Running a business or farm in the country requires a mix of economic, technical as well as human conceptual and analytic skills. This includes identifying consumer demands that your farm is uniquely positioned to meet, planning marketing and production and ensuring that resources are used effectively and efficiently. It also involves regular evaluation of the effectiveness of current practices and testing the latest technology.
A solid financial plan is essential for the success of your farm. This includes the preparation of annual budgets, farm plans and cash flow statements. These are used to develop management action plans as well as to evaluate the performance of the company in terms of achieving goals. It is also necessary to develop a contingency plan for what might happen to the business in the event that something goes wrong or if the decision is taken to sell or reduce to hobby status.
It is crucial to seek guidance and support, whether that be from a business advisor who has experience in the agricultural industry or a listening-to-the-voice for ideas that you’ve sketched on scrap paper. There are numerous organizations throughout the state of Wisconsin which are dedicated to helping food-related and farms businesses start and grow. One such example is Farm Answers, which features an extensive library of resources for how-to and tips, as well as a list of beginner farmer training programs.
Farm managers who succeed have a strategy to prepare their children or other family members to inherit the business in the future. It is not an easy process and could cause tension. However it is essential to start the conversation early.
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