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 customers that your farming operation is uniquely positioned to meet, planning marketing and production and ensuring that the basic resources are used effectively and efficiently. It is also essential to review the effectiveness regularly of current practices and the latest technology.
A sound financial plan is essential for the success of a farming operation. This includes the creation of annual farm plans, budgets and cash flow statements. These are used to formulate management plans and assess the performance of the business in terms of achieving its goals. It is essential to develop an emergency plan that outlines what might happen to the company if it is struck by disaster or it is decided to sell the business or downgrade it to hobby status.
It is important to seek advice and support whether it’s from a consultant in business who has experience in agribusiness or a sounding-board for ideas you’ve sketched on scrap paper. There are many organizations in Wisconsin which help farms and food-related business start and expand. One such example is Farm Answers, which features a library of how-to resources and information, as as a list of beginner farmer training programs.
Farmers who succeed have a strategy that is in place for their a knockout post children or other family members to inherit the farm in the future. This is not a simple process and could cause tension. However, it is important to begin the discussion early.