Running a country farm or business requires a variety of economic, technical and human-based analytical and conceptual skills. This includes identifying the requirements of customers that your farming operation is uniquely positioned to meet, arranging marketing and production and ensuring that the basic resources are used effectively and efficiently. It is also essential to review the effectiveness regularly of the current practices as well as the most current technology.
A solid financial plan is essential to the success of your farm. This involves preparing annual budgets and farm plans, along with cash flow statements. These are used to create management plans and assess the performance of the business in terms of reaching goals. It is also necessary to come up with a contingency program for what might happen to the company in the event of a disaster or if the decision is taken to sell or lower to hobby status.
It is important to get help and advice from other people, whether it be an idea-generating source that are floating around in your head or scribbled on scrap paper or a business advisor who has expertise in Agribusiness. There are numerous organizations throughout the state of Wisconsin which are specifically dedicated to helping farms and food-related companies start and grow. Farm Answers is one example. It provides a how-to library, guidance and a list of beginner farmers’ training programs.
Farm managers who are successful have a plan in place for their children or other family members to inherit the farm in the future. This isn’t always straightforward and can cause tension, but it’s best to start the discussion early.
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