Managing a country farm and business requires a range of economic, technical and human-based analytical and conceptual skills. This includes identifying consumer demands that your farm operation is uniquely placed to address planning production and marketing and ensuring that resources are utilized efficiently and efficiently. It also includes constantly evaluating the effectiveness of current practices and reviewing the most recent technology.
A sound financial plan is crucial to the success of your farm. This includes the preparation of annual budgets, plans for the farm and cash flow statements. They are used to develop management plans and to evaluate the performance of the business by assessing its progress towards achieving its goals. It is crucial to establish an emergency plan that outlines what might happen to the business if catastrophe occurs or if it is decided to sell the business or reduce it to hobby status.
It is crucial to seek advice and assistance, whether that be from a consultant in business who has experience in the agriculture industry or as a sounding board for ideas that you have written down on scrap paper. There are also organizations throughout the state of Wisconsin that are devoted to helping food-related and farms businesses grow and start. Farm Answers is one example. It features a how-to library, guidance and directory of beginning farmers training programs.
Farm managers who succeed have a strategy in place for their children or close family members to inherit the business in the future. This process is not always straightforward and could be a source of tension, but it’s an ideal idea to begin the discussion early.