5 things successful farms have in common
No two farms are the same. It’s true, but what separates the mediocre from the great is actually quite consistent. A recent farm management conference identified 5 key components shared by successful farms, regardless of type.
Here they are, along with our best FCC picks to help you put your plan for success into action.
1. Up-to-date balance sheet and projected cash flow
Read: Understanding financial ratios key to farm health
Understanding liquidity, solvency and profitability is the first step in building the financial picture of your operation. Learn how to calculate your own current ratio, debt-to-asset-ratio and return-on-assets ratio.
2. Solid marketing plan
Tyler Russell, National Grain Marketing Services Manager for Cargill discusses the importance of developing a risk management plan.
3. Adopting new tech based on return on investment
Follow: Ag tech expert Peter Gredig (@AgWag)
Producer and tech expert Peter Gredig explores the latest innovations and unlocks their potential advantages for managing your farm business.
4. Strong production practices and skills
In this podcast: Embrace different perspectives, question the status quo, think small to solve big problems, rely on experience rather than instincts.
5. Annual strategic plan
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Source: Farm Forum.net