Running a business or farm in the country requires a mix of economic, technical, as well as human conceptual and analytic abilities. This includes identifying the requirements of the customers your farming operation is uniquely positioned to meet, establishing a plan for production and marketing, and ensuring that resources are utilized effectively and efficiently. It also includes constantly evaluating the effectiveness of current practices and testing the latest technology.
A sound financial plan is essential for the success of any farming operation. This includes the preparation of annual farm plans, budgets and cash flow statements. These are then used to create management action plans and to assess the performance of the company in relation to achieving its objectives. It is important to create a contingency strategy for what could happen to the business in the event of it is struck by disaster or you decide to sell the company or downgrade it to hobby status.
It is crucial to seek advice and support whether it’s from a business expert who has experience in agricultural industry or a listening-to-the-voice for ideas that you’ve sketched on scrap paper. There are also organizations throughout the state of Wisconsin that are specifically devoted to helping food-related and farms companies start and grow. Farm Answers is one example. It features a how-to library, guidance and listing of beginning farmer training programs.
Effective farm managers have a strategy in place to plan for their children or other family members to take over the business at some point in the future. This isn’t always straightforward and may cause tension, but it is recommended to begin the discussion early.
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