Farm Business Planning

Farm Business Planning-17
Meeting a farm’s labor needs begins with hiring the right person.The process starts with assessing where the business is headed and the best path to get there.Near-record low unemployment in many areas of the country increases labor costs, while labor and immigration laws can inhibit the flexibility a farm needs to operate efficiently.

Meeting a farm’s labor needs begins with hiring the right person.

For more information, please contact Alberta Ag-Info Centre Call toll free at 310-FARM (3276) For more information about the content of this document, contact Dean Dyck. This information published to the web on July 21, 2015.

For desired changes to occur, it is vital to plan effectively.

Existing farms can have an advantage in niche markets.

Often it’s a matter of making a small change in production or marketing strategies.

A business plan puts your new objectives in place and sets an achievable timetable to work to; and, with regular reviews, can help you cope with unforeseen problems and make necessary adjustments.

This information will help you assess what is important for you, what you may need to focus on to take your business forward, and the financial considerations that may affect your plans.Having a comprehensive plan in place will help guide the farm when the unexpected occurs.Some find that a SWOT analysis can help facilitate the process.Many hail the romanticism of farming, but in reality, farming is a business, in most cases, a multimillion dollar business, and one that often involves multiple generations or partners.Managing a farm business goes beyond the annual profit/loss.That’s where having a whole farm plan that outlines the farm’s mission and objectives comes in.A bird’s eye view of the operation can help you address all components and how they connect, from the strengths and weaknesses of family members, to taking stock of assets and investments, to creating a retirement and succession plan.Survey your needs, and what employee traits will be beneficial, then look at what you are willing to pay.While farm workers are looking for a paycheck, the number one reason they stay, according to the experts, is job satisfaction.It’s more than controlling costs or even knowing how to get the most benefit from tax laws.Here you will find insight into some of the key issues about the business end of farming, from marketing strategies to personnel management and passing the operation to the next generation. Weather, market fluctuations, family, and production issues all have the potential to put a kink in even the best-laid plans.

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