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The management of a country farm and business requires a variety of technical, economic and human-based analytical and conceptual skills. This includes identifying the consumer needs that your farm operation is uniquely placed to address, planning marketing and production and ensuring that the resources are utilized effectively and efficiently. It also involves continuously assessing the effectiveness of current practices and taking a look at the latest technologies.
A solid financial plan is essential for the success of a farm operation. This includes the preparation of annual farm plans, budgets and cash flow statements. These are then used to create management action plans as well as to evaluate the performance of the company in terms of achieving goals. It is crucial to develop a contingency strategy for what could occur to the company in the event that it is struck by disaster or it is decided to sell the company or downgrade it to hobby status.
It is essential to seek guidance and support from other people whether it’s an idea-generating source that are bouncing around in your head or written on a piece of paper or a business advisor who has experience in Agribusiness. There are many organizations in Wisconsin that can help farms and food-related businesses start and expand. Farm Answers is one example. It has a step-by-step library, guidance and a list of beginner farmers’ training programs.
Farm managers who succeed have a strategy in place for their children or other family members to inherit the farm in the future. This isn’t an easy process and could cause tension. However it is crucial to start the conversation early.