Country Farm and Business Management

Country farm and business management encompasses every aspect of running a successful agricultural enterprise. It involves identifying the needs of customers that the farm is uniquely placed to meet and determining how to combine basic resources (land, labor and capital) to maximize profits. It also involves making decisions which balance social, economic and environmental considerations and also addressing regulatory and agritourism challenges.

Finding an innovative idea and preparing and executing an “elevator pitch” are the first steps towards becoming an agribusiness leader. Next, you must create a business plan that explains how to transform the big idea into a reality. Identify and analyze the risks associated with agribusiness that could impact your strategy. Then, find the financing solution that best suits the requirements of your business.

Good farm managers continually examine new technologies and evaluate the effectiveness of existing practices. They also plan for the future. They must be able to obtain and interpret information quickly. This could include inputs from extension staff, other farmers as well as private agribusiness companies researchers, friends and colleagues. They should also be able to think in a creative manner and carry out mini-trials and error experiments.

Budgets are a key instrument for analyzing a farm business, but high levels of variation can affect their reliability. Therefore, budgets should be complemented with probability distributions on weather events and prices. This will enable the administrator to evaluate the risk and analyze the impact of various alternatives.

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