In this section, you'll learn about the elements of a farm business plan and how it can be used to guide the development and management of your farm business.
Strategic planning involves the development of long-term strategies to increase the profitability and competitiveness of your farm business.
A personal goal is something that you, as an individual, want to achieve.
We often think of making money as our primary personal goal. Personal goals may include finishing a college degree, spending more time with family, creating a college fund for children, buying a vacation home, getting involved in an organization, doing charitable work, etc.
Below is a discussion of a process you can use to develop a strategic plan for your individual farm business. Phase 1 of strategic planning involves assessing and analyzing four factors that are needed for successful strategic planning.
These four factors constitute the top half of Figure 1 and provide the ingredients for strategic planning.If you are interested in growing on our incubator farm, you must have a business plan. You will then be asked to register for the class using Event Brite with a discount code that we will provide for you.If you are new to farming, it is recommended that you first take our Explore Farming workshop before registering for this class so that you can best assess what resources you currently have and what resources you will need to start farming before creating a written business plan. Two business partner option: If you would like to bring a business partner to the class, the second person will only have to pay 50% of the registration fee.You can do this by using the strengths of your business to take advantage of opportunities in the industry.Strategic planning involves developing plans for your business and implementing and evaluating these plans.This can be translated into a detailed action plan showing your competitive advantages and how to address problems.Identify milestones with time-frames to help you achieve your objectives within the stipulated schedules.Personal goals may also focus on business activities such as producing safe and nutritious products for consumers, providing employment for the entire family, providing an opportunity for the next generation to farm, etc.Once your personal goals have been identified, they should be shared with others in the farm business so that inconsistencies among individuals can be identified.READ Having a business plan also shows banks and other investors that you take your farming operation seriously.A good business plan involves research on the external and internal business environment, including competitors, suppliers and consumers.