What is Business Operations?

Legal Definition
The outcome of business operations is the harvesting of value from assets owned by a business. Assets can be either physical or intangible. An example of value derived from a physical asset, like a building, is rent. An example of value derived from an intangible asset, like an idea, is a royalty. The effort involved in "harvesting" this value is what constitutes business operations cycles.
-- Wikipedia
Legal Definition
Ongoing recurring activities involved in the running of a business for the purpose of producing value for the stakeholders.