The management of a country farm and business requires a wide range of technical, economic and human analytical and conceptual skills. This includes identifying consumer needs that your farm operation is uniquely placed to address planning production and marketing and ensuring that the resources are utilized efficiently and efficiently. It is also important to regularly evaluate the effectiveness of current practices and latest technology.
A sound financial plan is crucial to the success of your farm. This includes the preparation of annual budgets, farm plans, and cash flow statements. These are used to develop management plans and evaluate the performance of the company by assessing its progress towards achieving its goals. It is also necessary to devise a contingency strategy for what might happen to the business in the event that something goes wrong or if the decision is taken to sell or reduce to hobby status.
It is important to get guidance and support from other people whether it’s an inspiration source for ideas that are floating around in your head or written on paper, or a business consultant with experience in agricultural business. There are also many organizations in Wisconsin that help farms and food-related businesses start and expand. One example is Farm Answers, which features an array of how-to materials and information, as as a list of beginner farmer training programs.
Effective farm managers have a strategy that is in place to make arrangements for their children or other family members to take over the business at some time in the near future. It is not an easy process and can cause tension. However it is essential to start the conversation early.