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managing a farm or business in the country requires a mix of economic, technical, and human conceptual and analytic abilities. This includes identifying the needs of consumers that your farming operation is uniquely positioned to meet, establishing a plan for production and marketing, and ensuring that basic resources are utilized efficiently and effectively. It is also important to periodically evaluate the effectiveness of current practices and most current technology.

A solid financial plan is vital to an efficient farm operation. This includes the preparation of annual farm plans and budgets, along with cash flow statements. These are used to create management plans and to evaluate the performance of the business by assessing its progress towards achieving its goals. It is crucial to establish an emergency plan of action for what could happen to the company if a disaster occurs or if you decide to sell the business or downgrade it to hobby status.

It is crucial to seek advice and support from others in any way, whether it’s a sounding board for ideas that are floating around in your head or scribbled on paper, or a business advisor with expertise in agribusiness. There are also many organizations in Wisconsin that help farms and food-related business start and grow. One example is Farm Answers, which features an extensive library of resources for how-to and information, as as a list of beginner farmer training programs.

Farmers who are successful have a plan to prepare their children or family members to inherit the business in the future. This isn’t an easy process and can cause tension. However it is crucial to start the discussion early.