Farming a country business requires a range of technical, economic and human-based analytical and conceptual skills. This includes identifying the needs of customers that your farming operation is uniquely positioned to meet, planning production and marketing and ensuring that resources are utilized efficiently and effectively. It is also crucial to review the effectiveness regularly of current practices and the most current technology.
A solid financial plan is vital to a successful farming operation. This includes the preparation of annual budgets and plans for the farm, together with cash flow statements. These are used to formulate management action plans and to assess the performance of the business in terms of meeting its goals. It is essential to develop an emergency plan for what could happen to the company if catastrophe occurs or if you decide to sell the business or downgrade it to hobby status.
It is crucial to seek out assistance and advice whether it’s from a business consultant who has experience in agribusiness or a sounding-board for ideas that you have written down on scrap paper. There are also organizations across the state of Wisconsin which are specifically dedicated to helping food and farming businesses start and grow. One such example is Farm Answers, which features an array of how-to materials and information, as as a list of beginner farmer training programs.
Farm managers who succeed have a strategy to prepare their children or close family members to inherit the business in the future. It is not an easy process and could cause tension. However it is essential to begin the conversation early.
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