Running a business or farm in the country requires a wide range of technical, economic, and human conceptual and analytic skills. This includes identifying the needs of customers that your farming operation is uniquely positioned to satisfy, planning production and marketing, and making sure that basic resources are utilized efficiently and effectively. It is also important to evaluate regularly the effectiveness of the current practices as well as the most current technology.

A solid financial plan is crucial to a successful farming operation. This includes the creation of annual budgets, farm a knockout post plans and cash flow statements. These are used to formulate management action plans as well as to assess the performance of the business in terms of meeting its goals. It is also crucial to develop a contingency plan for what could happen to the business in the event of disaster or if a decision is made to sell or downgrade to hobby status.

It is essential to seek advice and support whether it’s from a business expert who has experience in agribusiness or a sounding-board for ideas you’ve written down on scrap paper. There are also many organizations in Wisconsin that can help farmers and food-related businesses begin and expand. One example is Farm Answers, which features a collection of how-to guides and tips, as well as a list of beginner farmer training programs.

Effective farm managers have a strategy in place to allow their children or other close family members to take over the company at some time in the future. It is not an easy process and could cause tension. However it is essential to start the discussion early.