Farm and business management (FBM) is the practice of coordinating all aspects of your agricultural operation in order to produce income and make best use of your profit potential. A broad set of skills and knowledge is used in this process including planning, management, economic analysis and marketing.

Key practices for country farm and business management include:

Marketing – the sale of goods or services to consumers. Financing – loans that finance your operations. Risk management – making sure your operation is protected 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 allow you to think about the different functions of your business and identify any weaknesses.

You will then need to determine whether your land is zoned production or if there are zoning restrictions that limit what you can produce. Ask your township if any restrictions exist and how they may affect your plans.

You will also need to provide adequate public facilities for your business, such as parking lots, signage, and assistance to customers. These facilities will be needed to accommodate your customers and visitors and should be in compliance with food safety, environmental and zoning 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.

Leave A Reply