The Etiquette of Financial Management in Aquaculture Business (Published)
Aquaculture is the science and technology of fish rearing and production on farm. In recent years, aquaculture has become one of the major farm activities and business attracting much interest and investment because of its economic potential. This rich article explores the crucial role of financial management in aquaculture business, highlighting the etiquette of financial management that ensures sustainability and profitability. Through a review of existing literature, this paper identifies key financial management practices, such as budgeting, cash flow management, and risk management that are essential for aquaculture businesses to thrive. Effective financial management in aquaculture business entails more than profitability; it embodies a commitment to transparency, risk mitigation, and ethical stewardship. Transparency is essential, ensuring clear communication of financial practices to stakeholders, fostering trust and accountability. Risk management strategies, such as diversification and insurance, mitigate environmental and market uncertainties, safeguarding financial stability. Strategic investment in sustainable practices and technological innovation not only enhances productivity but also aligns with ethical standards, meeting consumer demand for responsibly sourced seafood. Ethical considerations underpin financial etiquette, encompassing fair labour practices, environmental compliance, and community support, by prioritizing these principles, aquaculture businesses not only mitigate operational risks but also enhance brand integrity and contribute positively to local economies. This article outlines the foundational principles of ethical financial management in aquaculture, highlighting their critical role in fostering resilience and sustainable growth in a dynamic industry landscape for global food sovereignty.
Keywords: aquaculture sustainability, budgeting and environmental responsibility, financial etiquette, financial management, fish farming