Farm and business management is the practice of coordinating your agricultural operation so that you can maximize your profit potential and generate income. In this process, a variety of skills are used, including planning management, economics and marketing.
The following are the key practices to implement for managing your farm and business:
Marketing – selling your products or services; financing – loans to finance your operation; risk management – ensuring that your operation is safe from disasters.
Financial – creating a pro-forma enterprise budget and a real one to help forecast earnings and expenses. Calculating ratios. Setting financial goals.
Write down how you plan to achieve your objectives. This will enable you to identify your weaknesses and think through all the functions that are involved in your company.
Next, you’ll want to determine if you have zoning regulations or if you are allowed to http://www.mountaincountryfarm.com/generated-post-2/ produce certain products on your land. Check with your township or county if there are any restrictions and how they might affect your plans.
Your business will also need adequate public facilities, such as parking areas, signage, and customer assistance. 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.