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managing a farm or business in the country requires a range of technical, economic, as well as human conceptual and analytic abilities. This includes identifying the requirements of customers that your farm operation is uniquely placed to meet, planning production and marketing, and making sure that resources are utilized efficiently and effectively. It is also important to regularly evaluate the effectiveness of existing practices and the latest technology.
A solid financial plan is vital to a successful farming operation. This includes preparing annual budgets and plans for the farm, together with cash flow statements. These are used to formulate management plans and evaluate the performance of the business in terms of reaching goals. It is also necessary 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 downgrade to hobby status.
It is essential to seek guidance and support whether it’s from a consultant in business who has worked in agricultural industry or a listening-to-the-voice for ideas you’ve written down on scrap paper. There are numerous organizations in Wisconsin which help farms and food-related business start and grow. Farm Answers is one example. It has a step-by-step library, advice and a list of beginner farmers’ training programs.
Farmers who are successful have a plan in place for their children or family members to inherit the farm in the future. It is not an easy process and could cause tension. However, it is important to start the conversation early.