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

• Foundations in Agricultural Management training

• FCC Knowledge: Talking Farm and Food Podcast

• FCC Knowledge resources

2. Business decisions made using accurate financial data

• How digitizing data can benefit the farm

• FCC Economics

• AgExpert Software

3. Seeking help from business advisors and consultants

• Transition Business Essentials

• Top tips to for finding the right farm advisor

4. Having a written business plan, following it, reviewing it annually

• 10 steps to a solid business plan

• Strategy and Planning Business Essentials

5. Knowing and monitoring your cost of production and what it means for your profits

• Cash Flow Planning Guide

• Know your cost of production for better decision making

• Want to stay profitable? Know how to calculate your true costs

6. Assessing risks and having a plan to manage and mitigate risk

• Managing your financial risk

• How preparation and planning can reduce risk management stress

7. Using a budget and financial plan to monitor financial position and options

• Money and Finance Guide

• Money and Finance Business Essentials

• Cost of living calculator

Source: Farm Management Canada. Dollars and Sense: Measuring the Tangible Impacts of Beneficial Business Practices on Canadian Farms. 2015.

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