managing a farm or business in the country requires a range of economic, technical and human conceptual and analytical skills. This includes identifying the consumer needs that your farm is uniquely placed to address planning production and marketing and ensuring that basic resources are used efficiently and efficiently. It also involves constantly evaluating the effectiveness of current practices as well as testing the latest technology.
A sound financial plan is vital to a successful farming operation. This includes the creation of annual budgets, farm plans and cash flow statements. These are then utilized to develop management action plans and evaluate the performance of the company in relation to achieving its objectives. It is also important to create a contingency plan for what could happen to the company in the event of a disaster or if a decision is made to sell or lower to hobby status.
It is essential to seek assistance and advice from others in any way, whether it’s a sounding board for ideas that are bouncing around your head, or written on a piece of paper or a business consultant who has experience in agribusiness. There are numerous organizations in Wisconsin that assist farms and food-related business start and expand. Farm Answers is one example. It has a step-by-step library, guidance and list of beginner farmers’ training programs.
Farmers who succeed have a strategy to prepare their children or close family members to inherit the business in the future. It is not an easy process and can create tension. However it is crucial to begin the conversation early.