Farm and business management is the practice of coordinating your agricultural operation so that you can maximize your profit potential and generate income. This process requires a wide range skills and knowledge including planning and management, economics analysis and marketing.
The following are the key practices to implement for managing your farm and business:
Marketing – the sale of your products or services to consumers; financing – loans to finance your operations; risk management – ensuring your operation is secure from disasters.
Financial – creating pro-forma budgets and actual enterprise plans to help forecast revenue and expenses; calculating financial ratios; setting goals.
Write down how you plan to achieve your objectives. This will help you think through the various functions in your business, and identify weaknesses.
You will also need to check if the land you own is zoned for production, or if there are any zoning regulations which limit the type production you can do. Ask your township if any restrictions exist and how they may affect your plans.
You will also require adequate public facilities such as parking, signage and customer service. These will need to be available to customers and visitors of your farm/ranch. They must also be maintained according to zoning and food safety laws.
Your business must be self-sustaining in order to generate income. This means having enough off-farm income to cover living expenses and saving for the future of your business.
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