Managing a country farm and business requires a wide range of technical, economic and human skills, including conceptual and analytical. This includes identifying the requirements of customers that your farm operation is uniquely placed to meet, planning marketing and production and ensuring that the resources you have are used efficiently and effectively. It also includes regular evaluation of the effectiveness of current practices and evaluating the latest technology.
A solid financial plan is essential for an efficient farm operation. This involves preparing annual farm plans and budgets, together with cash flow reports. These are then used to create management action plans and evaluate the performance of the business in terms of achieving its goals. It is crucial to establish an emergency plan of action for what might happen to the business if an event of disaster occurs, or in the event of it is decided to sell the company or downgrade it to hobby status.
It is important to seek out advice and assistance whether it’s from a business advisor who has experience in agribusiness or a sounding-board for ideas you’ve scribbled down on scrap paper. There are numerous organizations throughout the state of Wisconsin which are dedicated to helping food and farming 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 are successful have a plan to prepare their children or family members to inherit the farm in the future. This isn’t always straightforward and could cause tension, but it is recommended to begin the discussion early.
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