Running a country farm or business requires a broad range of technical, economic and human skills, including conceptual and analytical. This includes identifying the requirements of consumers that your farming operation is uniquely placed to satisfy, planning production and marketing and ensuring that the resources you have are used efficiently and effectively. It is also crucial to regularly evaluate the effectiveness of existing practices and the latest technology.
A solid financial plan is essential to an efficient farm operation. This includes the preparation of annual budgets and plans for the farm, together with cash flow reports. These are then used to formulate management action plans and to evaluate the performance of the company in terms of achieving its goals. It is essential to develop a contingency strategy for what could happen to the business if a disaster occurs or if it is decided to sell the business or lower it to hobby status.
It is crucial to seek guidance and support from other people in any way, whether it’s an inspiration source for ideas that are bouncing around in your head or scribbled on paper, or a business consultant with expertise in agricultural business. There are many organizations in the state of Wisconsin which are dedicated to helping food-related and farms businesses to start and grow. One example is Farm Answers, which features a library of how-to resources and guidance, as well as a list of beginner farmer training programs.
Effective farm managers have a strategy in place to plan for their children or other family members to take over the business at some point in the future. This isn’t always straightforward and may be a source of tension, but it’s recommended to begin the discussion early.