownership or governance. Examples include: Māori and other trading trusts, board of directors, co-operatives, sole trader, partnerships, limited liability company, and non-profit organisations.

Cash flow forecasting: refers to predicting future cash flow (receipts and payments).

External factors: refers to outside influences that can impact on a business. Examples include: price, exchange rate, costs, financing and environmental conditions.

External influences: have an impact on the decision making process. Examples of influences include:  economic, environmental, political, cultural, social, ethical, technological, biological, scientific and legal.

Future proofing: refers to understanding the influences on a business that could affect viability.

Future proofing strategies: refers to courses of action that influence a business and may that effect long term viability. The strategies could be innovative and revolutionary.

Influences: have an impact on the decision making process. Examples of influences include:  economic, environmental, political, cultural, social, ethical, technological, biological, scientific and legal.

Innovation: refers to a new method, resource, idea or product that results in adding value. Examples include: transparent value chains, biosecurity methods, apps for digital devices, GPS trackers and drones for delivery, precision horticulture and business collaborations.

Kaitiakitanga: the responsibilities and kaupapa, passed down from the ancestors, of tangata whenua to take care of the places, natural resources, and other taonga in their area

Kotahitanga: unity, solidarity

Long term viability: refers to ensuring the continuity of a business in the future. Long term is dependent on the nature of the business.

Manaakitanga: respect given to visitors, sharing and caring

Organisms: all living things. Examples include:  microorganisms (bacteria, fungi, viruses), marine organisms and insects.

Primary industries:  Comprises a group of sectors including; agriculture, aquaculture, dairy manufacturing, equine, forestry, horticulture, seafood, and sports turf that form the basis of modern primary production.

Product: refers to an idea, information, object, good, or service created as a result of a process and serves a need or satisfies a want.

Rangatiratanga: chieftainship or leadership

Strategic capital expenditure decision: this is a decision that requires a business to raise additional equity or finance to fund the capital expenditure. The capital expenditure is relevant to the business and the decision has a medium to long term impact.

Strategic needs: refer to strategic goals, succession planning and / or capital needs.

Tangata whenua: people of the land, Māori people

Taonga: valued resources, assets, prized possessions both material and non-material

Tikanga: meaning, custom, obligation.

Use: refers to an adaption, modification or manipulation of organisms to meet future needs.

Value chain: refers to a set of activities in a process in order to deliver a product or service to the market from producer to consumer. Examples include: processor/manufacturer, consumer distribution, market research, product research and development, promotion, and quality control.

Variation: refers to changes in income and/or expenses over a period of time as a result of an external factor influence in a cash flow forecasting budget.

Viability: refers to ensuring the continuity of a business to meet current and future needs.

Whanaungatanga: relationship, kinship.

Last updated December 15, 2017

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