Country Farm and Business Management
Farm and business Management (FBM), is the practice where you coordinate all aspects of your farming operation to maximize income and profit. 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.
First, you should write down a strategy for how you will achieve your goals. This will enable you to identify your weaknesses and think through all the functions that are involved in your company.
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.
Your business may also require public facilities like parking areas, signs, and customer service. These will be necessary to accommodate customers and guests to your farm/ranch. They should also be maintained in compliance of zoning, environmental laws and food safety laws.
Your business will ultimately need to be self sufficient and a reliable source of income. This means you must have enough off-farm revenue to cover your expenses and save for your future business.