These tips will help keep your agribusiness succeeding today, and in the long term.
Running a successful farm takes more than just hard work – you need to recognize where you are today and anticipate what’s up ahead. While every farm’s unique, there are some key things that separate the successful ones from those that aren’t.
- Think about your goals
Sometimes you’ll have competing priorities. It can be tempting to partner with another farm to allow yourself more free time, but you may feel uncomfortable giving up some control over your business. Like so many business decisions, there’s no right or wrong answer here, just what works for you. Whatever you’re working towards with your farm, it’s great to have specific goals in mind so you can make the right business decisions to get you there.
- Get connected
What you know can take you a long way in the farming world, but the people you know will also be a big asset. Staying connected can help you stay on top of market trends. That might mean building relationships with other farmers, groups and committees, but it could also be connecting with experts over social media. There’s a long list of places you could learn more about your customers, their needs and other exciting business trends. Make sure you’re there to learn those things.
- Stay tech savvy
Technology’s opening the door to a lot of possibilities. So it’s important to get yourself familiar with your smart phone, apps, websites and other online tools. They can simplify your life and even streamline your operations. Ag-specific apps can help with sprayer calibration, fertilizer application and a long list of other things. Facebook, Twitter, Skype and others can let you keep in touch with customers close to home and across the globe.
- Stay on top of your financials
Money may not be everything, but it’s a big part of your business. Knowing your cash flow is one thing, but thinking and rethinking your financial strategy is also a critical piece in ensuring success. Staying up to date on forecasts, financial trends and interest rates will help steer your decisions, whether you’re buying land, renting equipment, or selling part of your business. Become an expert on your cost of production if you aren’t already. It’s always a good thing to know how much you can sell your products for and still make a profit!
- Look for new opportunities
New ideas bring new opportunities, so don’t hesitate to pursue them. Learn as much as you can about how other farmers might be doing things differently. You could stumble onto something that makes you more money and saves you precious time. Embracing innovation and being adaptable can really set your business apart.