7 top business practices (and resources) for a more profitable farm
The importance of solid business practices is not lost on farmers, but for those who aren’t seasoned in business management, it’s hard to find the time to develop and sharpen those skills. Luckily, we’ve done all the heavy lifting. Here are the top seven business practices, including resources, to drive up profitability.
1. A commitment to lifelong learning and skills development
2. Business decisions made using accurate financial data
3. Seeking help from business advisors and consultants
4. Having a written business plan, following it, reviewing it annually
5. Knowing and monitoring your cost of production and what it means for your profits
6. Assessing risks and having a plan to manage and mitigate risk
7. Using a budget and financial plan to monitor financial position and options
Source: Farm Management Canada. Dollars and Sense: Measuring the Tangible Impacts of Beneficial Business Practices on Canadian Farms. 2015.
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