Farming a country business requires a variety of economic, technical and human skills, including conceptual and analytical. This includes identifying the needs of customers that your farm operation is uniquely positioned to satisfy, planning production and marketing, and making sure that resources are utilized effectively and efficiently. It is also important to review the effectiveness regularly of the current practices as well as the latest technology.

A sound financial plan is essential to the success of any farming operation. This includes the creation of annual farm plans, budgets and cash flow statements. These are used to create management plans and to evaluate the performance of the company in terms of achieving goals. It is also essential to devise a contingency strategy for what could happen to the business in the event of a catastrophe or if a decision is made to sell or downgrade to hobby status.

It is crucial to seek assistance and advice from others regardless of whether it’s a sounding board for ideas that are swirling around in your mind or sketched on paper, or a business consultant with experience in agricultural business. There are numerous organizations in Wisconsin that can help farms and food-related businesses start and expand. Farm Answers is one example. It features a how-to library, guidance and a listing of beginning farmer training programs.

Farmers who are successful have a plan in place for their children or other family members to inherit the business in the future. This is not a simple process and can cause tension. However, it is important to start the discussion early.

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