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Country Farm and Business Management

Running a business or farm in the country requires a mix of economic, technical, and human conceptual and analytical abilities. This includes identifying the consumer needs that your farm is uniquely placed to address, planning marketing and production and ensuring that the resources are utilized efficiently and efficiently. It also involves continuously assessing the effectiveness of current practices and testing the latest technology.

A solid financial plan is essential to a successful farming operation. This includes the preparation of annual budgets and farm plans along with cash flow statements. These are then used to develop management action plans as well as to evaluate the performance of the business in terms of meeting its goals. It is essential to develop a contingency strategy for what might happen to the business if an event of disaster occurs, or in the event of deciding to sell the business or lower it to hobby status.

It is essential to seek out advice and assistance whether it’s from a consultant in business who has experience in the Agribusiness industry or a scouting-board for ideas that you’ve scribbled down on scrap paper. There are also organizations throughout the state of Wisconsin which are dedicated to helping food and farming businesses grow and start. One such example is Farm Answers, which features a library of how-to resources and tips, as well as a directory of beginning farmer training programs.

Effective farm managers have a plan in place to allow their children or other family members to take over the company at some time in the near future. This is not an easy process and can create tension. However, it is important to start the discussion early.

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