The management of a business and farm in the country requires a variety of economic, technical, as well as human conceptual and analytic abilities. This includes identifying the needs of the customers your farming operation is uniquely positioned to meet, arranging production and marketing and ensuring that resources are utilized effectively and efficiently. It is also important to review the effectiveness regularly of the current practices as well as the latest technology.
A solid financial plan is vital to an efficient farming operation. This includes the preparation of annual budgets, plans for the farm and cash flow statements. These are used to formulate management plans and analyze the performance of the company by assessing its progress towards achieving its goals. It is important to create a contingency strategy for what could happen to the business if catastrophe occurs or if deciding to sell the business or lower it to hobby status.
It is essential to seek out assistance and advice, whether that be 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 that are specifically devoted to helping food-related and farms businesses start and grow. Farm Answers is one example. It features a how-to library, advice and a directory of beginning farmers training programs.
Farmers who succeed have a strategy to prepare their children or family members to inherit the farm in the future. The process isn’t always straightforward and may cause tension, but it is a good idea to start the discussion early.
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