Running a country farm or business requires a broad range of economic, technical and human conceptual and analytical skills. This includes identifying the requirements of consumers that your farming operation is uniquely placed to meet, establishing a plan for production and marketing, and making sure that the resources you have are used efficiently and effectively. It is also essential to periodically evaluate the effectiveness of the current practices as well as the most current technology.
A solid financial plan is essential to the success of any farming operation. This includes the preparation of annual budgets, farm plans and cash flow statements. These are then used to formulate management action plans and to assess the performance of the company in terms of meeting its goals. It is also necessary to develop a contingency plan for what could happen to the business in the event of a disaster or if a decision is taken to sell or lower to hobby status.
It is essential to seek advice and support whether it’s from a consultant in business who has experience in agriculture industry or as a sounding board for ideas that you’ve written down on mountain farm relaxation by data room review scraps of paper. There are numerous organizations throughout the state of Wisconsin that are devoted to helping food and farming companies start and grow. Farm Answers is one example. It provides a how-to library, advice and a directory of beginning farmers training programs.
Farm managers who are successful have a plan to prepare their children or other family members to inherit the business in the future. This isn’t an easy procedure and can lead to tension. However it is essential to begin the discussion early.