The management of a country farm and business requires a wide range of technical, economic and human analytical and conceptual skills. This includes identifying the needs of customers that your farm operation is uniquely positioned to meet, planning marketing and production and ensuring that resources are utilized efficiently and effectively. It also includes continuously assessing the effectiveness of current practices as well as reviewing the most recent technology.
A sound financial plan is vital to a successful farming operation. This includes the preparation of annual farm plans and budgets, together with cash flow statements. These are utilized to develop management action plans as well as to assess the performance of the business in terms of meeting its goals. It is important to create an emergency plan for what could occur to the company in the event that a disaster occurs or if you decide to sell your company or downgrade it to hobby status.
It is essential to seek guidance and support from other people, whether it be an idea-generating source that are bouncing around your head or written on a piece of paper or a business consultant who has expertise in agribusiness. There are also organizations across the state of Wisconsin which are dedicated to helping farms and food-related businesses grow and start. Farm Answers is one example. It offers a step-by-step library, guidance and a listing of beginning farmer training programs.
Effective farm managers have a plan in place to arrange for their children or other close family members to take over the company at some time in the future. This process isn’t always straightforward and may cause tension, but it’s an ideal idea to begin the discussion early.
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