Running a country farm delicious summer harvest or business requires a wide range of technical, economic and human-based analytical and conceptual skills. This includes identifying the requirements of customers that your farming operation is uniquely placed to meet, arranging marketing and production and ensuring that basic resources are utilized efficiently and effectively. It is also crucial to evaluate regularly the effectiveness of the current practices as well as the most current technology.
A solid financial plan is essential for the success of a farming operation. This includes the creation of annual budgets, farm plans, and cash flow statements. They are used to develop management plans and evaluate the performance of the business in terms of achieving goals. It is also essential to create a contingency plan for what could happen to the company in the event of a disaster or if the decision is made to sell or downgrade to hobby status.
It is essential to seek advice and support from others, whether it be a sounding board for ideas that are floating around in your head or written on paper, or a business consultant who has expertise in Agribusiness. There are also many organizations in Wisconsin that assist farmers and food-related businesses begin and grow. Farm Answers is one example. It has a step-by-step library, guidance and a directory of beginning 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. This process is not always straightforward and may be a source of tension, but it is an ideal idea to begin the discussion early.