managing a farm or business in the country requires a variety of technical, economic, as well as human conceptual and analytic skills. This includes identifying consumer demands that your farm operation is uniquely positioned for, planning marketing and production, and ensuring basic resources are used efficiently and efficiently. It is also crucial to evaluate regularly the effectiveness of current practices and the most recent technology.
A sound financial plan is essential for an efficient farm operation. This includes preparing annual budgets and farm plans, together with cash flow reports. These are then used to develop management action plans as well as to evaluate the performance of the business in terms of achieving its goals. It is also important to come up with a contingency program for what could happen to the company in the event of a catastrophe or if the decision is made to sell or reduce to hobby status.
It is important to get assistance and advice from others in any way, whether it’s an idea-generating source that are bouncing around your mind or sketched on scrap paper or a business consultant with experience in agriculture. There are also organizations throughout the state of Wisconsin that are devoted to helping food-related and farms companies start and grow. One example is Farm Answers, which features a library of how-to resources and advice, as well as a directory of beginning farmer training programs.
Farmers who succeed have a strategy that is in place for their children or close family members to inherit the business in the future. This process is not always easy and can cause tension, but it’s recommended to begin the discussion early.