The management of a country farm and business requires a variety of economic, technical and human-based analytical and conceptual skills. This includes identifying the needs of consumers that your farm operation is uniquely positioned to meet, planning marketing and production, and ensuring basic resources are utilized efficiently and efficiently. It also involves regularly assessing the effectiveness of current practices as well as reviewing the most recent technology.
A sound financial plan is vital to the success of a farm operation. This includes the preparation of annual budgets, farm plans, and cash flow statements. These are then utilized to develop management action plans and to evaluate the performance of the company in terms of meeting its goals. It is crucial to establish an emergency plan that outlines what could happen to the business in the event of a disaster occurs or if it is decided to sell the business or lower it to hobby status.
It is crucial to seek advice and support, whether that be from a business consultant who has experience in the agribusiness or a sounding-board for ideas that you’ve sketched on scrap paper. There are many organizations in Wisconsin which help farms and food-related businesses start and expand. One example is Farm Answers, which features an extensive library of resources for how-to and guidance, as well as a list of beginner farmer training programs.
Effective farm managers have a plan in place to allow their children or other close family members to take over the business at some moment in the future. This process isn’t always easy and can be a source of tension, but it’s an ideal idea to begin the discussion early.