Running a country farm or business requires a range of technical, economic and human skills, including conceptual and analytical. This includes identifying consumer needs that your farm operation is uniquely placed to address, planning marketing and production and ensuring that basic resources are used effectively and efficiently. It also involves regular evaluation of the effectiveness of current practices and reviewing the most recent technology.
A sound financial plan is vital to the success of any farming operation. This includes the preparation of annual farm plans, budgets and cash flow statements. These are then used to create management action plans and to evaluate the performance of the business in relation to achieving its objectives. It is also crucial to devise a contingency strategy for what could happen to the business in the event that something goes wrong or if the decision is taken to sell or lower to hobby status.
It is essential to seek advice and support from others, whether it be a sounding board for ideas that are bouncing around your head or scribbled on a piece of paper or a business consultant who has expertise in agribusiness. There are many organizations in Wisconsin that can help farms and food-related businesses start and expand. One such example is Farm Answers, which features an array of how-to materials and advice, as well as a list of beginner farmer training programs.
Farmers who succeed have a strategy to prepare their children or other family http://www.mountaincountryfarm.com/mountain-farm-relaxation-by-board-room members to inherit the business in the future. This is not a simple process and can create tension. However, it is important to begin the discussion early.
