Managing a farm and business in the country requires a variety of economic, technical, and human conceptual and analytic skills. This includes identifying the needs of customers that your farm operation is uniquely placed to meet, planning production and marketing, and making sure that the basic resources are used effectively and efficiently. It is also essential to review the effectiveness regularly of existing practices and the most current technology.

A solid financial plan is crucial to the success of your farm. This involves preparing annual budgets and plans for the farm, along with cash flow statements. These are used to formulate management plans and evaluate the performance of the company in terms of achieving goals. It is also crucial to develop a contingency plan for what could happen to the company in the event that something goes wrong or if the decision is made to sell or reduce to hobby status.

It is important to explanation get advice and support from others, whether it be an inspiration source for ideas that are bouncing around your head or scribbled on paper, or a business advisor with expertise in agricultural business. There are also organizations throughout the state of Wisconsin that are specifically devoted to helping farms and food-related businesses start and grow. Farm Answers is one example. It has a step-by-step library, guidance and list of beginner farmers’ training programs.

Farm managers who succeed have a strategy to prepare their children or family members to inherit the business in the future. This isn’t an easy procedure and can lead to tension. However, it is important to start the conversation early.